Italian Economy out of Recession after Growth in the first Quarter. The Italian economy grew by 0.2 percent in the first quarter compared to the last quarter of 2018, the Italian statistics agency Istat reports Tuesday.
With this, the Italian economy leaves the recession behind.
The economy increased by 0.1 percent on an annual basis.
In the third and fourth quarters, the Italian economy contracted every quarter by 0.1 percent.
With this, Italy became the first major European economy since 2013 again in a recession.
Previously, the Italian government lowered the increase forecast for the southern European country from 1 percent to 0.2 percent for 2019.
The targeted budget deficit was simultaneously increased from 2.04 percent, as agreed with the European Commission, to 2.4 percent .