Italian output dips amid struggle to exit recession

Last Updated: Thursday, October 10, 2013 - 15:55

Italy`s industrial production dipped by 0.3 percent in August from the July level, official data showed on Thursday, as the economy struggles to kick away from a two-year recession.

The previous month was also a disappointment with a monthly contraction of 1.0 percent, although the government is still hoping that the economy will gradually start growing again later this year.

The energy sector saw the biggest contraction (1.6 percent), while consumer goods rose 2.2 percent, the latest data from the national statistics agency showed.

On a 12-month comparison, output fell 4.6 percent.

Tensions meanwhile have eased on financial markets for Italy since Prime Minister Enrico Letta won a showdown in parliament with Silvio Berlusconi, who had wanted to bring down the government.

The Italian Treasury raised 8.5 billion euros ($11.5 billion) in 12-month paper on Thursday at 0.999 percent compared to a 1.340 percent rate demanded by investors in a previous sale in September.

First Published: Thursday, October 10, 2013 - 15:55

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