Business Lobby Sees 2% Hit on Italy’s GDP if Russia Stops Gas | Investing News
MILAN (Reuters) – Italy’s company lobby Confindustria forecasts an nearly 2% strike on the country’s gross domestic product (GDP) on average for every year in 2022 and 2023 in case of a stop of all-natural gasoline imports from Russia in June, it claimed in a investigate take note.
“A halt of gas imports from Russia could have a very strong result on the now weakened Italian economic system,” Confindustria reported, introducing the detrimental effects would appear from a important lack of gas volumes for market and expert services and an extra enhance in strength prices.
Very last year Russia was Italy’s major provider of purely natural fuel, supplying 29 billion cubic metres or 40% of full gas imported by the country.
Next Russia’s invasion of Ukraine, the Italian federal government has been trying to find alternate power suppliers and its ministers have travelled to Africa and the Middle East to secure new contracts.
As component of this energy, Italy’s electrical power group Eni and Algeria’s Sonatrach on Thursday signed a deal to accelerate the improvement of gasoline fields in Algeria and of green hydrogen.
This transfer is predicted to strengthen the North African country’s gas exports to Italy by some 3 billion cubic meters (bcm) per year.
(Reporting by Francesca Landini Enhancing by Raissa Kasolowsky)
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