Italy’s economy shrinks more than estimated

in International Business

Italy’s economy shrinks more than estimated

Italy’s recession is deeper than first estimated, with economy shrinking by 0.8% between April and June, compared to the 0.7% figure forecast.

The disappointing investment and consumer spending accounted for the declining figure.

Compared with the previous quarter, domestic consumption fell by 0.7%, while investment dropped by 2.3%.

The Eurozone’s third largest economy has contracted for the past four quarters as the government has implemented strict austerity measures by cutting down government spending drastically, in a bid to cuts its debt levels.

Adding to the misery, France’s economy, another Eurozone heavyweight economy, is expected to shrink in the third quarter.


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Italy recessionItaly's economy

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