Italy's economy shrank for the first time in two years in the second quarter, preliminary estimate from the statistical office ISTAT showed Wednesday.
Gross domestic product dropped unexpectedly by 0.1 percent sequentially, in contrast to the 0.3 percent expansion in the first quarter. This was the first fall since the second quarter 2023 and confounded expectations for an increase of 0.1 percent.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.