Italy's economic outlook is set to deteriorate, and the country is likely to have a “mild” recession due to soaring energy prices, retailers association Confcommercio said on Thursday.
Confcommercio's research unit forecast that Italy's GDP would drop 0.8 per cent in the third quarter of this year with respect to the previous three months.
It said it expected a further moderate drop in the last quarter.
That would put Italy technically in recession, with two consecutive quarters of negative growth.
Confcommercio said that, despite the forecast recession, it expected Italy's GDP to end the year 3 per cent higher than in 2021.
It said it expects Italy to have flat growth next year.
