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Italy's GDP up 1.4% in 2017, highest in 7 years - ISTAT (3)

But economy still has not returned to pre-crisis level

Italy's GDP up 1.4% in 2017, highest in 7 years - ISTAT (3)

Rome, February 14 - Italy's GDP rose by 1.4% in 2017 with respect to the previous year, according to a preliminary unadjusted estimated based on quarterly data released by ISTAT on Wednesday. This is the highest level since the Italian economy grew by 1.7% in 2010. The national statistics agency's calendar-adjusted growth estimate was a rise of 1.5% last year - there were two working days fewer in 2017 than 2016. The government forecast growth of 1.5% for last year. However, Italy's gross domestic product has still not yet recovered to its pre-crisis level, ISTAT said. The agency said the country's GDP for the fourth quarter of 2017 was 5.7% down on the peak reached in the first quarter of 2008. Italy's GDP was up by 0.3% in the fourth quarter of 2017 compared to the previous three months and by 1.6% with respect to the same period in 2016, according to a flash estimate released by ISTAT. The quarter-on-quarter rise was slightly lower than the 0.4% registered in the third quarter, as was the year-on-year figure, which was 1.7% for the July-September period.

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