Italy's economy shrank by more than expected in the first quarter of 2013, extending the country's recession to seven straight quarters and making it the longest on record. The GDP fell 0.6 percent over the previous quarter, down from last month’s preliminary reading of a 0.5 percent drop.
The seasonally and calendar adjusted measure of GDP decreased by 0.6 percent with respect to the fourth quarter of 2012 and by 2.4 percent in comparison with the first quarter of 2012.
Quarter-on-quarter, final consumption expenditure decreased by 0.3 percent, gross fixed capital formation by 3.3 percent; imports and exports decreased by 1.6 percent and 1.9 percent respectively.
With respect to the first quarter of 2012, final consumption expenditure decreased by 2.7 percent, gross fixed capital formation by 7.5 percent, imports by 5.2 percent and exports by 0.2 per cent.
6/10/2013 11:37:38 AM