Milan

Retailers see GDP shrinking 1.7%, consumption falling 2.4%

Confcommercio forecasts another tough year for 2013

Retailers see GDP shrinking 1.7%, consumption falling 2.4%

Milan, May 13 - Italian retailers's association Confcommercio forecast Monday that Italy's recession-hit economy will shrink 1.7% this year and consumer spending will fall 2.4%. The association reported its forecast on the first stop of a communications roadshow in Milan. ''It is essential to pass from (financial) discipline and austerity to growth, because only in this way can we ensure the stability of public finances,'' said Confcommercio.

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