By Maria Martinez 
 

Italy's economy posted a strong rebound in the third quarter, following a sharp contraction in the second quarter due to the coronavirus pandemic.

The eurozone's third-biggest economy grew 16.1% during the third quarter compared with the previous quarter, the Italian statistics agency Istat said Friday in a first estimate for the period. Economists polled by The Wall Street Journal had forecast a 10.6% expansion.

The agency also revised data for the second quarter of 2020. Italy's GDP contracted 13.0% in the period compared with a first estimate of a 12.4% decline.

The Italian economy shrank 4.7% year-on-year in the third quarter, Istat said, less than the 10.2% contraction forecast by economists polled by The Wall Street Journal.

The Italian release follows the publication of the first estimate of gross domestic product in France, Spain and Germany, which posted historic rebounds of 18.2%, 16.7% and 8.2% during the third quarter.

The eurozone as a whole will release the first estimate of its GDP for the third quarter at 1000 GMT, in which a sharp expansion is expected.

Write to Maria Martinez at maria.martinez@wsj.com

(END) Dow Jones Newswires

October 30, 2020 05:35 ET (09:35 GMT)

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