Saturday June 20, 06:55 PM
Italians poorer than for a decade: report
ROME (AFP) - Italians will find themselves poorer next year than they have been for a decade due to the economic crisis, a report on the development of the country's services sector said.
Confcommercio, a national retailers' association, predicted a fall in gross domestic product of 3.9 percent for 2009, taking it to a level below that of 2001, and concluded that "we will have erased 10 years of economic growth."
The body predicted that real household spending would drop by 1.4 percent in 2009 having already slipped by 0.9 percent in 2008.
It will take until 2010, it said, for a rise of 0.4 percent to manifest itself, which "should allow us to envisage a concrete possibility of exiting recession."
Italy's finance ministry said in May it expected gross domestic product to drop by 4.2 percent this year before a slight rebound of 0.3 percent in 2010.
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