OECD cuts Italy's 2013 GDP estimate

Negative growth of 1.5% expected this year

OECD cuts Italy's 2013 GDP estimate

Paris, May 2 - The Organization for Economic Co-operation and Development (OECD) on Thursday revised down its gross domestic product forecast for recession-hit Italy this year, saying in a report that it expected the country to post negative growth of 1.5%. This was 0.5% worse than the OECD predicted in its November outlook. It said Italy should return to growth in 2014, forecasting a 0.5% rise in GDP next year.

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