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Italy raises Q1 GDP growth estimate

The Italian economy expanded by 0.4% in the first quarter compared with the last three months of 2016, the national statistics bureau said June 1, raising its preliminary estimate of 0.2% growth.

The new GDP figure was also higher than the revised fourth-quarter 2016 0.2% growth announced by ISTAT in May. Consumer spending increased by 0.5% and gross fixed capital formation fell 0.8%. Imports and exports rose by 1.6% and 0.7%, respectively

Year-over-year GDP growth was also revised to 1.2% from an earlier estimate of 0.8%.

Italian stocks gained following the revised GDP figure, Reuters reported, with the Milan blue chip index up over 1%, outperforming European shares.