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Italian economic growth 'encouraging' says Padoan

05 aprile 2017 | 17.32
LETTURA: 1 minuti

Italian economic growth 'encouraging' says Padoan

The Italian economy is posting stronger growth as its recovery from the worst recession of the post-war period accelerates, finance minister Pier Carlo Padoan said on Wednesday.

"In 2016 growth regained vigour and early indications this year are very encouraging," said Padoan, speaking at the presentation in Rome of the Audit Court's annual report on the Italian economy.

""We are in a phase of transition towards more robust and sustained growth," Padoan added.

The Audit Court's report said that Italy's gross domestic product grew 0.9 percent last year, meaning the country had "finally exited" from an eight-year recession and was showing "a less fragile, more qualitative expansion".

But the report warned that chronically low growth made it harder for Italy to fix its ailing finances than for other European countries. It also stressed, however, that this was "necessary given the high debt level".

European Commission is worried about Italy's failure to rein in its massive debt and Padoan has pledged that Rome will make 3.4 billion euros of cuts to the budget deficit by the end of April, as the EU executive has asked.

Italy's public debt - the highest in the euro zone after Greece's - hit a new record high in 2016 at 132.6 percent of GDP, up from 132.0 percent in 2015.

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