Italy has hit bottom, but 'recovery looms'

ITALY'S business association says the eurozone's third largest economy has "hit bottom" and is on the slow path to growth.

However, it sharply revised its gross domestic product forecast.

Confindustria said in a report that gross domestic product would shrink 1.9 per cent in 2013, compared to a previous forecast of a 1.1 per cent decline.

It said Italy would begin recovering in the last quarter of 2013 and see a return to growth in 2014, but warned progress would be "very slow" and cut the growth estimate for next year from 0.6 per cent to 0.5 per cent.

While it said indicators such as figures for car sales and family confidence suggest "we have hit bottom," Confindustria ratched up its 2013 debt to GDP ratio forecast from 126.4 per cent to 131.7 per cent and suggested it would rise to 132.4 per cent in 2014.

There was glum news on the public deficit front as well, with the business lobby saying Italy's deficit would rise from 1.9 per cent to 3.0 per cent in 2013, hitting the European Union recommended ceiling.

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