Italy increases GDP growth estimate for 2022

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Rome: Italy’s economic prospects for this year appear to have improved slightly according to the latest estimates from the National Institute of Statistics (ISTAT) issued on Tuesday, though “high downside risks” remain for the coming months. The country’s economy is expected to grow by 2.8 percent this year.

This is a slight improvement from the 2.6 percent growth estimate released in May, but still far below the 4.7 percent gross domestic product (GDP) growth projected before the start of the conflict between Russia and Ukraine in February.

ISTAT’s latest growth estimate is slightly more optimistic than that released in mid-May by the European Commission, which projected GDP growth of 2.4 percent for this year.

ISTAT said in a report that the main driver of the country’s economy this year and next will be the recovery of domestic demand for products, which it expected to increase by 3.2 percent this year.