Gross domestic product (GDP) fell by 0.8% Italian in the first quarter of 2012 over the last three months of last year, reported the National Statistics Institute of Italy (Istat) to confirm their preliminary data from the past May.
The Istat reported that in the first quarter of 2012 the fall in GDP over the same period last year was 1.4%, 1.3% correcting that had reported last month.
With these data, the worst for three years, Istat Italy proved that its recession deepens to confirm the third consecutive quarterly fall, after the – 0.2% from July to September and – 0.7% from October to December 2011.
“All components of domestic demand, except public administration spending has declined, in a context marked also by the reduction in imports and a slight fall in exports,” said commenting on Istat data.
According to Istat, is expected to decline in GDP in 2012 is 1.4%, while in the latest economic forecasts submitted to the European Commission (EC), the Executive technocrat Mario Monti the Italian economy expected to contract by 1.2% in 2012.