Italian economy suffers worst decline since 2009

Italy’s economy lost 0.8% in the first quarter, compared to the prior quarter, according to data released today by Italian statistics body Istat.

The contraction in gross domestic product was larger than expected, with the average forecast of a 0.6% contraction according to a Dow Jones Newswires poll of 17 economists. 

Italy’s GDP has decreased for three consecutive quarters and it has contracted by 1.3% from the previous year.

It is the worst annualized performance since the end of 2009, Istat added.

The quarterly figure reflects a sharp decline in activity in the industrial and service sectors. The contraction results from the fall of value added in the manufacturing and in the services sectors and from an expansion of value added in agriculture.

Over the same period, GDP increased by 0.5% in the United States, and decreased by 0.2% in the United Kingdom.

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