Italy / Recession Hits A Record Duration

Italy’s recession has now extended into an eighth consecutive quarter, meaning it has lasted a record two years, according to economic data released Tuesday. At 0.2 percent, the economic contraction was milder than economists had predicted. But the Italian economy is fully 2 percent smaller than it was at the same time last year.

While some analysts view the quarterly figure as a sign Italy is poised to return to growth, the country’s central bank actually worsened its projections for annual economic performance in mid-July. The third-largest economy in the austerity-battered Eurozone is now expected to shrink by 1.9 percent over the course of 2013, nearly twice as bad as the initial projection of a 1 percent drop in output. If Italy is indeed changing course, though, it’s thanks to “an easing of the austerity agenda by Italy’s coalition government,” CNN Money writes.

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via Italian Recession Hits A Record 8th Straight Quarter.