ITALY’S 2Q12 (Q/Q) GDP -0.7% vs exp -0.6% vs prv -0.8%

Italy’s GDP for the 2Q12 period ended June 30, contracted 0.7 percent vs expectations of a decline of 0.6 percent. The disappointing data means the country is plunged further into a recession causing further problems to the Mario Monti’s technocrat government in terms of stabilizing the economy. 1Q12 GDP declined 0.8 percent and on a y.y basis, GDP declined 2.5 percent on a decline of 1.4 percent in 2Q11. (CNBC)

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