Italy economy contracted in 2009 with 5%
The Gross domestic product (GDP) of Italy had fallen to 5% in 2009, while the budget deficit reached 5.3 percent of GDP, figures released today data from the Italian statistical office. In 2008, the country’s budget deficit was 2.7 percent of GDP, while the central bank forecast last month for the economy were to shrink by 4.8 percent. Also announced in February forecasts of the Italian Statistical Institute are to increase GDP by 1% for 2010, a deficit for the year amounted to 5.1 percent of Gross domestic product (GDP). Earlier today it became clear that the unemployment rate in Italy has risen in January to 8.6 percent from 8.5 percent in December. Announced data coincided with the average expectations of economists.
Total 2.14 million people in the country were unemployed in the first month of 2010. Throughout the European Union the number of unemployed in January was nearly 23 million people.
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