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OECD gives positive outlook for Italy

Staff writer |
Italy is entering a positive phase of economic growth of about 0.1%, and momentum is building across the eurozone, the OECD said.

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Its report came only days after Italy's statistical agency said the country had slipped back into recession in the second quarter of this year, its third recession in five years. The Paris-based agency said that it saw signs of a "loss of momentum" in Germany but overall, the outlook for the 18 countries that use the common currency is positive.

Outside of Europe, growth appears stable in the world's largest economy, the United States, but Japan could see an "interruption" in its expansion, said the OECD.

Russia and China are in line with long-term growth expectations, the agency said.

Italy has been struggling to return to growth but received a blow with Istat reported last week that after slipping by 0.1% in the first three months of this year, gross domestic product (GDP) shrank by another 0.2% in the second quarter.

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