Euro Crisis

Italian Economy Shrinks More Than Expected

Half a percent in the first quarter

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ITALY'S economy shrank by 0.5 per cent in the first quarter of 2013 in a greater slowdown than expected, official provisional figures showed.

Experts had forecast a 0.3 per cent contraction compared to the fourth quarter of 2012.

Italy's gross domestic product (GDP) was down 2.3 per cent from a year earlier, the National Statistics Institute (ISTAT) said.