Italian Economy Confirms 0.5% Contraction In Q2

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The pace of the Italian economic contraction eased notably in the second quarter, the statistical office Istat confirmed Thursday.

Gross domestic product or GDP fell 0.5% in the second quarter following a 2.7% drop in the first three months of the year. The economy has been contracting since the second quarter of 2008.

Private consumption expenditure rose 0.3% and government spending grew 1.3%. However, investment dropped 2.9%. Exports fell 3.7% and imports dipped 3%.

On an annual basis, GDP dropped 6%, at the same pace it fell in the first quarter.

The pace of the Italian economic contraction eased notably in the second quarter, the statistical office Istat confirmed Thursday. (Market News Provided by RTTNews)