Southern Italy set to keep trailing north, centre - report
South hit hardest by crisis, Svimez says17 October, 16:19
Svimez, a group that promotes economic development in southern Italy, said the south should post economic growth of about 0.1% in 2014, compared to a forecast 0.7% increase in gross domestic product on a national level and a 0.9% gain in the north. The south of Italy has been in recession since 2007, the report said. It contracted 3.2% in 2012, compared with a 2.1% contraction in the north.
The 2013 drop is forecast at 2.5% compared with a national contraction set to be 1.8% and the centre-north on course to be down 1.6%.
Industrial production in the South has declined 25% since 2007, compared to Germany's 40% increase and Spain's 10% gain, Svimez said. Employment fell 24% and investments plummeted 45% in the period, according to the report.