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Rays of recovery - Italian economy shows signs of recovery

Bloomberg quoted Mr Claudio Scajola industry minister of Italy as saying that Italian economy is showing signs of recovering from the worst recession since World War II as exports gain.

Mr Scajola said that "The most recent trade figures indicate that the Italian economy is showing timid signs of recovery. June trade figures will show a modest recovery of exports of 1.5%."

It is not clear which figures Mr Scajola was referring to. Italy’s national statistics institute Istat will release data on the country’s June trade balance with non European Union countries.

Italian exports to non EU countries grew 0.5% in May after shrinking 0.8% in April. With EU countries, exports rose by 0.4% in May as compared with a decline of 4.2% in April 2009.

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