Unemployment rate hits new record in Italy; sits at nearly 13 percent: Istat
January 9, 2014, 12:00 am TWN
ROME--Italy's unemployment rate reached a new record high of 12.7 percent in November from 12.5 percent in October, the official data agency Istat said on Wednesday.
Unemployment among 15- to 24-year-olds also rose to 41.6 percent — the highest level since records began.
The number of unemployed people in Italy is now 3.254 million, an increase of 351,000 from November 2012.
The figures underlined the scale of the challenges for Prime Minister Enrico Letta even after the end of the country's longest post-war recession in the third quarter of 2013 when the economy grew zero percent.
Italy's gross domestic product (GDP) has contracted by more than four percentage points over the past two years and public debt has continued to rise.
Istat says the economy will grow by 0.7 percent in 2014.