Italy rebounds into expansion in the first quarter

By IBTimes Staff Reporter | May 12 2010 7:35 AM

The Italian economy defied the cold weather and seized advantage of the depreciation euro to work its means around the souring budgetary crisis in the area.

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The economy reported 0.5% expansion in the first quarter, rebounding from a revised 0.1% contraction in the past quarter from the original reported estimate of -0.3%.

On the year, the Gross Domestic Product is higher 0.6% from a revised 2.8% drop from the reported 3.0% contraction.

The first quarter GDP from Italy was also above median estimates and helping offset slightly the prevailing fear around the spread of the debt crisis as the regions showed the resilience despite the cold weather and hunted pessimism.