Commissioner Paolo Gentiloni presents the Winter 2023 Economic Forecasts.
Brussels estimates Italy's gross domestic product to grow by 0.8% in 2023 and 1% in 2024. Inflation is expected at 6.1%, to then go to 2.6% in 2024.
In the previous autumn forecasts, Italy's GDP was expected to grow at 0.3% in 2023 and 1.1% in 2024. "In Italy, growth contracted marginally in the last quarter of 2022, but it is expected to recover gradually this year and to avoid a technical recession for 2023. Real GDP is expected to grow by 0.8% thanks to private demand but also to public investment projects included in the Recovery and Resilience Plan of the The country's GDP prospects for 2024 remain practically unchanged compared to the autumn with growth expected at 1%", said Gentiloni
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The EU avoids recession
The Commission raises growth estimates for this year to 0.9% in the euro area and 0.8% in the EU, compared to 0.6% and 0.5% respectively previously expected.
Both areas are now set to narrowly avoid the technical recession that was predicted for the end of the year, warns the European executive in its winter economic forecasts.
Growth is expected in 2024 at 1.5% in the Eurozone and 1.6% in the EU.
Inflation estimates revised downwards
The European Commission has reduced its inflation projections, expected to 5.6% in 2023 for the eurozone (6.4% in the EU) and 2.5% in 2024 (2.8% in the EU).
In the previous autumn economic forecasts, inflation was expected at 6.1% in the euro area (7% in the EU) in 2023 and 2.6% in 2024 (3% in the EU).
