Italy’s outgoing administration reduces next year expansion ...| MENAFN.COM

Tuesday, 06 December 2022 11:37 GMT

Italy’s outgoing administration reduces next year expansion outlook to 0.6 percent

(MENAFN) Italy’s leaving administration reduced its outlook for 2023’s gross domestic product, saying it is going to expand 0.6 percent from a prior goal of 2.4 percent due to the deterioration in the international financial forecast triggered by the energy catastrophe.

In a financial and monetary report accepted on Wednesday by the Cabinet, the administration frameworks the agenda for the nest year budget law, which needs initial authorization by the European Union.

It stated that Italy’s budget shortage for the next year, a closely-watched number, is witnessed at 3.4 percent of national production, declining from a prior approximation of 3.9 percent.

For this year, the Italian economy is estimated to grow by 3.3 percent, marginally higher than the 3.1 percent earlier aimed, due to the more-than-estimated expansion recorded in the opening half of this year, but the budget shortage is prepared to stand at 5.1 percent in the next year, under the prior forecast at 5.6 percent.


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