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Italy statistics bureau hikes 2021, 2022 GDP growth forecasts on stronger domestic demand -Breaking

© Reuters. FILE PHOTO – Offices can be seen in Milan’s City Life District, Italy on November 6, 2018. REUTERS/Stefano Rellandini

By Gavin Jones

ROME (Reuters), Dec 3, 2012 – Italy’s economy will grow by 6.3% next year, the national statistical bureau ISTAT announced on Friday. The revisions to a June projection of 4.7% were due to an acceleration for domestic demand.

ISTAT’s twice-yearly economic outlook reports forecast that the gross domestic product would increase by 4.7% next year, which is higher than its June prediction of 4.4%.

According to the latest projections of Mario Draghi, most of these numbers are in line with Mario Draghi’s official growth forecasts for 2020.

Ministers Draghi, and others have stated that this year’s growth will surpass the 6.0% official target. This statement was made in September.

ISTAT reported that GDP will rise this year and next in proportion to final domestic demand. They also expect a modest increase from net exports.

After a 2.7% rise in GDP, Tuesday’s statistics bureau reported that the economy expanded by 2.6% over the past three months.

The economy suffered from coronavirus lockdowns last year and recorded an 8.9% GDP contraction.

ISTAT projected a 9.6% average unemployment rate this year. This is down from the 9.8% projection in June. From 9.6%, it reduced its 2022 forecast by 9.3% to 9.3%.

According to ISTAT, October’s unemployment rate was 9.4%. This is the highest level since June.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.