Italy's economy contracted by 0.4% in the second quarter from the previous three months, hit by weak domestic demand, national statistics bureau ISTAT said on Friday, revising down provisional data.
ISTAT's preliminary estimate issued on July 31 had pointed to a 0.3% drop in gross domestic product, against analysts' forecasts of a flat reading.
The downward revision casts a shadow over prospects for the full year, as Prime Minister Giorgia Meloni's right-wing government prepares to draw up its 2024 budget. to the year for what has been the euro zone's most sluggish economy since the launch of the single currency.Rome is officially forecasting full-year 2023 growth of 1.0%, slowing sharply from the buoyant 3.7% rate in 2022.
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