Italy lost more than 10,000 businesses in Q1

One of the biggest economies in Europe that is still struggling to recover after the financial crisis is Italy. The country has increased unemployment, economic instability and the latest statistics confirm it.

According to Confcommercio business confederation's statistic 12,000 small and medium sized business have closed in the first quarter of the year in Italy. The most affected field was clothing and the same institution claims it will take at least ten years for the business to return to prerecession levels in Italy.

However, all around retail trade went well in the same period and it even recorded a 0.2 percent increase. “La Stampa” took an optimistic step further and predicted a 1 percent gross domestic product increase for Italy in 2014 and a consumption increase of 0.5.

“The Italian economy has to be reinvigorated with all-out structural reforms,” said Pier Carlo Padoan, Italy's Finance Minister. According to official documentation, Italy's gross domestic product shrank by 0.1 percent in the first three months of the year which is viewed as a worryingly sign by the government.