Posted 1/3/2024, 8:00:00 AM
Italian Economy Exceeds Growth Forecast But Soaring Deficit Darkens Fiscal Outlook
- Italy's GDP grew 0.9% in 2022, exceeding forecasts of 0.7% growth
- Italy's budget deficit for 2023 came in at 7.2% of GDP, far worse than the 5.3% deficit forecast
- Finance Minister blames "irresponsible" home renovation tax subsidy program for contributing to high deficit
- Inflation rose 0.8% year-over-year in February, driven by tobacco, transport, communication costs
- Core inflation slightly decreased to 2.4% annually, harmonized EU inflation metric rose 0.9% year-over-year