Italian Economy Shrinks More Than Initially Estimated
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The Italian economy shrank more than initially estimated in the second quarter as rising exports failed to offset a continued slump in consumer demand amid the longest recession since World War II.
Gross domestic product dropped 0.3 percent from the previous three months, national statistics institute Istat said in Rome today. That compares with the Aug. 6 preliminary reading of a 0.2 percent contraction. Consumer spending declined 0.4 percent, with sales abroad increasing 1.2 percent.