Italy’s recession deepens with shrinking economy

Italy’s recession deepens with shrinking economy

PanARMENIAN.Net - Italy's recession has deepened with its economy shrinking for the fourth quarter in a row, AP said.

Official government statistics released Tuesday show that that the economy contracted by 0.7 percent in the second quarter compared with the previous three months.

Compared with the same period of 2011, the economy shrank by 2.5 percent — the worst year-on-year contraction since the fourth quarter of 2009, when the economy shrank by 3.5 percent.

Premier Mario Monti has recently been courting other European leaders seeking some fiscal leeway to allow Italian to grow the economy, rather than sticking to tight budgetary targets that tend to have a recessionary impact. Economic growth is seen as the most effective means of bringing down the nation's high public debt, now at 123 percent of the country's GDP.

 Top stories
Iran’s Alireza Kameli said that an average of one million cubic meters of natural gas is currently being exported to Armenia.
According to Minister Yervand Zakharyan, about $220 million will be invested in the project; the agreement will be signed within four months.
Maufacturing of tobacco products increased by 49.1% to AMD 94 bn, with production of jewelry also climbing 61% to AMD 18 bn.
Net inflow of remittances to Armenia in the reporting period amounted to approximately $891,4 million, down by 35.8% remitted in 2014.
Partner news