Home » Italy’s GDP: EU Commission revises 2022 estimates upwards, maxi downgrade for 2023. New inflation estimates

Italy’s GDP: EU Commission revises 2022 estimates upwards, maxi downgrade for 2023. New inflation estimates

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Italy’s GDP: EU Commission revises 2022 estimates upwards, maxi downgrade for 2023. New inflation estimates

The European Commission rattles off its new outlook on GDP growth and inflation in the euro area. As regards Italy’s GDP, Brussels underlines in the note issued today (Autumn 2022 Economic Forecast), relating to its economic forecasts for autumn 2022, that “the shock in energy prices and the worsening of the external outlook are factors destined to have an impact and push the Italian economy into a phase of contraction this winter ”.

“Thanks to the solid growth reported in the first three quarters of the year, GDP growth on a real basis is expected at a rate of 3.8% in 2022, before slowing down to a pace of + 0.3% in 2023 and recovering 1.1% in 2024 “.

The inflation rate in Italy is expected to jump to 8.7% in 2022 and to moderate the pace, falling to 2.3% by 2024.

Compared to the previous outlook, the European Commission has improved the outlook for 2022 GDP to a growth of 3.8% compared to the previous expansion expected at the rate of 2.9% on an annual basis, but has revised the forecasts on the 2023 GDP, from + 0.9% to + 0.3%

The new outlook also states that the EU Commission estimates an unemployment rate in Italy down to 8.3% in 2022 and up to 8.7% in 2023, before slowing down to 8.5% in 2024. .

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