Inflation set to remain high, industry losing momentum says association
The CSC research unit of Italian industry association Confindustria on Friday sounded the alarm about the nation’s economic outlook following a breakdown of the Iran war ceasefire.
“The third quarter is off to a bad start,” the CSC said in its latest economic outlook report.
“The war in Iran flared up again in July, and uncertainty about future developments is at a peak: oil prices were immediately affected.
“Having already slowed Italian GDP in the second quarter, the war’s impact is now spilling over into the third.
“Inflation will remain high for some time and credit conditions are tightening.
“Industry is losing momentum after months of shocks, and investment is slowing.
“The services sector is stabilizing, thanks to the rapid recovery of foreign tourism, but it is not growing”.
Fonte Ansa.
