ROME, Sept. 22 (Xinhua) -- Italy's gross domestic product (GDP) grew by 0.9 percent in volume in 2016 compared to the previous year, the National Institute of Statistics (ISTAT) said on Friday.
The figure confirmed the preliminary estimates released by the agency in March. However, ISTAT revised the deficit-to-GDP ratio up to 2.5 percent in 2016, against a previously forecast 2.4 percent.
Gross fixed capital formation rose by 2.8 percent, and overall final consumption expenditure by 1.3 percent in 2016 compared to 2015.
More specifically, household final consumption grew by 1.5 percent, and government final consumption by 0.5 percent, on the annual basis.
The disposable household income rose by 1.6 percent last year, both in nominal terms and in purchasing power, ISTAT added. As private consumption increased, the propensity to save of Italian families also grew to 8.6 percent in 2016 compared to 8.4 percent in 2015.
Italian sales abroad increased by 2.4 percent, and imports increased by 3.1 percent, according to the Italian statistical bureau.
The government debt totalled 132.0 percent of the country's output last year, down from a preliminary figure of 132.6 percent. Public debt was 131.5 percent of GDP in 2015. ISTAT also said GDP grew by 1 percent in 2015, from a 0.8 percent previously estimated.
