Italy economy sinks further into the mire
(03-11 18:46)
Italy's economy shrank by 0.9 percent in the fourth quarter of 2012 from the previous one, official data showed, confirming a previous estimate that showed the recession in the euro zone's third largest economy deepening.
Compared with the fourth quarter of 2011, gross domestic product shrank by 2.8 percent, the Istat data agency said. Its earlier estimate had put the year-on-year contraction at 2.7 percent, AFP reports.
Italy's economy shrank by 0.9 percent in the first quarter, 0.7 percent in the second quarter, and 0.2 percent in the third quarter, Istat said. The fourth quarter decline was the sixth consecutive month of contraction, making this Italy's longest recession in two decades.
Fitch on Friday downgraded Italy's credit rating due to the political situation and the recession. Fitch is forecasting a 1.8 percent contraction overall in 2013.
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