Italy’s economy contracts by more than expected in Q2

The Italian economy shrank by 0.8% in the second quarter of 2012 compared to the first three months of the year, according to data released today by the national office of statistics Istat.

The contraction was 2.6% compared to the second quarter of 2011, and was worse than an estimate recession of 2.5%

“Compared to the first quarter of 2012, final consumption expenditure decreased by 0.7%, gross fixed capital formation by 2.3% and imports by 0.4 per cent, while exports increased by 0.2 per cent,” Istat said.

Moreover, with respect to the second quarter of 2011, final consumption expenditure fell by 2.9% gross fixed capital formation by 9.5% and imports by 8.2%, while exports increased by 1.4%.

The Italian economy has been in recession for the past four quarters.

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