Confindustria says Italian GDP -1.8% in 2013
Recession worse than previous estimate of -1.6%, says group19 December, 12:16
Confindustria lowered its forecast for Italy's gross domestic product (GDP), saying it will have contracted by 1.8% in 2013 instead of its previous estimate of a 1.6% contraction. The industry group left unchanged its prediction that Italy's GDP will grow by 0.7% in 2014, and said GDP growth in 2015 is likely to be 1.2%.
Italy's deficit-to-GDP ratio for 2014 and 2015 are forecast to improve, narrowing by 2.7% and 2.4% respectively, to reach 132% in 2015, or 128.2% when support from European stability funds is included. Confindustria said Italy's deficit-to-GDP ratio this year will come in at 132.6%, not counting European stability funds. However, when the European support is included, Italy's deficit-to-GDP ratio for this year will be 129.8%.