XINHUA – Italy’s economy grew by 0.7 per cent in 2024, according to the country’s national statistical institute ISTAT.
This growth rate fell short of the one per cent projection in Italy’s Budgetary Structural Plan but remained broadly consistent with other forecasts.
In absolute terms, Italy’s gross domestic product (GDP) reached EUR2.19 trillion (USD2.31 trillion) by the end of 2024, solidifying its position as the world’s eighth-largest economy in nominal terms, based on data from the International Monetary Fund.
Despite the overall economic expansion, key economic indicators showed mixed performance. ISTAT data revealed a 0.5-per-cent rise in gross fixed investments, a 0.6-per-cent increase in internal consumption, a 0.7-per-cent decline in imports, and a 0.4-per-cent growth in exports.
“Economic development was supported by a positive contribution from domestic demand, excluding stock variations, as well as net foreign demand,” ISTAT stated.
Italy’s growth slightly lagged behind the 0.9 per cent expansion recorded for the entire 27-member European Union.
Looking ahead, forecasts for Italy’s economic growth in 2025 vary among major public institutions.
The Parliamentary Budget Office anticipates a 0.8-per-cent increase, while the Italian Treasury projects a more optimistic 1.2 per cent expansion.
