Italy, weakest economic growth in 2024 - Low performance of the industrial sector, one of the main factors
Italy is likely to end this year with an annual economic growth rate of 0.7%, Economy Minister Giancarlo Giorgetti said, warning that the industrial sector risks falling. Giorgetti said the estimate was adjusted to account for the number of working days. The government in September set a growth target of 1% for this year.
The minister emphasized that the disappointing performance of the German economy is weighing on Italy, adding that the industry sector was the main cause of concern for the government. "We see signs of a decline," he said. However, the downward revision of GDP "does not change our public finance objectives", Giorgetti added.
Italy hopes to bring its deficit below the 3% limit of the European Union's Gross Domestic Product in 2026, from 3.8 this year.
Part of the lower-than-expected growth is also related to delays in spending European Union recovery funds after COVID-19, which has weighed on the economy. Italy will receive €194.4 billion in loans and free grants from the Recovery and Resilience Fund by 2026, more than any other country in absolute terms.
Rome wanted to replace some planned projects that it will not be able to complete by the 2026 deadline, with others that could be completed within the allowed time frame. To support the economy, the government wants to reduce the IRES corporate tax for those companies that make new investments and hires under certain conditions.
The move has an estimated cost of around 400 million euros, which Giorgetti said Rome planned to cover by asking for an additional contribution from banks.
Italy expects to raise more than 5 billion euros from the financial sector over the next three years through a package of measures included in the government's 2025 budget.
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