Italy’s economy to start its recovery in 2013, EC says

The Italian economy could start its gradual recovery in the second half of this year, but its GDP is likely to contract of 1.3%, according to data published today by the European Commission.

Next year the economy should grow by 0.7%, as domestic demand will pick in particular for equipment investments.

“Consolidation measures continue to have a positive impact on primary expenditure dynamics, as the wage bill and intermediate consumption are set to continue declining and the increase in social transfers is kept in check,” it said.

“Revenues are expected to rise faster than nominal GDP growth thanks to the planned increases in VAT and other indirect taxes, in particular stamp duties on financial wealth,” the European Commission said.

Meanwhile, the primary surplus is to rise to 3.1% next year.

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