The Italian economy entered its fourth recession since 2001, contracting more than economists forecast in the fourth quarter as government austerity measures weighed on growth.
Gross domestic product declined 0.7 percent from the previous three months, when it shrank 0.2 percent, national statistics institute Istat said in a preliminary report in Rome today. The contraction was more than the median forecast of a 0.6 percent decline by 22 economists surveyed by Bloomberg News.
At least we can cheer on a derivative!
Official figures released on Wednesday showed that the number of people out of work was up by 48,000 on the previous three months, on the International Labour Organisation measure.
Analysts pointed out that the increase in unemployment was the slowest since last June, when the jobs market was deteriorating sharply, after improving through much of 2010.
Alan Clarke, of Scotiabank, said: "If there was any doubt that the UK economy had turned the corner and that the worst news was in the past, then today's labour report should lay those concerns to rest."
And generally:
It's official – the eurozone shrank in the last three months of 2011, by 0.3%.
...
Germany - GDP fell by 0.2% in Q4
France - GDP grew by 0.2% in Q4
Italy - GDP fell by 0.7% in Q4.
The Netherlands - GDP fell by 0.7% in Q4.
Portugal - GDP fell by 1.3% in Q4
Heckuva job.