A THIRD of jobless Italians gave up looking for work at the start of the year, amid rising fears for Italy’s economy.
A whopping 37.1 per cent of unemployed Italians joined the ranks of those who have stopped looking for a job altogether between the last three months of 2015 and the first quarter of 2016, according to Eurostat data.
The number of those now classed as inactive is double the European average of 18.9 per cent.
In the same period, only 12.8 per cent of unemployed Italians found a job. That compares to 15.4 per cent of EU citizens who were unemployed in the fourth quarter of 2015, finding a job in the first three months of 2016.
In total 50 per cent of Italians are still searching for work.
It comes as Italy’s economy growth ground to a complete halt in the second quarter of the year, raising fears that the outlook for the country is worsening.
Alastair Winter, chief economist at investment firm Daniel Stewart, recently said: “Italy’s long-term economic performance is dismal as shown and the Bank of Italy has just revised its GDP forecasts down to one per cent for this year and next.
“Every time I visit there are more signs of people spending less and worrying more about the future.”
Full article: Italian economy shattered as one in three jobless GIVE UP searching for work (Express)