Business lobbying shows that Italy’s GDP will be affected by 2% if Russia stops exploiting gas According to Reuters

© Reuters. FILE PHOTO: Duomo’s church and Porta Nuova’s financial district are seen in Milan, Italy, May 16, 2018. REUTERS / Stefano Rellandini

MILAN (Reuters) – Italy’s business lobbying body Confindustria forecasts the country’s gross domestic product (GDP) on average each year will be affected by about 2% in the years 2022 and 2023 in the suspending imports from Russia in June, the company said in a research report. .

“The cessation of gas imports from Russia could have a very strong impact on the already weakened Italian economy,” Confindustria said, adding that negative consequences would come from a large shortage. on gas for industries and services and add to the cost of energy.

Last year, Russia was Italy’s largest supplier of natural gas, supplying 29 billion cubic meters, or 40% of the country’s total gas imports.

After Russia invaded Ukraine, the Italian government looked for alternative energy suppliers and its ministers traveled to Africa and the Middle East to secure new contracts.

As part of this effort, Italian energy group Eni and Algeria’s Sonatrach on Thursday signed an agreement to accelerate the development of gas fields in Algeria and green hydrogen.

The move is expected to boost the North African nation’s gas exports to Italy by about 3 billion cubic meters (bcm) a year.

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