(AGI) Rome, Nov. 26 - If Italy's GDP remains flat in the fourthquarter of 2014, it will grow at the beginning of 2015, theItalian Employers' Association Confindustria said in itsCongiuntura Flash monthly analysis. "In Italy the drop in GDPin the third quarter was in line with the forecasts made byConfindustria's Study Centre (CSC): minus 0.1 percent, up fromthe minus 0.2 percent in the second quarter", Confindustriasaid. The monthly financial bulletin read: "In the fourthquarter, current indicators suggest that GDP will remain flat,which would represent a good starting point for 2015. Overall,the little data available point at a flat GDP growth in thefourth quarter, a forecast that should be confirmed byforthcoming data. If expectations of a further drop were to befrustrated, this would represent a better starting point forthe onset of a recovery at the beginning of next year".Confindustria's CSC also recalled that "industrial productionrecovered 0.4 percent in October, after the minus 0.9 percentrecorded in September. The projected variation in GDP in thefourth quarter is minus 0.1 percent and the more positiveforecasts on orders, which rose to minus 25 from minus 26 inSeptember, show a stable trend in activities, which is howevercontradicted by the PMI manufacturing index on orders, whichdropped for the first time since mid-2013. The Octobercomposite PMI index swung back upwards to 50.4 for the firsttime in two months, mainly thanks to the improvement inservices, which rose two points to 50.8 points and despite thedrop in the manufacturing index, which lost 1.7 points to 49.0points. The OECD projection, which showed the secondconsecutive drop of 0.03 percent in September, like in August,to 101.3 points, does not reflect a trend reversal in thecurrent quarter, nor in the next one. In Italy, exports haverisen, employment rates are showing the first signs of recoveryand the credit crunch on companies seems to have stopped, evenif lending conditions remain restrictive, and lower interestrates, which have greatly benefited government and bank bonds,start having a positive fallout also on small enterprises". . .