STORY: Italy's growth forecast for 2024 revised up to 1 pct: ISTAT
SHOOTING TIME: June 7, 2024
DATELINE: June 8, 2024
LENGTH: 00:00:41
LOCATION: Rome
CATEGORY: ECONOMY

SHOTLIST:
1. various of Italy

STORYLINE:

The Italian economy is expected to grow by 1 percent this year, the country's National Institute of Statistics (ISTAT) said on Thursday, revising up a previous 0.7 percent projection.

The country's gross domestic product (GDP) growth rate "will be supported by the contribution of both domestic net demand of inventories and net foreign demand," ISTAT said in its report.

Italy, the third largest economy in the European Union after Germany and France, will then expand by 1.1 percent in 2025.

Overall, ISTAT said that private consumption in the country continues to be supported by the strengthening of the labor market and an increase in real wages.

"These dynamics will lead to a growth of 0.4 percent in household consumption in 2024 and of 1 percent in 2025," it said.

The labor market is also expected to improve this year and the next. The overall jobless rate is expected to be 7.1 percent this year and 7 percent in 2025.

However, despite the positive growth trend, the Italian statistical agency remained cautious in its forecast, due to instability at global level.

"The forecast scenario remains characterized by the persistence of high uncertainty in the international framework, determined by the evolution of geopolitical tensions," it said.

Xinhua News Agency correspondents reporting from Rome.
(XHTV)