// IP Marketing video - START// IP Marketing video - END

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
A report said the slowdown is because of low commodity prices that are hurting energy exporting countries like Azerbaijan and Uzbekistan.
Karapetyan stressed the importance of employing modern technologies, adding that the government is ready to support the business entities.
90 local organizations representing the country’s agricultural product processing industry participate in the trade show.
Annual deflation in the country was at 1.9% in August, compared to 1.3% deflation in July, according to central bank data.
Partner news