With the Eurozone just edging out of a recession, Italian stocks and the related exchange traded fund have lagged behind other Euro members, but the region’s third-largest economy could return to growth.

The iShares MSCI Italy ETF (NYSEArca: EWI) has gained 12.9% year-to-date. In comparison, the SPDR EURO STOXX 50 ETF (NYSEArca: FEZ), a Europe ETF that does not include United Kingdom exposure, is up 19.8% year-to-date.

According to the National statistics bureau ISTAT, Italy’s gross domestic product was unchanged in the third quarter after two years of contractions, reports Gavin Jones for Reuters.

The switch from an economic contraction has some hopeful that the country will return to growth in the fourth quarter.

Economic data, like a 0.5% rise in industrial output over October, the second increase in a row and the strongest gain since January, is supporting the more optimistic outlook.

“”ISTAT has certified that the recession is over,” Economy Minister Fabrizio Saccomanni said. “In the fourth quarter GDP will rise and with the recovery for companies we will finally see an improvement of the job situation.”

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