Italy slides into recession for third time since 2008

Italy slid into recession for the third time since 2008 in the second quarter, underlining the chronic weakness of the eurozone’s third largest economy and pressuring prime minister Matteo Renzi to complete promised reforms.

Figures released yesterday by Italy’s statistics agency ISTAT showed that gross domestic product unexpectedly declined by 0.2% in the second quarter of the year, from the previous three months.

A Reuters poll of economists had forecast growth of 0.2%.