Business Lobby Sees 2% Hit on Italy’s GDP if Russia Stops Gas | Investing News

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MILAN (Reuters) – Italy’s organization foyer Confindustria forecasts an just about 2% hit on the country’s gross domestic solution (GDP) on ordinary per year in 2022 and 2023 in case of a quit of natural fuel imports from Russia in June, it explained in a research note.

“A halt of gas imports from Russia could have a really solid impact on the already weakened Italian overall economy,” Confindustria reported, including the destructive consequences would come from a main scarcity of gasoline volumes for business and companies and an more enhance in electrical power expenditures.

Final yr Russia was Italy’s major supplier of natural fuel, furnishing 29 billion cubic metres or 40% of whole gasoline imported by the region.

Following Russia’s invasion of Ukraine, the Italian authorities has been trying to get alternative strength suppliers and its ministers have travelled to Africa and the Middle East to protected new contracts.

As part of this exertion, Italy’s vitality group Eni and Algeria’s Sonatrach on Thursday signed a deal to accelerate the progress of gasoline fields in Algeria and of green hydrogen.

This go is predicted to strengthen the North African country’s fuel exports to Italy by some 3 billion cubic meters (bcm) for each year.

(Reporting by Francesca Landini Enhancing by Raissa Kasolowsky)

Copyright 2022 Thomson Reuters.

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