Growth is at a standstill – Confindustria – English

(ANSA) – ROME, NOV 18 – Economic growth is at a standstill
and record high interest rates despite falling inflation are
curbing consumption and investment, Confindustria said on
Saturday.

   
“GDP (growth) remained at a standstill in the third quarter, and
indicators show that at the beginning of the fourth quarter
activity in the service sector is slightly down, as it is in
industry,” said the industrial employers’ association in its
regular flash economic situation report.

   
Confindustria reported that although inflation in Italy has
returned below 2%, interest rates remain at a record high and
are blocking the credit channel, curbing consumption and
investment.

   
In addition, it said the situation is only partially offset by
exports.

   
“With the ongoing wars, uncertainty is rising, but not the cost
of energy (so far), which is, however, much higher than before
the energy crisis,” the association added.

   
Photo: Confindustria President Carlo Bonomi (ANSA).