Italy’s economy shrinks further: contraction signals deep recession

Another new Eurozone member depression

The Extinction Protocol

August 7, 2012ITALY –Italy’s economy shrank 0.7% in the second quarter, underlining a deepening recession, as government austerity measures continue to affect everything from factory activity to consumer spending. Italy’s GDP fell for the fourth quarter in a row, preliminary figures showed. Compared with a year earlier, growth slumped by 2.5%, Istat said. GDP fell by 0.8% in the first quarter compared with the final three months of 2011, the statistical agency said. Earlier, data showed that factory output in June slumped 1.4% compared to May and 8.2% year on year. Prime Minister Mario Monti’s government is implementing a series of austerity measures worth 20bn euros (£15.8bn) as it grapples with rising borrowing costs, driven by market fears over the widening eurozone sovereign debt crisis. But investors are worried Italy may be next in line to suffer the same ordeals that have hit Greece, Portugal and now…

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