Italy's GDP to grow 0.5% in 2024, 0.9% in 2025 - OECD

(ANSA) - ROME, DEC 4 - Italy's GDP is projected to grow by 0.5% in 2024, before picking up modestly to 0. 9% in 2025 and 1.2% in 2026, the OECD said on Wednesday in its latest economic outlook report.
    The 2024 figure is lower than the Italian government's growth forecast of 1%.
    It is also below the European Commission's forecast that Italy's GDP will rise 0.7% this year.
    "Real GDP has grown modestly over first three quarters of 2024," the OECD report said. "While resilient household consumption and robust business investment supported activity, residential investment continued to contract, reflecting the wind-down of the generous Superbonus building tax credit earlier this year.
    "High-frequency data suggests that near-term growth will pick up only gradually.
    "While the services sector and consumer confidence have been stable, manufacturing output and sentiment are showing signs of softening.
    "Despite sluggish GDP growth over the past year, the unemployment rate has steadily declined and labour shortages remain elevated, especially for specialised construction workers. Collectively bargained wages have grown by about 4%, bolstering household incomes and private consumption". (ANSA).