• Italy edition
 
Italy lost 12,000 firms in three months
It will take Italy 11 years for the businesses in Italy to return to pre-recession levels, according to the Confcommercio report. Shop photo: Shutterstock

Italy lost 12,000 firms in three months

Published: 05 Jun 2014 11:06 GMT+02:00
Updated: 05 Jun 2014 11:06 GMT+02:00

Clothing outlets have been particularly affected by the economic downturn, according to the report quoted in La Stampa.

As a result it will take 11 years for businesses in Italy to return to pre-recession levels, Confcommercio said.

But despite the closures, figures released on Thursday by the EU portrayed a more positive story.

Retail trade in Italy grew 0.3 percent in January and 0.2 percent in February, although stagnated in March, the EU’s statistics agency Eurostat said.

Taking a broader look at the Italian economy, Confcommercio predicted an increase in consumption of 0.1 percent and gross domestic product (GDP) to rise by 0.5 percent this year.

A more optimistic outlook on 2015 set GDP growth at 0.9 percent and consumption to increase by 0.7 percent, La Stampa said.

Italy’s GDP shrank by 0.1 percent in the first quarter of this year, a worrying sign for the government as it tries to get the economy moving and attract foreign investors.

Speaking earlier this week, Finance Minister Pier Carlo Padoan said the Italian economy “has to be reinvigorated with all-out structural reforms”. The government’s privatization plan would add 0.7 percentage points to GDP growth annually, Padoan said in Rome on Tuesday.

Don't miss a story about Italy - Join us on Facebook and Twitter.

Your comments about this article

Today's headlines
Woman to be reimbursed after mouse eats pension
The bank of Italy has said it will replace the gnawed notes free of charge. Photo: AAMPS

Woman to be reimbursed after mouse eats pension

The Bank of Italy has said it will reimburse a pensioner in Tuscany after mice gnawed a sizeable chunk out of her pension, making the banknotes worthless. READ  

Italy government reforms
Economy ministry to cut 139 managerial jobs
The Ministry of Economy headquarters in Rome. Photo: Nicholas Gemini

Economy ministry to cut 139 managerial jobs

Italy's Economy Ministry will cut 139 managerial positions as part of plans to shore-up cash for the country's much-needed reforms. READ  

72 'refugees' caught at Italy-Austria border
The 72 people, presumed to be refugees, were stopped after crossing the Italian border into Austria. MPD01605

72 'refugees' caught at Italy-Austria border

A group of 72 people, presumed to be refugees, were stopped by Austrian police on Tuesday as they arrived in Tyrol on a train from Italy READ  

Outrage over 'peeing gondolier' in Venice
This is not the gondolier in the story. Gondolier photo: Shutterstock

Outrage over 'peeing gondolier' in Venice

Normally it’s unruly tourists who hit headlines for desecrating Italy’s prized heritage, but this week a photo of a gondolier who appears to be peeing by a doorway in Venice’s historic centre has sparked outrage across the web. READ  

Milan Fashion Week
Global fashion circus swings into Milan
Milan Fashion Week gets underway on Wednesday. Photo: Mats Eye

Global fashion circus swings into Milan

Is the devil still wearing Prada? Has King Giorgio (Armani) still got the regal touch? And how are the pretenders to his throne shaping up? READ  

Italy admits paying to free some hostages
Aid workers Greta Ramelli (left) and Vanessa Marzullo, who went missing near Aleppo in July are among six Italians being held hostage. Photo: Facebook

Italy admits paying to free some hostages

Italy on Tuesday admitted paying ransoms to obtain the freedom of some hostages, saying it approached negotiations on a case-by-case basis. READ  

Berlusconi's ex-wife sees alimony cut by third
Silvio Berlusconi (R) and his ex-wife Veronica Lario in Rome. Photo: Vincenzo Pinto/AFP

Berlusconi's ex-wife sees alimony cut by third

Veronica Lario, the ex-wife of Silvio Berlusconi, will see her monthly alimony payment of €3 million from the ex-prime minister slashed by a third, following a ruling by a Milan appeals court on Tuesday. READ  

'We're working like crazy on reforms': Padoan
Italy's Economy Minister Pier Carlo Padoan said the country's reform plan will produce results. Photo: Eric Piermont/AFP

'We're working like crazy on reforms': Padoan

Italy’s Economy Minister Pier Carlo Padoan said the government is “working like crazy” on essential reforms and rebutted criticism that it has over-promised and under-delivered. READ  

Italians arrested over drug stash in Vatican car
An official Vatican car was caught smuggling drugs through France. Photo: AFP

Italians arrested over drug stash in Vatican car

Two Italian men are in French jail after they allegedly used an official Vatican vehicle to try to smuggle several kilos of cocaine and cannabis through France, according to media reports. READ  

Cops probe poor parents who keep kids at home
The children missed at least 25 percent of lessons. Classroom photo: Shutterstock

Cops probe poor parents who keep kids at home

A total of 165 parents in southern Italy have been reported to the police for not sending their children to school, with many of the would-be pupils kept away from the classroom to support their families. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Education
Top tips: how to learn Italian
Culture
Italy's expat tribes: What kind are you?
Education
Ranked: Italy's best MBAs in English
Business & Money
Ferrari: champ on road, flop on racetrack
National
Italy set to lose crown of biggest wine producer
National
Pizzeria robbery 'miracle' as gun jams
Society
Clooney to marry in Venice in September
Society
Bilingualism: 'I see English as a present I'm giving them'
Education
Top Ten: The world's best unis to study Italian
Business & Money
'The crisis is extremely healthy for Italy'
Culture
Venice buzzes with new film financing initiative
Travel
American tourist pays parking fine from 1964
Culture
Top ten: Weird Italian expressions
National
'Growing up bilingual can be a challenge'
National
Italian diner finds five pearls in oyster
Politics
Far right slammed over gay adoption photo
Travel
Spielberg leaves €300 tip in Italian restaurant
Sport
Football greats to kick-off Rome's match for peace
Politics
Italy scores EU win as Mogherini gets top job
National
Rome man begs for jail to escape wife
Health
Italian scientists map brain to diagnose ALS
Gallery
Top 10: Italy's best films
National
Waiter writes 'faggots' on gay diners' receipt
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

444
jobs available