Business Lobby Sees 2% Hit on Italy’s GDP if Russia Stops Gas | Investing News
1 min readMILAN (Reuters) – Italy’s organization foyer Confindustria forecasts an just about 2% hit on the country’s gross domestic solution (GDP) on typical per 12 months in 2022 and 2023 in case of a halt of natural gas imports from Russia in June, it said in a exploration notice.
“A halt of gas imports from Russia could have a incredibly potent impact on the presently weakened Italian economic system,” Confindustria stated, including the destructive consequences would appear from a big scarcity of gasoline volumes for business and expert services and an further improve in power prices.
Very last calendar year Russia was Italy’s greatest provider of natural gasoline, delivering 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 in search of different energy suppliers and its ministers have travelled to Africa and the Middle East to safe new contracts.
As element of this exertion, Italy’s electrical power team Eni and Algeria’s Sonatrach on Thursday signed a deal to accelerate the growth of gas fields in Algeria and of eco-friendly hydrogen.
This transfer is predicted to strengthen the North African country’s fuel exports to Italy by some 3 billion cubic meters (bcm) for each yr.
(Reporting by Francesca Landini Enhancing by Raissa Kasolowsky)
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