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".
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