Italy's recession could be nearing end

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There are signs that Italy's recession is nearing its end. Photo: Flickr
15:09 CEST+02:00
Industrial orders in Italy rose for the third month, official data showed on Friday, in a tentative sign that nearly two years of recession could be nearing an end.

On a month-to-month basis, industrial orders in May rose 3.2 percent from the April level, Istat data said, even though they slipped by 1.1 percent from the figure a year before.

Orders from abroad rose the most sharply, jumping by 9.4 percent in May from a year ago and 4 percent month-to-month.

Domestic orders meanwhile plummeted by 7.9 percent from a year ago while edging up 2.6 percent from the month before.

The rise in orders month-to-month backs European Union Data published late last month that signalled the outlook for Italian manufacturing may be firming.

The data, part of eurozone-wide survey on sentiment among purchasing managers in the manufacturing sector, is considered a reliable indicator of
activity to come.

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Earlier this month, the International Monetary Fund said it expected the Italian economy to contract by 1.8 percent this year, from an earlier forecast of a 1.5-percent shrinkage.

For 2014, however, the IMF increased its forecast to 0.7-percent growth.

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