ROME, Mar 3 (AFP): Italy's economy shrank by 1.9 per cent in 2013 but its public deficit stayed within the European Union's limit of 3.0 per cent of GDP in mixed news for the country's new government, official figures showed Monday.
The contraction -- which followed a shrinkage of 2.5 per cent in 2012 -- was slightly more than the government's forecast of 1.8 per cent, the National Statistics Institute (ISTAT) said. The figures suggest that new Prime Minister Matteo Renzi, who took office last month, will have to work that bit harder to ease the ills in a country hit by widespread unemployment and social malaise.
The country's deep, 2-year recession -- the longest in postwar Italy, ended in the fourth quarter with 0.1-per cent growth and Renzi has promised swift reforms to boost the flagging economy.
Italy economy shrinks 1.9pc but deficit within EU limit
FE Team | Published: March 04, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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