Italy’s economy contracted unexpectedly in the second quarter of this year as Prime Minister Giorgia Meloni tries to reduce debt, international media reported today, citing Bloomberg.
The gross domestic product (GDP) of the European country contracted 0.3% in the previous three months, cutting the 0.6% growth registered in the first quarter of 2023, according to data published this Monday by the National Statistics Agency. from Italy (Istat).
Statistics officials attribute the drop to “a decline in domestic demand” in industry, agriculture, forestry and fisheries, in contrast to growth in services.
According to Bloomberg, this data illustrates how activity in the third-biggest economy in the euro zone is beginning to suffer from rising interest rates, weakening exports and receding fiscal support.
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