Italy's industrial production revamps after 2-year crisis

11:32, February 11, 2011      

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Italy's industrial production index increased by 5.3 in 2010, the first growth in two years since the financial crisis struck, the National Statistics Office (Istat) said Thursday.

The index declined by 17.5 percent year-on-year in 2009.

Despite the jump in production, however, the road ahead to reach pre-crisis industrial levels is still bumpy and uncertain, warned Istat.

The sectors registering the highest rise in production were some of Italy's leading industrial areas including machinery, electronics and metals.

"Production levels are newly rising, strengthening the Italian economy. This positive indicator is strictly linked to important measures undertaken in the labor market that have increased working hours and reduced redundancy payments," said Welfare Minister Maurizio Sacconi.

The minister praised the government's action in re-launching the economy: "The economic recovery may be moderate and limited to specific areas, but it's happening and we will work harder to accelerate the process," he added.

In an attempt to further deregulate and liberalize the economy by giving it more oxygen, Prime Minister Silvio Berlusconi's cabinet approved on Wednesday a crucial reform plan centered on cutting taxes for firms and start-ups.

Source: Xinhua

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