Domenica, 23 Settembre 2018

Economy minister says Italy is emerging from recession


(see related story on GDP data)
Rome, August 6 - Italy's longest and deepest
recession in more than 20 years appears to be coming to an end,
Economy Minister Fabrizio Saccomanni said Tuesday.
In a television interview hours after the most recent data
on the economy was released, the minister was asked if the
recession is over.
''I think so,'' Saccomanni told a Sky TG24 television
''I think that in this quarter and the fourth quarter, the
economy will enter into recovery - we are technically in what is
called the turning point of the (economic) cycle,'' he said.
Earlier, national statistical agency Istat reported that
Italy's gross domestic product (GDP) shrank by 0.2% in the
second quarter, less than what analysts were forecasting and
considerably less than the 0.6% loss reported in the first three
months of year.
The fact that the economy outperformed expectations is
important, Saccomanni said.
And if that continues, it will give the government more
fiscal wiggle room in terms of managing public policies, added
''I think if we can have a positive sign in the fourth
quarter it will make it easier to manage the economy and public
The GDP improvement suggests government stimulus measures
have helped, the minister said, but warned that it will take
some time before any improvements will be seen in lower
employment figures.
In a wide-ranging interview, Saccomanni also said that
paying outstanding bills owed by the public sector to business
remains a priority, adding that he hoped another 10 billion
euros can be found.
That would raise this year's payments to business to a
total of 30 billion euros, a significant boost to the economy.
With that, plus the 20-billion euros in payments slated for
next year, ''then things can get better, I think this is a
workable figure''.

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