Milan

GDP likely down 1.5% in 2013 says Confindustria

Recession will be worse than previously expected, says Squinzi

GDP likely down 1.5% in 2013 says Confindustria

Milan, June 25 - Italy's economy will continue to endure recession throughout this year, with even greater suffering than forecast, the head of the country's industrial employers' confederation Confindustria said Tuesday. "This year we will suffer more than expected, we will still be in recession for the whole of 2013," said Giorgio Squinzi, president of Confindustria. Gross domestic product (GDP) will remain below zero for the year, likely averaging about 1.5% below 2012, he warned. Italy's national statistics agency Istat recently estimated an economic contraction of 1.6% for the year compared to 2012, if the economy doesn't worsen even more dramatically during the year.

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