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Italian Economy Enters Recession

April 30, 2021 at 04:15 am EDT

By Maria Martinez

Italy's economy contracted again in the first quarter, entering a technical recession, as the restrictions to control the coronavirus pandemic took its toll on the economy.

The eurozone's third-biggest economy declined 0.4% on quarter, following a revised 1.8% drop in the fourth quarter, the Italian statistics agency Istat said Friday in a first estimate for the period. Economists polled by The Wall Street Journal had forecast a 0.6% contraction.

The Italian economy shrank 1.4% on year in the first quarter, Istat said. This was more than the 1.2% contraction forecast by economists polled by The Wall Street Journal.

Write to Maria Martinez at maria.martinez@wsj.com

(END) Dow Jones Newswires

04-30-21 0414ET

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Maria Martinez

Maria Martinez is on the board of McKesson Corp., Silicon Valley Education Foundation, Genesys Works and Declara, Inc. and EVP, Chief Operating & Customer Experience Officer at Cisco Systems, Inc. Ms. Martinez previously was President & Chief Executive Officer of Embrace Networks, Vice President-Worldwide Services at Microsoft Corp., President-Global Customer Success at salesforce.com, inc., Principal at AT&T, Inc. and Vice President at Motorola, Inc. She received an undergraduate degree from the University of Puerto Rico and a graduate degree from The Ohio State University.

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