Italy economy will shrink 1.4% in 2013, unemployment to reach record high of 12.3% in 2014-BBC

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5/6/13, "Italy economy to shrink 1.4% in 2013, figures forecast," BBC

"Italy's economy will shrink by 1.4% this year, a much sharper contraction than previously forecast, according to the national statistic agency.

Istat forecast that Italy will post 0.7% growth in 2014, but added that unemployment will reach a record high of 12.3% next year.

Istat predicted in November that the eurozone's third largest economy would shrink by just 0.5% this year.

The data underlines growing fears about the strength of eurozone economies.

Last week the European Central Bank cut interest rates to a new record low of 0.5%, and recent economic data has pointed to a slowdown in growth in Germany and France."...


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