Business Lobby Sees 2% Hit on Italy’s GDP if Russia Stops Gas | Investing News
MILAN (Reuters) – Italy’s business lobby Confindustria forecasts an virtually 2% strike on the country’s gross domestic item (GDP) on normal per 12 months in 2022 and 2023 in scenario of a end of organic gasoline imports from Russia in June, it mentioned in a investigate take note.
“A halt of gas imports from Russia could have a pretty powerful influence on the by now weakened Italian financial state,” Confindustria mentioned, adding the destructive effects would appear from a main scarcity of fuel volumes for marketplace and expert services and an additional maximize in vitality prices.
Previous 12 months Russia was Italy’s most significant provider of pure gas, supplying 29 billion cubic metres or 40% of whole gas imported by the country.
Next Russia’s invasion of Ukraine, the Italian govt has been looking for substitute electricity suppliers and its ministers have travelled to Africa and the Middle East to protected new contracts.
As section of this hard work, Italy’s energy team Eni and Algeria’s Sonatrach on Thursday signed a offer to speed up the growth of gas fields in Algeria and of green hydrogen.
This transfer is predicted to increase the North African country’s gasoline exports to Italy by some 3 billion cubic meters (bcm) per year.
(Reporting by Francesca Landini Modifying by Raissa Kasolowsky)
Copyright 2022 Thomson Reuters.
