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Sharp drop in Italy growth forecast

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Sharp drop in Italy growth forecast
Italy's economy will shrink by 0.3 percent this year. Economy photo: Shutterstock
11:01 CET+01:00
Italy's economy will shrink by 0.3 percent this year before inching back to growth in 2015, revised figures from the national statistics institute showed on Monday.

Istat sharply revised down its gross domestic product (GDP) forecast for 2014, which had originally predicted the economy would expand by 0.6 percent.

It also produced more modest figures for 2015 and 2016, saying next year was likely to see growth of 0.5 percent while the year after it should be 1.0 percent.

The unexpected slowdown of Italy's economy has cast doubt on whether Prime Minister Matteo Renzi can deliver on his promise to boost growth and tackle joblessness, while complying with budget rules that apply to members of the eurozone.

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