Italian national statistics office
announced on Tuesday, July 4, that industrial production recovered by
0.8% in May after contraction of 1.9% in April. However, economists still expect
economy to contract by 2.4% by the end of the year. Total industrial
output declined by 6.9% in May for the year period. Mario Monti, Italian
Prime Minister, started to implement austerity measures for the
economy in December 2011. Last week he announced spending cuts of EUR26 billion over the next three years.