Italy to commence slow return in Q4 2013

(MENAFN) According to the Bologna-based Prometeia think tank, a slow recovery is expected to commence in recession-hit Italy from the last quarter of this year, Xinhuanet reported. Prometeia said that, the Italian Gross Domestic Product (GDP), will still fall by 1.8 percent in 2013; the last quarter would start showing signs of return. The think tank expected Italy's GDP to grow by 0.8 percent in 2014, thanks to a budget law which features about USD37.3 billion amendment in public finance over the 2014-2016 period, which must be scanned and voted on by parliament. Exports of goods are seen growing by 3.1 percent next year but they represent 24 percent of the GDP thus will not be sufficient to sustain recovery alone, an analyst responsible for the think tank's analysis and forecasts of Italian economy said. Household's disposable income will record a 1.2 percent annual average growth in the 2014-2016 period, after six years of sharp decreases that have eroded spending power by 11 percent between 2007 and 2013.