Eurozone data shows Italy not 'crisis case' says Renzi

(ANSA) - Naples, August 14 - Premier Matteo Renzi said Thursday that despite economic shocks, including Italy's return to recession, his government will continue with its reform programs and economic strategies as planned.
    "I have decided to go ahead with conviction and determination, with calm and serenity," he said in Naples.
    Pressure has been building on Renzi to hasten his program of economic and structural reforms, given the country's economic problems.
    Last week, statistics showed that Italy returned to recession in the second quarter - the country's third in five years.
    The country is also struggling with falling demand and consumer confidence amid rising unemployment. Renzi went on to say that Italy is not an economic problem country, saying its return to recession is part of broader trouble throughout the eurozone. "There is no crisis situation with respect to Italy," he said. "The whole eurozone is experiencing stagnation". National statistics agency Istat last week reported that Italy has slipped into its third recession since the start of the global economic crisis in 2008, with a 0.2% drop in GDP in the April-June period making for a second consecutive quarter of negative growth after a 0.1% decline in the first three months of the year. It was a big blow for Renzi. It means that the 0.8% GDP growth that the government had forecast this year - the basis for its various budget calculations - looks set to be some way off the mark. Indeed, Renzi has said Italy's deficit-to-GDP ratio for 2014 will be 2.9%, above the government's target of 2.6% but below the 3% threshold allowed by the EU.
    But that data was put in context on Thursday by Eurostat, which said eurozone growth was flat in the second quarter. Germany's gross domestic product (GDP) actually fell 0.2% in the second quarter compared with the first three months of the year, while France's economy was stagnant.
    "They were saying that Italy was the problem of the eurozone until a few days ago, but that happened because we published our data early," Renzi said.
    "Now I've asked Istat for us to present the figures later too".
    The premier added said the European growth figures vindicated his campaign for the EU to focus more on promoting growth and job creation after years of painful austerity.