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- Italian recession eases less than initially estimated
Italian recession eases less than initially estimated
The Italian economy contracted at a slightly faster pace in the second quarter than initially estimated, but at a weaker rate than in the March quarter, final data from statistical office Istat showed Tuesday.
Gross domestic product (GDP) dropped a seasonally and calendar-adjusted 0.3 percent quarter-over-quarter in the June quarter, a tad faster than the 0.2 percent fall estimated earlier. In the first quarter, the economy had logged a faster contraction of 0.6 percent.
Overall output was negatively influenced by a slump in final consumption and capital formation, both of which decreased 0.3 percent each. Italy's imports were lower by 0.3 percent than in the March quarter, while exports recorded a 1.2 percent increase.
According to the revised data, GDP fell 2.1 percent from the second quarter of 2012, while the flash estimates were for a 2 percent fall. However, rate of decline was slower than 2.3 seen in the first quarter.
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