Confindustria president quashes optimism on Italian economy

Squinzi sceptical of economy minister's statements

Confindustria president quashes optimism on Italian economy

Rome, July 2 - The chief of the Italian industrialists' federation Confindustria on Tuesday bucked recovery optimism expressed by the economy minister. Economy Minister Fabrizio Saccomanni on Tuesday told a Confindustria assembly in Rome, "There are a number of signs of improvement even in Italy...signs that the economy is recovering". Saccomanni said he expected a "very significant impact on the economic cycle in the second part of the year, and particularly in the fourth quarter". "I deeply respect Saccomanni, but I truly don't see signs of light yet," said Giorgio Squinzi, president of Confindustria. "May was better than April, June (better) than May, but industrial production in June is down 1.7% on an annual basis. "We're nearing the bottom and towards the end of the year I think we'll start climbing again," Squinzi said.

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