Italy's embattled economy contracted 2.8% year on year in the fourth quarter, according to the final reading released this morning, worse than the 2.7% contraction previously thought.
The latest decline in one of Euorpe's largest economies followed a 2.4% decline in the third quarter, the latest data shows. Quarter on quarter, the economy saw a 0.9% contraction, compared to a 0.2% contraction in Q3 and 0.7% in Q2. This was in line with analysts' estimates. In total it is the sixth consecutive quarter of negative growth for the troubled economy. Imports were lower by 0.9% compared to the third quarter, and exports 0.3% higher. Last week, ratings agency Fitch downgraded Italy one notch to BBB-plus, with a negative outlook, pointing to political uncertainty followi...
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