Italian recession sets new record, but downturn has eased over last quarter

Italian GDP has decreased by 0.2% in the second quarter of 2013, Italy’s National Institute of Statistics (Istat)revealed.

As Istat also said, Italian GDP went down by 2.0% in comparison with the second quarter of 2012.

However, the result is an improvement compared with the 0.6% decline which Italy suffered in the first three months of 2013.

According to Reuters,  “Italy’s economy shrank less than expected in the second quarter, adding to signs its longest post-war recession is bottoming out, but a simmering political crisis could yet derail the tentative recovery.”

Italy’s Prime Minister Enrico Letta is increasingly under pressure due to the recent developments of his ally Silvio Berlusconi’s trial, which led to a final sentence for tax fraud.

Another report from Istat has revealed that in June 2013 the industrial production index seasonally adjusted increased by 0.3% compared with the previous month.

 

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