Italy’s economic growth slowed to 0.2% in the second quarter of 2024, in line with forecasts. This marks a slight slowdown from the previous quarter’s 0.3% growth. Despite the deceleration, the Italian economy continues to expand, supported by strong domestic demand. The services sector is leading the growth, while industry and agriculture are experiencing negative contributions.
On a year-on-year basis, the country’s gross domestic product (GDP) increased by 0.9%, also in line with expectations. While growth has slowed, economists remain cautiously optimistic about the outlook, citing strengthening demand and expectations for a gradual acceleration in the third quarter.
Advertisement
Hey there! Want to support us? If you’re planning on shopping on Amazon, please consider using amzn.to/4bPDFNL. It doesn’t cost you anything extra, but helps us keep the lights on. Thanks for your support!
Italy’s government forecasts economic growth of 1% for the entire year, similar to last year’s 0.9% growth rate. However, inflation remains a challenge and could potentially impact consumer spending. Global uncertainties, such as the war in Ukraine and geopolitical tensions, also pose risks to the Italian economy.