Italy sees seven straight quarters of decline

Italian GDP has fallen by 0.5 per cent in the first quarter of 2013, the seventh straight quarter of decline. This makes the current Italian recession the longest on record. GDP was expected to fall by just 0.3 per cent.

JP Morgan has stuck with its forecast for -0.5 per cent Eurozone GDP while Barclays has said that there is "significant downside risk" for its 2013 GDP forecast of one per cent growth.