Friday, August 28, 2015   

Italy back in recession
(08-06 17:17)

The Italian economy shrank by 0.2 percent in the second quarter, dragging the eurozone's third-biggest economy back into recession, the national statistics agency said on Wednesday.
The contraction, which follows on the heels of a decline in growth in the first quarter, will be a sharp blow for Prime Minister Matteo Renzi's government as the country struggles to pull out of the worst recession since World War II.
The official Istat data agency said in an initial estimate that the gross domestic product had shrunk by 0.3 percent from output in the same period last year, hitting the lowest second-quarter level for 14 years.
The result was worse than expected, with analysts having forecast between a 0.1 percent contraction to a 0.1 percent increase in growth.
Italy "is struggling to pull out of the recession because it is a very deep one,'' Finance Minister Pier Carlo Padoan said in an interview with Il Sole 24 Ore daily.
He insisted however that the country would not breach the European Union's three percent deficit ceiling "either in 2014 or 2015.''
"There are no shortcuts to a return to growth. We have to remove the obstacles in our path through reforms,'' he said.
Renzi, who came to power in February after ousting his predecessor for failing to do enough to revive growth in Italy, has made difficult and often contentious reforms the keystone of his leadership.
The deep, two-year recession had formally ended in the fourth quarter of last year with growth of 0.1 percent. --AFP
   
Other Business breaking news:
US stocks lower at the open (1 hr 1 min ago)
UBS pays penalty for disregarding bans on a terrorist’s deals (1 hr 26 mins ago)
US personal incomes and spending rise at modest rate (1 hr 43 mins ago)
Oil prices drop to US$42.35 (1 hr 56 mins ago)
Bank of China and AgBank report marginal earnings growth (08-28 19:25)
UK reports 0.7pc second quarter growth (08-28 18:31)
Shanghai stocks rally 4.8pc at close, Hang Seng gives up gains (08-28 16:25)
Dow leaps 200 points at open (08-27 22:34)
US reports broad-based 3.7pc growth sparked by consumer spending and business investment (08-27 22:05)
People’s Bank of China injects 150b yuan into market (08-27 18:53)

More breaking news >>

© 2015 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 2015, 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.