Ital­ian min­is­ter sees stag­na­tion, not re­ces­sion

Arab News - - Business News -

Italy’s Trea­sury Min­is­ter said on Sun­day he did not see a re­ces­sion on the hori­zon but ac­knowl­edged there could be a pe­riod of stag­na­tion.

The Ital­ian econ­omy has been slow­ing for the past year and the GDP de­clined by 0.1 per­cent in the third quar­ter, the weak­est re­sult since 2014.

On Fri­day in­dus­trial out­put for Novem­ber came in much weaker than ex­pected, in­creas­ing the risk of re­ces­sion for the euro zone’s third largest econ­omy.

“Let’s wait for data for the last quar­ter of 2018. I don’t see a re­ces­sion, I see a sit­u­a­tion of stag­na­tion,” Gio­vanni Tria said in an in­ter­view in Ital­ian daily Cor­riere della Sera.

Tria con­firmed his com­mit­ment to cut­ting the coun­try’s debt pile, but said growth de­pended also on mon­e­tary pol­icy and the in­ter­na­tional out­look.

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