Italy's current account narrowed to €227 million in September, while its foreign trade balance produced a surplus of €794 million, compared to an estimated €1.63 billion.
by Bronislav Zajacek and Zofia Sucha
Rome - Italy, which has been struggling for nine quarters with recession, reported on Friday that its current account had narrowed in September, while at the same time its foreign trade surplus tightened in the month.
The country's current account balance fell to €227 million in September from €425 million, data provided by the National Institute of Statistics (Istat) on Friday showed.
Italy's foreign trade, one of the components of the country's current account, generated a non-seasonally adjusted surplus of €794 million during September, down from an upwardly revised €1.074 billion in August, Istat said earlier in the day. The surplus narrowed at a faster pace than the €1.63 billion analysts had predicted.
Exports picked up 2% to €32.215 million in September, measured on an annual basis, while imports ticked down 0.1% to €31.421 million.
Trade with EU countries saw the surplus narrow to €472 million in September, from an upwardly revised €507 million reported in the previous month. Trade with EU member states represents 54.3% of total foreign trade, while trade with non-EU members makes up the remaining 45.7%.
Italy's economic output
The gross domestic product (GDP) of the third largest economy in the euro zone declined for the ninth straight quarter, by 0.1% in the third quarter, according to the Istat release published on Thursday. The figure is based on preliminary analysis. In the second quarter, economic output fell 0.3%.
On an annual basis, Italy's GDP dropped 1.9%. In the second quarter, a 2.1% fall had been recorded. All figures were working-day adjusted.
To contact the author of this story, e-mail email@example.com or firstname.lastname@example.orgPhoto: ISIFA