Italian Economy Enters Recession
|04/30/2021 | 04:15am|
By Maria Martinez
Italy's economy contracted again in the first quarter, entering a technical recession, as the restrictions to control the coronavirus pandemic took its toll on the economy.
The eurozone's third-biggest economy declined 0.4% on quarter, following a revised 1.8% drop in the fourth quarter, the Italian statistics agency Istat said Friday in a first estimate for the period. Economists polled by The Wall Street Journal had forecast a 0.6% contraction.
The Italian economy shrank 1.4% on year in the first quarter, Istat said. This was more than the 1.2% contraction forecast by economists polled by The Wall Street Journal.
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(END) Dow Jones Newswires