Italian production output drops by 9.2% from the previous year

As the European crisis continues to progress, the demand for Italian merchandise tumbles both on the domestic as well as the foreign market. Consequently, the production output fell in April by 1.9% and an overall 9.2% from the previous year. Italy entered a recession in Q4 2011 when Mario Monti attempted to resolve the debt crisis by accepting EUR 20 billion of austerity measures.