The unemployment and loan rates continue to increase in Italy, the third biggest economy of Europe.
The financial services provider Toronto Dominion (TD) Securities' European interest and currency researcher economist Richard Kelly stated Italy's economy went through difficult times, saying, "We set forth that unemployment rates will increase to 12.5% until the end of 2013 for the reasons of problems in labor markets slows up the economy and government's austerity measures and forces to the labor market."
- Italy's unemployment rates are high in record
Italy's National Institute of Statistics (ISTAT) stated Italy's unemployment rates reached a record level in May 2013 since 1977's first quarter. On a yearly basis an increase of 1.8 was recorded in unemployment rates, including a rate of 38.5 percent among youth between 15-24 ages.
Italian economy is in stagnation since 2011. According to Fitch's estimations, Italian gross national product will decrease 1.8 percent in 2013. Fitch had lowered by one notch Italy's credit rating in March 2013.
President of the European Council Herman Van Rompuy had stated Greece with 63%, Spain with 56% and Italy with 41% were the top three in jobless rates among European countries.