Rome

Foreign-owned small businesses hurting in Italy's recession

Construction fizzle to blame

Foreign-owned small businesses hurting in Italy's recession

Rome, June 4 - Italy's ongoing recession is taking its toll on small businesses owned by foreigners who operate in the country, data released Tuesday showed. According to a report by the CNA confederation of craftsmen and small businesses, private companies owned by non-Italians were down 6.7% in 2012, amounting to 16,708 fewer businesses in the nation. The data showed a break from the consistent growth of companies owned by foreigners during the span of the economic crisis, the CNA said. In 2011, some 232,664 new businesses in Italy were founded by foreign owners, "up 39.2% compared to 2007," said the report. The CNA pointed to a drop in construction as a primary factor for the recent slump.

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