Italy’s Economy Unexpectedly Shrinks in Setback for Meloni
- 2Q GDP declined by 0.3% from previous three months, est. 0%
- Rising interest rates and weak exports drag activity down
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Italy’s economy unexpectedly contracted in the second quarter, a setback for premier Giorgia Meloni’s government as it tries to sustain prosperity and cut debt.
Gross domestic product shrank by 0.3% from the previous three months — much worse than the zero growth that analysts surveyed by Bloomberg had estimated, and in contrast to overall expansion in the euro region.