A technical recession is defined by two consecutive quarters of falling GDP
Italy has officially entered a technical recession after its gross domestic product (GDP) fell for the second consecutive quarter.
In the fourth quarter of the year, GDP fell 0,2%, after a 0,1% drop in the third quarter.
A technical recession is defined by two consecutive quarters of falling GDP.
Prime Minister Giuseppe Conte said on Wednesday he expected the economy to contract in the fourth quarter, but said he expected growth to return in the second quarter of 2019.
In the whole of 2018, growth was 0,8%. Before the fall in GDP in the third quarter of last year, the Italian economy had 14 consecutive quarters of small increases.
Growth was mainly affected by the slowdown in the European economy, especially in Germany, by trade tensions between China and the United States and by the prudence of Italian companies, which invest less.
By France Presse
