ROME: Italy's economy grew less than previously estimated last year but was not in recession as previously believed in 2014, national statistics institute ISTAT reported on Friday, revising growth and public finance data for the last five years.

ISTAT revised down 2015 gross domestic product growth to 0.7 percent from a 0.8 percent estimate in March, and raised 2014's GDP to show growth of 0.1 percent instead of a contraction of 0.3 percent.

The revisions show the euro zone's third largest economy actually struggled out of a two-year recession in 2014 instead of posting a third straight year of contraction as thought.

ISTAT revised down the debt-to-GDP ratio for the last two years, but the trend remained upwards, and the debt-to-GDP ratio posted a larger rise last year than previously estimated.

The 2015 debt-to-GDP ratio was cut to 132.2 percent from 132.7 percent, while the 2014 ratio was lowered to 131.8 percent from 132.5 percent.

ISTAT made no changes to the budget deficit-to-GDP ratio for the last two years, leaving it at 2.6 percent in 2015 and 3.0 percent in 2014.

The revisions are part of ISTAT's standard data release calendar and reflect the arrival of more complete economic data.

Copyright Reuters, 2016