Figures show Italy deep in recession

Recent figures, released for the month of November, suggest Italy remains deep in recession ahead of general elections in the country.

According to data, released by the country’s National Institute for Statistics (ISTAT) on Monday, Italy witnessed a 1.0 percent drop in its industrial output in November.

The fall follows a 1.1 percent drop in October, marking the country’s third steep consecutive monthly decline.

The recent industrial output figure shows a 7.6-percent fall from the same month last year.

The eurozone’s third-largest economy also faced a 2.1-percent decline in its energy production and a 1.3-percent drop in investment goods output in November.

Italy is facing general elections in February, which will determine the 630 members of the Chamber of Deputies and 315 elective members of the Senate, the two houses of the country’s parliament.

Under the government of Prime Minister Mario Monti, Italy’s public debt reached its highest level of EUR 2.0 trillion in October, the Bank of Italy said on December 28, 2012.

Italy also has the second-highest debt level in the eurozone. Greece holds the worst eurozone GDP debt level.

Europe plunged into financial crisis in early 2008. The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries.

SZH/HN