Rome

Italian GDP falls 2.4% in Q1 2013 compared to Q1 2012

Istat shaves 0.1% from previous estimate

Italian GDP falls 2.4% in Q1 2013 compared to Q1 2012

Rome, June 10 - Italy's gross domestic product (GDP) shrank 2.4% in the first quarter of 2013 compared to the same period last year, while the GDP fell 0.6% compared to the last quarter of 2012, Italian statistics agency Istat announced on Monday. Istat thus shaved 0.1% from its previous estimate on May 15, when it calculated that Italy's GDP in the first quarter contracted 2.3% on an annual basis and 0.5% quarter-to-quarter. The agency said the new estimate translates into an economic contraction of 1.6% for the year compared to 2012 - if there is no further economic variation in the remaining quarters of the year.

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