Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Italian Economy Shrinks Most in Almost Four Years Before Vote

Feb. 14 (Bloomberg) -- Italy’s economy contracted the most in almost four years in the quarter through December as the country’s fourth recession since 2001 deepened.

Gross domestic product shrank 0.9 percent from the previous three months, a sixth quarterly contraction and almost five times the 0.2 percent pace of the third quarter, the National Statistics Institute Istat in Rome said in a preliminary report today. The decline was more than the 0.6 percent median forecast in a Bloomberg News survey of 24 economists. From a year earlier, output shrank 2.7 percent.

Italy’s central bank has called on whichever government emerges from this month’s elections to consolidate public finances to boost competitiveness and economic growth, after revising its GDP forecast for the euro region’s third-biggest economy.

The economy shrank 2.2 percent in 2012, Istat said today. The Bank of Italy forecast the economy will contract 1 percent this year and won’t emerge from the recession until the second half of 2013, citing weak domestic demand. The central bank’s new forecast is five times the 0.2 percent contraction it estimated in July.

Economic policies are in focus before the Feb. 24-25 elections as Prime Minister Mario Monti’s austerity measures aimed at reducing public debt of 2 trillion euros ($2.7 trillion) deepen the slump.

To contact the reporter on this story: Lorenzo Totaro in Rome at

To contact the editors responsible for this story: Craig Stirling at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.