Italy's GDP, inflation rise as signs of recovery

Italy's economy grew 2.6 percent in the third quarter compared to the previous one, and 3.9 percent compared to the same period in 2020, the Italian government's statistics office said Tuesday.

The National Statistics Institute (ISTAT) also reported that the country's consumer price index, the inflation, climbed 3.8 percent on an annual basis in November, reaching a level that had not been registered since September 2008.

ISTAT said both indicators were signs of recovering economic demand and production, though the inflation rate was also pushed higher by global supply chain issues and higher energy prices.

When it comes to the economic data, the month-on-month and annualized figures were both in line with preliminary data released in late October. However, the final official figures were slightly stronger than those of a year ago.

ISTAT said most major sectors in the economy saw growth in the third quarter and the economic growth data do not reflect nervousness tied to the new Omicron variant of the coronavirus.