The Italian economy will remain in a deep recession this year, Confindustria, the country's main business lobby said Thursday.
Gross domestic product is likely to contract 2.4 percent in 2012, before easing 0.6 percent in 2013, it said.
The labor market condition is also seen deteriorating further. The unemployment rate is forecast to rise to 10.7 percent this year and to 12.1 percent in 2013.
Due to austerity measures adopted by the government, the budget deficit will fall to 2.1 percent of GDP in 2012 and to 1.4 percent next year, it said.
by RTT Staff Writer
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