The Bank of Italy said Friday that it
has revised up its baseline forecast for GDP growth this year to
0.6%.
That compares to the growth rate of 0.4% it forecast for this
year in December and 0.3% in October.
The central bank said that it estimates that Italy's GDP rose by
3.9% in 2022.
It said it expects the economy to grow by 1.2% in 2024.
It added, however, that Italy would have negative growth of
almost 1% in 2023 in the 'adverse scenario' in which Russia cut
off energy supplies.
The Bank of Italy said high inflation would cause the growth
household consumer spending to slow to 1.5% this year, after it
rose by 4.6% in 2022 as it recovered following the peak of the
COVID-19 pandemic.
It said soaring energy prices with to blame by over two-thirds
for the high level of inflation.
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