The growth forecast of Italy for 2024 has been revised by 1 percent: ISTAT

ROME, 6 June (Xinhua) – The National Institute of Statistics of Italy (ISTAT) revised up its previous 0.7 percent forecast on Thursday.

ISTAT’s report stated that the country’s GDP growth rate will be supported both by domestic net demand for inventories as well as net foreign demand.

Italy will be the third-largest economy in the European Union, after Germany and France. Its growth rate in 2025 is expected to reach 1.1 percent.

Overall, ISTAT stated that the private consumption of the country continues to benefit from the strengthening labor market and the increase in real wages.

It said that “These dynamics will result in a growth in household consumption of 0.4 percent by 2024, and 1 percent by 2025.”

Also, the labor market should improve in this year and next. The unemployment rate will be 7.1% this year, and 71% in 2025.

The Italian statistical agency, however, was cautious about its forecasts, despite the positive trend in growth, because of global instability.

The report said that “the forecast scenario is characterized by a high level of uncertainty in the international context, which is determined by the evolution geopolitical tensions.”

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