Wednesday, October 1, 2014   

Italy sees 0.1pc shrink in first quarter
(05-15 16:37)

Italy's economy shrank 0.1 percent in the first quarter and was down 0.5 percent from the same period last year, according to an initial official estimate from the Istat data agency released on Thursday.
The result will be disappointing for Prime Minister Matteo Renzi's government as the country's worst recession since World War II had formally ended in the fourth quarter with growth of 0.1 percent, AFP reports.
The Milan stock market, which had been in positive territory at the start of trading, was down 0.58 percent after the announcement as analysts had been expecting a slow economic recovery to continue.
"This is a very weak result unfortunately,'' said Chiara Corsa, a macroeconomy expert at Italy's UniCredit bank.
"It's due to weakness in the industrial sector. We had expected a positive contribution from exports and domestic demand,'' she said, adding: "Growth has stopped -- even worse it's going backwards''.
The government has forecast economic growth of 0.8 percent this year but the International Monetary Fund and the European Commission both see the eurozone's third-biggest economy growing by just 0.6 percent.
Italy's economy contracted by 1.9 percent in 2013.   
Other Business breaking news:
China eases home purchase restriction (09-30 18:12)
Eurozone inflation drops, unemployment steady (09-30 17:54)
Apple to launch iPhone 6 in China from October 17 (09-30 17:38)
German unemployment rate steady in September: official data (09-30 16:44)
Hang Seng plunges ahead of holidays (09-30 16:36)
French public debt over 2.0 trillion euros for first time: data (09-30 14:59)
German retail sales climb in August (09-30 14:25)
China September PMI misses estimate: HSBC (09-30 14:05)
China clears way for Apple iPhone 6 sales: regulator (09-30 13:50)
Hang Seng falls by lunch (09-30 12:27)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.