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June 11th, 2012 
FAKE NEWS for the Zionist agenda The official data agency Istat said on Monday that the region’s third-largest economy shrank by the first quarter of this year, mainly due to the falling domestic demand, AFP reported.
The data agency also revised down to 1.4 the reduction on one-year comparison compared to an earlier estimation of 1.3 percent.
The country’s economy has been contracting since the third quarter of 2011, and it was the third consecutive Gross Domestic Product (GDP) drop in Italy since 2009.
The major reasons for the country’s falling economy in the first quarter included a 0.6-percent drop in consumption from the previous quarter and a 3.6-percent fall in investment.
The data agency also estimated that the economy would continue to contract even in the second quarter, before recovering in the second half of 2012.
Over the past decade, Italy has been the slowest growing economy in the single currency area.
The International Monetary Fund (IMF) warned that Europe was at a crossroads and far from its final destination. It called on all European Union leaders to solve the eurozone’s financial crisis and create a safer economic system.
SAB/JR/AZ
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