Europe

ISTAT forecasts growth of 2.8% this year, but sees “high downside risk”-English

(ANSA)-Rome, June 7-ISTAT said on Tuesday that Italy’s GDP is expected to grow 2.8% this year and 1.9% in 2023.
However, the National Bureau of Statistics added, “The outlook for the coming months is characterized by higher downside risks such as further rises in the price system, lower international trade and higher taxes.”
The forecast is lower than the 3.1% GDP growth forecast this year by the government in the April DEF economic blueprint.
According to ISTAT, labor market performance is in line with the overall improvement in economic activity, with employment levels in 2022 (+ 2.5%) significantly higher than in 2023 (+ 1.6%).
According to ISTAT, increased employment is expected to have a positive impact on the unemployment rate, which should drop to 8.4% in 2022 and 8.2% next year.
The cost of living crisis is unlikely to ease soon, and inflation will continue to grow in the coming months, he said. (ANSA).

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