Italy slides into recession official statistics show

 

Click to follow
The Independent Online

Italy has slid into recession, preliminary figures from the national statistical agency confirmed today.

ISTAT said the eurozone's third-largest economy contracted a quarterly rate of 0.7% in the last three months of 2011 - that was the second quarterly decline in a row, which is the official definition of a recession.

The Italian economy registered growth of 0.4% last year, compared with 1.4% a year earlier.

Italy is struggling to escape Europe's sovereign debt crisis with measures to cut spending and spur growth.

AP

Comments