Economy

Italy 2014 GDP seen up 0.7%; up 1.0% in 2015 - Bank of Italy

Sees 2013 budget deficit close to 3%/GDP. 2013 GDP seen down 1.8%. Unemployment seen at 12.9% in 2014, inflation at 1.4%

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Pier Paolo Bozzano

America24, 26 gennaio 2014, 23:56

Italian GDP is expected to rise 0.7% in 2014 and 1.0 in 2015 after having fallen an estimated 1.8% in 2013, according to the Bank of Italy.

The central bank however warned that GDP growth risks remain on the downside. It noted that investment spending could be postponed by restricted access to bank loans or delays in payments by the public administration.

Despite some signs of stabilization in the labor market and an increase in working hours, unemployment could again rise in 2015, the Bank of Italy said.

The central bank forecast an average unemployment rate of 12.9% in 2015, compared to an estimated 12.3% rate in the third quarter.
In 2014, inflation is expected at slightly above 1%, while in 2015 it will rise to around 1.4%, the Bank of Italy said.

Italian public deficit is estimated to be close to 3% of GDP despite the drop in GDP, according to Bank of Italy.

It estimates public debt, at the end of 2013, to be close to the government's forecast of 132.9% of GDP. The central bank forecast a decline in debt relative to GDP from 2015.

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