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Italy Lowers 2013 Outlook for Its Economy
Italy's economy will shrink 1.4% this year, according to national statistics agency Istat, which previously predicted a 0.5% contraction in 2013.
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Italy's economy will shrink 1.4% this year, according to national statistics agency Istat, which previously predicted a 0.5% contraction in 2013.
Istat says it lowered its forecast because of weak export volume and a sharp decline in domestic consumption.
The agency expects 0.7% growth in Italy in 2014, even though it predicts that unemployment will increase to 12.3% from 11.9% later this year. The country's current jobless rate is 11.7%.
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