Confindustria Revises 2013 Italian GDP Forecast to Minus 1.1%

Italy’s fourth recession since 2001 will last longer than previously forecast and the economy will shrink 1.1 percent next year, Confindustria, the country’s employers lobby said in a report today.

Confindustria in September had forecast the economy would contract 0.6 percent in 2013. The group also raised its outlook for this year, saying the economy would shrink 2.1 percent rather than the 2.4 percent predicted in September.

“Italy is still immersed in a deep contraction of internal demand and production, in which it fell without having even remotely recovered from the damages of the preceding ones. The horizon is further clouded by the uncertainty of the outcome of the upcoming election deadline,” the report said.

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