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(ANSA) – ROME, NOV 15 – The European Commission said
Wednesday that it has cut its 2023 growth forecast for Italy by
0.2 of a percentage point to 0.7%, but has upped its predicted
GDP rise for 2024 by 0.1 of a point to 0.8%.
It sees Italian growth coming in at 1.2% in 2025.
“Italy’s economic recovery came to a halt in the second quarter
of 2023,” the Commission said in its autumn economic forecasts.
“Real GDP contracted by 0.4% q-o-q in the second quarter and is
estimated to have stagnated in the third.
“It is, however, expected to resume growing as from the fourth
quarter, leading to a projected annual growth of 0.7% in 2023,
mainly thanks to the positive carryover from 2022 and 2023-Q1.
“In 2024, private consumption is set to pick up, along with the
projected recovery in real disposable incomes due to nominal
wages rising faster than consumer prices…
“Thanks to mildly expanding global trade, net exports are set to
contribute positively to annual GDP growth, which is forecast to
reach 0.9%”.
The Commission said Italy’s inflation rate is forecast to fall
to 6.1% this year, 2.7% in 2024 and 2.3% in 2025.
It said Italy’s deficit is expected to decline to 5.3% of GDP in
2023, down from 8.0% in 2022, and to 4.4% in 2024 and 4.3% in
2025.
The debt-to-GDP ratio is projected to drop from 141.7% in 2022
to 139.8% in 2023, but to increase again to 140.6% in 2024 and
140.9% in 2025. (ANSA).
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