EC trims 2024 growth forecast for Italy to 0.7%

(ANSA) - ROME, NOV 15 - The European Commission said in its autumn economic forecasts on Friday that it sees Italy's GDP rising 0.7% this year, down from the figure of 0. 9% it predicted in May.
    The figure is also lower than the Italian government's growth forecast of 1% for 2024.
    The Commission trimmed its forecast growth for Italy for 2025 too, from 1.1% to 1%.
    It sees Italy's GDP increasing by 1.2% in 2026.
    The Commission said it estimates Italy's public debt-to-GDP ratio will be 136.6% in 2024 and then rise to 138.2% in 2025 and 139.3% in 2026.
    This is better than its spring forecasts of ratios of 138.6% in 2024 and 141.7% in 2025.
    The draft budget plan the Italian government sent to Brussels sees the debt-to-GDP ratio at the end of 2024 at 135.8%, then at 136.9 % in 2025 and 137.8 % in 2026.
    The Commission said it estimates that Italy's deficit will decrease to 3.8% of GDP in 2024 from 7.2 % last year, and will fall to 3.4 % in 2025 and 2.9 % in 2026.
    The figures are downward revisions on the spring estimates of 4.4% in 2024 and 4.7% in 2025.
    The Italian budget document sees the deficit-to-GDP ratio falling to 3.3% in 2025 and 2.8% in 2026. (ANSA).