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Italy Italy’s GDP shrinks in Q2 08/08/08 20:21 CET

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Italy’s economy contracted in the second quarter of the year according to new government data. The figures for Europe’s fourth largest economy were worse than expected. Gross domestic product in Italy was down by 0.3% from the first quarter.

Italy is the first large euro zone country to release its second quarter GDP estimate. Economists are predicting that the entire region’s GDP will have shrunk by 0.2% quarter-on-quarter.