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Europe Live Saturday 18th May 2013

Italy in Recession

12th March 2012

Italy entered into recession at the end of 2011 with a contraction of 0.7% of its GDP in the fourth quarter, in comparison with the previous quarter said the statistics institute Istat on 12th March. This new GDP contraction, after that of 0.2% recorded in the third quarter marks the entry of the third euro zone economy into recession, which is typified by a GDP decline over at least three consecutive quarters. Year on year the GDP declined by 0.4% in the fourth quarter against an initial estimation of -0.5% published on 15th February added Istat in its press release. Over 2011 as a whole Italy recorded growth of 0.5% in corrected data against a first estimate of 0.4%.

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