Standard & Poor's has cut its estimates on the Italian GDP, seen in contraction of 1,4% in 2013, also due to the less than positive performance of exports and the contraction of credit to companies. In the part of the report on Europe dedicated to our country, the rating agency sees a slight recovery of our economy only in 2014, with a recovery of 0,4%.
The previous estimates by S&P indicated a drop of 0,7% for 2013 and a growth of 0,8% in 2014. This worsening weighs heavily, "the failure to transmit the ECB's monetary policy to the real economy is add to these difficulties”.
According to the rating agency, the unemployment rate in Italy is also growing, to 12% in 2013 and 12,5% in 2014, against an initial estimate of 11,8%.
