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In Italy, GDP in the first quarter fell even more than previously announced. In a second estimate, the decline was put at minus 5.3 percent, previously the value was minus 4.7 percent. The gross domestic product in France also shrank by 5.3 percent from the previous quarter from January to March. However, the first estimate had shown a higher minus of 5.8 percent. However, the decline is still the strongest since spring 1968.
The inflation in the euro area is still on the decline. As the statistics office Eurostat announced on Friday in Luxembourg, consumer prices in May were 0.1 percent higher than a year earlier. This is the lowest inflation rate since June 2016. Analysts had expected this development on average. In a monthly comparison, the price level decreased by 0.1 percent.
