Forexpros – Italy’s economy contracted in line with expectations in the final three months of 2011, unchanged from a preliminary estimate, data showed on Monday.
In a report, ISTAT, Italy’s statistical office said the country’s gross domestic product contracted by a seasonally adjusted 0.7% in the fourth quarter of 2011, in line with expectations and unchanged from an initial estimate.
Italy’s economy contracted by 0.2% in the third quarter.
Annualized GDP shrank at a rate of 0.4%, compared to a preliminary estimate of a 0.5% contraction, after rising at a rate of 0.2% in the third quarter.
Following the release of the data, the euro held on to modest losses against the U.S. dollar, with EUR/USD easing down 0.06% to trade at 1.3115.
Meanwhile, European stock markets were mixed. Italy’s FTSE MIB 40 rose 0.25%, the EURO STOXX 50 advanced 0.1%, France’s CAC 40 dipped 0.1%, Germany’s DAX added 0.1%, while London’s FTSE 100 shed 0.1%.
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