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Italian economy to shrink 1.4 percent in 2013

  • Economic growth in Italy is expected to shrink 1.4 percent this year, a greater contraction than previously forecast, according to the national statistic agency on Monday.

    In November, ISTAT said the eurozone's third largest economy would shrink by 0.5 percent this year.

    ISTAT forecast that the economy would grow by 0.7 percent in 2014.

    The downward revision for growth comes on the back of an expected reduction in domestic demand.

    The expected return to growth in 2014 is based on projections that private consumption will boost output growth and investment.

    Tagged as: Italian economy, ISTAT, Italy economy, Economic growth in Italy