Italy Lowers Growth Forecast to 1% in 2024

Italy: The government of Italian Prime Minister Giorgia Meloni reduced its economic growth forecast for this year from 1.2 percent to 1.0 percent. It was anticipated that the gross domestic product (GDP) of the third-largest economy in the eurozone would rise by 1.2% in 2025, up from 1.4% previously.

A roadmap endorsed by Meloni's cabinet of ministers and unveiled by Economy Minister Giancarlo Giorgetti. Italy's government said fiscal incentives for home renovations had had a "devastating" impact on public finances over the last four years and were to blame for the expected rise in the country's massive public debt through 2026. The take-up of the incentives had hit 219 billion euros ($238.1 billion), Economy Minister Giancarlo Giorgetti said.

Source: Government