Italy central bank cuts GDP growth forecast for 2023 and 2024
ROME - The Italian economy will grow by 0.7% in 2023 and by 0.8% next year, the country's central bank said on Friday, revising down previous forecasts made in July and warning of international and domestic downside risks.
In its quarterly economic bulletin the Bank of Italy cut this year's growth projection sharply from a previous 1.3% forecast, reflecting an unexpectedly weak second quarter when gross domestic product fell 0.4% from the previous three months.The downgrades come as Giorgia Meloni's government prepares to present a tax-cutting 2024 budget on Monday, having last month increased its targets for the budget deficit this year and next.
It forecast Italy's average inflation rate, based on the EU-harmonised HICP index, at 6.1% this year and at 2.4% in 2024.Comment Guidelines We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
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