Consumer confidence rises in ItalyMarch 27th, 2012 - 3:39 pm ICT by IANS
Rome, March 27 (IANS/AKI) Italy’s consumer confidence rose in March, defying tax hikes and other reforms that are expected to cut into paychecks in the euro zone’s third-biggest economy.
The confidence measure advanced to 96.8 from February’s revised 94.4, national statistics agency Istat announced Monday. The latest reading was the highest since July.
The value of the Italy’s economy during the fourth quarter shrank by 0.7 percent from the prior three months when it contracted 0.2 percent, national statistics agency Istat said in a statement of preliminary numbers. Economists define an recession as two consecutive quarters of economic contraction.
Prime Minister Mario Monti - leading a group of technocrats, or non-political experts - took over the government in November when a spiralling debt crisis and scandals derailed Silvio Berlusconi’s conservative ruling coalition and threatened the very future of the euro currency.
Monti has since pushed through a series of painful reforms that include tax hikes and make Italians work longer before qualifying for a retirement pension. Finance police have also made very visible raids against tax cheats.
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- One in four Italians face poverty due to recession - May 24, 2011
- Recession-hit Italian hotels report fewer guests in 2012 - Sep 07, 2012
- 24,000 Italian government employees to lose jobs - Jul 11, 2012
- Consumer confidence dips to three year low in Italy - Oct 26, 2011
- Unemployment rate highest in nine years in Italy - Apr 03, 2012
- Berlusconi's income rises - Mar 20, 2012
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