Italy is in recession

Image Credit: Bloomberg

After experiencing a 0.2% negative growth in the last quarter of 2018, coming after a similar contraction in the previous quarter, Italy entered a recession.

“Gross domestic product in the eurozone‘s third-largest economy fell 0.2 per cent between October and December, following a 0.1 per cent decline in the third quarter, Italy’s national statistics office ISTAT reported on Thursday”, the Independent reports. .

As reported by the Reuters, experts had predicted a 0.1 per cent fall quarter-on-quarter.

Italy’s economy has been weakening since early 2017 and has recently been hit by a slowdown in key trading partners including Germany and China.