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Italy faces economic challenges, revises 2023 growth target to 0.8%

Italy faces economic challenges, revises 2023 growth target to 0.8%

Posted on October 3, 2023   |  

Italy is in the process of revising its 2023 economic growth target down to 0.8%, a reduction from the previously stated 1% in April. 

This adjustment reflects a less optimistic outlook for the country.

4 months ago, the economy minister had anticipated growth reaching as high as 1.4%.

This modification follows a 0.4% contraction in Italy's gross domestic product (GDP) during Q2, along with industrial output figures in July that fell short of expectations, resulting in a challenging start to the third quarter.

The economic forecast for the upcoming year is also diminishing, as the Treasury now projects a 1% growth rate for 2024, down from the 1.5% projection made in April.

The Prime Minister intends to implement expansionary measures in the 2024 budget to provide support to the economy, which may influence the final growth target for the following year.



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