Rome

GDP falls 1.7% in first half, exceeding govt 1.3% forecast

GDP falls for 8th consecutive quarter, setting new record

GDP falls 1.7% in first half, exceeding govt 1.3% forecast

Rome, August 6 - Italy's gross domestic product (GDP) shrank 1.7% in the first half of the year, exceeding government expectations of a 1.3% fall, the Italian statistical agency Istat reported on Tuesday. The GDP fell 0.2% from April to June compared to the first three months, and sank 2% compared to the second quarter of 2012. The second quarter of 2013 marked the eighth consecutive three-month period in which the GDP contracted, Istat noted, adding that an analogous situation had not been seen since the agency began keeping a track in the first quarter of 1990. Production in all sectors fell including, in the second quarter, agriculture. In the past, agriculture held its own, while industry and service sectors felt the brunt of economic squeeze. Agricultural production last contracted in the third quarter of 2012.

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