The Italian economy recorded negative growth in the first quarter due to the aftermath of the Ukraine war.
Italy’s National Statistical Office announced on the 29th local time that the gross domestic product in the first quarter decreased by 0.2% compared to the previous quarter.
It is the first time since the fourth quarter of 2020 that economic growth slowed down on a quarterly basis.
The Italian Statistical Office analyzed that domestic demand was generally good, but foreign trade was sluggish, due to a combination of negative factors such as the re-spread of Corona 19, inflation, and the Ukraine war.
The Italian government recently lowered its growth forecast for this year to 3.1% from 4.7% in September last year.
YTN Lee Dong-heon ([email protected])
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