Italian economy contracts further

  • The Italian economy shrank by 0.8 percent between April and June, slightly higher than previously estimated.

    According to official figures, a drop in investment and consumer spending resulted in the revision of the 0.7 percent contraction estimated last month.

    Italy's economy shrank by 2.6 percent compared with a year earlier and an earlier estimate of 2.5 percent, the national statistics institute Istat said.