Today: 30 May 2025
11 October 2023
1 min read

IMF slashes forecast for Italy’s economic growth in 2023

The weaker economic growth model for Italy comes amid the release of mixed economic indicators…reports Asian Lite News

The International Monetary Fund (IMF) said on Tuesday that it expects Italy’s gross domestic product to grow 0.7 percent this year, down from its previous estimate in May of 1.1 percent growth for 2023 as a whole.

The IMF estimate for Italy is lower than that from the Italian government’s budget office and from the European Central Bank (ECB), which forecast Italy’s economy this year would grow 0.8 percent and 0.9 percent, respectively.

The weaker economic growth model for Italy comes amid the release of mixed economic indicators.

Also on Tuesday, Italy’s National Institute of Statistics (ISTAT) said that the country’s industrial production in August was down by 4.2 percent compared to the same month in 2022.

Commercial activity was also lower in August, though employment levels strengthened over the same period, ISTAT said. Consumer price index in September were 5.3 percent higher than in the year-ago period.

According to the IMF models, the slowdown will extend into 2024. It predicts a 0.7-percent growth for next year as well, down from 0.9 percent in its previous report. That estimate is weaker than ECB’s prediction of 0.8 percent next year.

The Italian economy grew by 0.6 percent in the first quarter of this year compared with the previous quarter, more than the overall eurozone’s growth for the same period. But that relatively strong quarter was sandwiched between two quarters of negative economic growth.

ALSO READ-IMF Raises UAE’s 2024 GDP Forecast

Previous Story

UAE Provides $20M in Aid to Palestinians

Next Story

Scholz concerned about growing far-right popularity in Germany

Latest from -Top News

White House: Israel OKs Gaza Truce

Hamas said Thursday that its leadership had received a new Gaza ceasefire proposal from Witkoff through the mediators and was studying it…reports Asian Lite News The White House said that Israel has

Saudi backs India’s strategic outreach

In a series of engagements, the Indian delegation met Saudi Arabia’s Minister of State Adel Al-Jubeir and other senior officials. A high-profile Indian all-party parliamentary delegation, led by BJP MP Baijayant Jay

Iran pressed over 3 missing Indians

The embassy stated that it is maintaining close contact with the families and keeping them regularly updated about the steps being taken….reports Asian Lite News The Indian government has urged Iranian authorities

EU-UAE FTA talks amid US tariff pressure

Talks will also explore ways to boost trade in strategic sectors, such as renewable energy, green hydrogen and critical raw materials….reports Asian Lite News The European Union (EU) and the United Arab
Go toTop

Don't Miss

Folktales Reimagined in Italy

Bodour Al Qasimi inaugurates ‘Folktales Reimagined’ exhibition in Italy Bodour

India to showcase its march to $5T economy at Expo 2020

The India Pavilion at Expo 2020 Dubai which is a