January 10, 2020 / 10:22 AM / 14 days ago

Italian economic growth set to remain weak in near term: ISTAT

ROME (Reuters) - Italy’s economy is likely to remain weak in the near term, national statistics bureau ISTAT said on Friday, citing its leading indicator for December.

The euro zone’s third largest economy has been largely stagnant for the last seven quarters. Gross domestic product rose 0.1% in the third quarter on a quarter-on-quarter basis after an identical reading in the second quarter, data showed in November.

“The leading indicator maintains a negative profile, suggesting the continuation of weakness in production levels,” ISTAT said.

ISTAT last month revised its forecast for Italian gross domestic product growth in 2019 to 0.2% from a previous 0.3% projection made in May. Last September, the Italian government revised its growth target for 2019 down to 0.1%.

Reporting by Antonella Cinelli; Editing by Crispian Balmer

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