Italian Economy Remains In Recession

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Italian Economy Remains In Recession

The Italian economy contracted for the fourth straight time in the second quarter, preliminary data from the statistical office Istat showed Tuesday.
Gross domestic product was down 0.7 percent sequentially, slower than the 0.8 percent decline in the prior quarter. Economists had forecast a similar 0.8 percent decline for the second quarter.
On a yearly basis, the economy shrank 2.5 percent, the largest fall since the fourth quarter of 2009, when it dropped 3.5 percent. The annual fall matched economists' expectations. GDP was down 1.4 percent in the first quarter.

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