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2024
0.7% GDP growth
Growth GDP Italy in 2024 amounted to 0.7%, which turned out to be below the predicted level of 1%. At the same time, in 2022, Italy's GDP grew by 4.66%, in 2021 - by 8.93%. Such data from the country's National Bureau of Statistics (ISTAT) were published in early March 2025.
Italy's economy has maintained its 2023 growth rate despite an increase of four working days. The main factors of the slowdown are associated with weakening industrial production, lower exports, rising borrowing costs, inflationary pressure and instability in the labor market. The data was published on March 3, 2025.
According to Reuters, Italy's budget deficit in 2024 fell to 3.4% of GDP, which is significantly lower than the level of 2023 (7.2%) and better than the government benchmark of 3.8%. Economy Minister Giancarlo Giorgetti noted that this data confirms the improvement in the state of public finances compared to expectations.
Consumer spending increased only 0.4% in 2024, while government spending rose 1.1%. Investments in fixed assets showed an increase of 0.5%. Exports of goods and services rose 0.4%, while imports decreased by 0.7%.
Analysts have identified 5 reasons for the slow growth of the Italian economy:
- Weak consumer demand.
- Underinvestment.
- Stagnation of economic activity.
- Rising public debt.
- Pan-European economic downturn.
The Italian government, led by Prime Minister Georgia Meloni, predicts economic growth of 1.2% for 2025. However, most independent experts consider this forecast to be overly optimistic and expect that the growth rate of the economy next year will remain at 0.7% for the third year in a row.
The positive was that in 2024 Italy , for the first time in several years, it received a primary budget surplus (excluding debt servicing costs) of 0.4% of GDP. Tax revenues and social security contributions rose significantly to 42.6% of GDP from 41.4% in 2023, reaching their highest level in several years.[1]
1% growth forecast
In March 2024, Italy's finance minister predicted that the country's economy would grow by 1% in 2024, the fastest pace predicted for the three largest economies in the Euroregion.
2023
GDP growth of 38% over 20 years
GDP growth (at current prices) for the period 2003-2023:
China: 966%
India: 503%
Indonesia: 455%
Saudi Arabia: 395%
Russia: 303%
Brazil: 281%
Turkey: 265%
Canada: 136%
US: 135%
Germany: 77%
France: 65%
Italy: 38%
Japan: -6%
Industry's share of GDP 16%
Growth of 2.4% at the end of the year. Thirteenth in the world in PPP GDP
in GDP Italy 2023, it grew by 2.4%, by an impressive + 6.5% in two years, but relatively modest + 3.7% to the dock-like 4Q in 2019.
GDP growth relative to pre-COVID-19 level
2022
Industry's share of GDP is less than 17.5%
GDP estimate - $2 trillion
GDP size forecast - $2.1 trillion
2021
GDP size - $2.12 trillion
Agriculture's share of GDP - 1.9%
Forecasts of GDP growth by 3.5-6%
For January 2021, the government maintained its growth forecast GDP at 6% in 2021, relying on funds allocated EU for economic recovery. Under the Treasury's worst-case scenario, the economy will grow at 4.5%, while the Bank Italy predicts growth of just 3.5%.
2020
GDP crash at the end of the year by 8.9% due to the COVID-19 pandemic
In 2020 GDP Italy , it decreased by 8.9%.
Over 20 years, Italy's GDP has grown by 63%.
In Q1, a record drop in GDP in 25 years: -5.4%
Italy's domestic gross product (GDP) contracted in January-March 2020 by 5.3% compared to the previous quarter, and by 5.4% year-on-year.
According to disseminated data from the National Statistical Institute (ISTAT), this is the worst figure since 1995.
According to the latest budget adjustments adopted by the Italian government, the forecast for a fall in GDP is approved at 8% in 2020.
The budget deficit in 2020 will be 10.4%, while the public debt will increase to 155% of GDP from the current 135%.
2019: Quarterly GDP dynamics since 2007. Schedule
2018
2.42% of global GDP, 8th in the world
GDP per capita $34,000 is the worst result from G7 countries
Italy's economy received less than 455 million euros due to piracy
In 2018, gross domestic product () GDP Italy could be 455 million euros more if there was no pirated consumption in the country. content This became known on August 14, 2019. More. here
See also
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