Italy Slashes Outlook as Internal, External Demand Wane
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Italy is another country causing a ruckus in financial markets Thursday morning amid reports it is cutting its growth outlook on slower internal and external demand.
According to reports, Italy slashed the following GDP growth forecasts: 2011 from 1.1 percent to 0.7 percent, 2012 from 1.3 percent to 0.6 percent, 2013 from 1.5 percent to 0.9 percent. Growth in 2014 is expected to be 1.2 percent.
The move was expected, as Italy approved a €54 billion, three-year austerity plan last week.
Italy made the cuts to keep its target of eliminating the budget deficit by 2013. Projections for a budget surplus of 0.2 percent of GDP in 2014 was also worked into figures.
According to reports, Italy slashed the following GDP growth forecasts: 2011 from 1.1 percent to 0.7 percent, 2012 from 1.3 percent to 0.6 percent, 2013 from 1.5 percent to 0.9 percent. Growth in 2014 is expected to be 1.2 percent.
The move was expected, as Italy approved a €54 billion, three-year austerity plan last week.
Italy made the cuts to keep its target of eliminating the budget deficit by 2013. Projections for a budget surplus of 0.2 percent of GDP in 2014 was also worked into figures.
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