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Italy's economy recovering slowly, says Confindustria

Domestic demand dragged down by low credit, high costs, few jobs

15 January, 17:17
Italy's economy recovering slowly, says Confindustria (ANSA) - Rome, January 15 - Italy's powerful industrialists group Confindustria on Wednesday said Italy is pulling out of its longest recession in decades, but that progress will continue to be sluggish and fragile.

"Recovery for the Italian economy is on track and is spreading gradually among sectors and territories," Confindustria's economic research centre wrote in a note. "The obstacles are credit crunch, less competitiveness and loss of jobs, which will make (recovery) slow".

Even though global orders and trade are picking up speed, domestic demand in Italy "is delayed by a (lack of) competitive costs, credit rationing and the weakness of the job market," it added.