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Italy’s Exports to Spur Recovery in 2014, Istat Says

Strands of spaghetti move along the production line inside Barilla Holding SpA's pasta factory in Parma. Photographer: Alessia Pierdomenico/Bloomberg
Strands of spaghetti move along the production line inside Barilla Holding SpA's pasta factory in Parma. Photographer: Alessia Pierdomenico/Bloomberg

(Corrects growth forecast in third paragraph to 2014, and fourth paragraph to show Istat’s GDP forecasts are less optimistic. For more on debt crisis, see {TOP CRIS <GO>})

May 22 (Bloomberg) -- Italian exports will record almost double-digit growth through 2014, helping the euro region’s third-biggest economy recover next year, National Statistics Institute Istat said.

Sales abroad of Italian goods and services will increase 9.7 percent in the two-year period, Rome-based Istat said today in its annual report. Exports of manufactured goods will advance 10 percent, with sales of services forecast to rise 7.5 percent, according to the report based on projections by Sace SpA, Italy’s trade-credit insurer.

Italy will contract 1.4 percent in 2013, Istat said in a report earlier this month, with household spending and corporate investments both projected to decline. It also forecast that the economy, which entered a recession in the third quarter of 2011, will return to annual growth in 2014 when gross domestic product is seen rising 0.7 percent.

Istat’s GDP forecasts are less optimistic than those of the European Commission, which expects a 1.3 percent contraction for Italy this year and growth of 0.7 percent in 2014. The Organization for Economic Cooperation and Development said May 2 that Italy’s GDP will shrink 1.5 percent this year and expand 0.5 percent next in 2014.

The rise in exports this year and in 2014 will add 1 percent growth to the country’s GDP in the two years through 2014, Istat said.

While Italy’s GDP fell 2.4 percent last year, exports increased 2.3 percent.

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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