Strong Italian trade figures ease gloom
MILAN - Agence France-Presse
A musician plays in front of the Duomo gothic cathedral in Milan, Italy. Strong trade figures have spread hopes over the country’s debt-hit economy. AP PhotoItaly reported strong trade surplus data for November Jan. 16 and said the figures for 2012 as a whole could be the strongest for 10 years an encouraging sign for the the eurozone’s third-biggest economy.
Italy is in deep recession amid tough reforms to correct public finances which are widely credited with ensuring the country steers clear of any need for a bailout.
The data coincided with strong trade figures from another eurozone country and one in far deeper trouble, Ireland, which is hoping to emerge from a bailout programme this year, and also with a general trend of improving trade performances by weak peripheral eurozone countries.
The Italian statistics institute Istat said that Italy achieved a trade surplus of 2.4 billion euros ($3.1 billion) in November, about the same level as in October.
Istat said that the country was now on track to show a trade surplus of 8.0-10.0 billion euros for the year, the highest for 10 years.
One of the main factors of growth in an economy is a trade surplus, while a trade deficit undermines any growth generated by domestic consumption, investment and government spending.