Italy: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy

Activity expanded by nearly 1 percent in 2023, with GDP surpassing its pre-pandemic level by 4½ percent. Headline inflation fell on the drop in energy prices, with core inflation also moderating. Employment rose alongside real activity.
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Volume/Issue: Volume 2024 Issue 240
Publication date: July 2024
ISBN: 9798400283963
$20.00
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Economics- Macroeconomics , Public Finance , consultation discussion , currency of Italy , policy scenario , government securities market , budget decision , Tax allowances , Loans , Global , North Africa

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Summary

Activity expanded by nearly 1 percent in 2023, with GDP surpassing its pre-pandemic level by 4½ percent. Headline inflation fell on the drop in energy prices, with core inflation also moderating. Employment rose alongside real activity. Financial conditions have eased somewhat but remain tight. Despite fiscal deficits much larger than pre-COVID, the public debt ratio declined on deferred recording of tax credits and strong nominal GDP growth. Sovereign debt risks are moderate overall, but high at the medium- and long-horizons. Low fertility and low female labor force participation foreshadow faster population and work force declines amid weak productivity growth.

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