Rome, Jan 13 (IANS/AKI) Italy’s industrial production in November managed to rise even though the eurozone’s third biggest economy implemented cost-cutting measures amid an economic crisis and probable recession.

Output gained 0.3 percent over the previous month but dropped 4.1 percent from November 2010, national statistics agency Istat said in a report released Thursday.

The value of Italy’s economy shrank in the third quarter and Industry Minister Corrado Passera in December said the country is in recession, while the prominent Confindustria trade association said the economic retreat will last until the second half of next year.

Deputy Finance Minister Vittorio Grilli in December said the economy will shrink between 0.4 percent and 0.5 percent this year and stagnate in 2013.

Italy’s new government led by Prime Minister Mario Monti is implementing a plan to cut more than 30 billion euros in spending that includes pension reform and a crackdown on tax evasion.

Monti has said he will present a growth plan during a Jan 23 meeting of European Union finance ministers.

After Monti and a group of unelected “technocrat” ministers took over from Silvio Berlusconi’s government in December, they pushed through a series of measures including tax hikes, pension reforms and launched a fresh war on tax evasion.

–IANS/AKI
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