Italy Revises GDP Growth Estimates For 2023 And 2024 Downward

The Italian economy’s growth rate will slow in 2023 and 2024, reads an amended note to the report on the republic’s economic and financial situation by the Italian Council of Ministers.

In 2023, GDP growth will be 0.8%, which is a little less than the government’s spring forecast (0.9-1%). Growth is anticipated to be 1.2% in 2024, down from the previous forecast of 1.4%, 1.4% in 2025, and 1% in 2026.

The budget deficit, which was anticipated to be held at 4.5% in 2023, is currently projected to reach 5.3%, which is much higher than the current EU ceiling of 3% of GDP. Giancarlo Giorgetti, the minister of economy and finance, said during the news conference that followed the Council of Ministers meeting that the government had made the right decisions. In 2024, it is projected to maintain this indicator at 4.3%.


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