Italy Has Fallen Into A Recession

31st January 2019

Italian Prime Minister Giuseppe Conte said the contraction was likely to continue into 2019.


Italy's economy fell into recession at the end of last year, according to latest figures from Italy's statistics agency.

The economy shrank by 0.2 per cent at the end of 2018, following a 0.1 per cent decline in the third quarter, Istat said.

Italian Prime Minister Giuseppe Conte said the contraction was likely to continue into 2019.

Economic growth throughout the eurozone is still weak, remaining at 0.2 per cent in the final quarter of 2018.

This was the same as the previous quarter and in line with analysts' expectations.

Across the EU, economic growth stood at 0.3 per cent, according to Eurostat. France and Spain posted growth rates of 0.3 per cent and 0.7 per cent quarter-on-quarter respectively, outperforming expectations.

Italy's statistics office said agriculture, forestry, fishing and industry had all contributed to the economic downturn, while a rise in net exports failed to offset those declines.

Italy's coalition government was forced to revise its expansionary 2019 budget last month after the European Commission raised concerns about the impact on the country's debt levels.


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