Bank of Italy’s economic overview paints bleak picture

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The Bank of Italy's "Italian economy in brief" statistics, published today (July 20), highlight declines in economic indicators in Q1 2012, with the economy contracting at its fastest rate since 2009.

The figures, which are published monthly, show that growth fell in the first quarter at an annualised rate of 3.2%, compared with a fall of 2.7% in Q4 2011. Other indicators also weakened since the previous quarter, with investment shrinking 13.7%, household consumption falling 3.9% and exports

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