Breaking News
Black Friday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Italy's economy seen growing 4.1% this year, business lobby says

EconomyApr 10, 2021 08:25AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Outbreak of the coronavirus disease (COVID-19) in Rome

ROME (Reuters) - Italy's virus-hit economy is expected to grow 4.1% this year and 4.2% in 2022 in an "uncertain ascent from the abyss", the country's business lobby Confindustria said on Saturday.

The Italian economy shrank by a post-war record of 8.9% last year, and Confindustria said even such "historically high" growth estimates would not make up for last year's losses.

"At the end of 2022 the economy will have barely bridged the gap opened in 2020 by the pandemic," Confindustria said as it announced its latest economic forecasts.

The national business association cautioned, however, that its estimates were based on expectations for progress on vaccinations in both Italy and the rest of Europe, and hinged on the coronavirus being "contained in an efficient way".

"Given the great uncertainty (of this), the risks related to the GDP (gross domestic product) estimates are high, both on the upside and the downside," the report added.

The group said it had cut its initial growth estimates for Italy, published in October, by 0.7 percentage points for this year due to weaker-than-expected growth in the final quarter of 2020 and the first three months of 2021.

It said it saw Italy's deficit at 7.8% of GDP this year and at 4.8% in 2022. Hikes in government spending to support the economy drove the country's deficit to 9.5% of GDP at the end of last year.

Italy has registered more than 113,000 COVID-19 deaths since the outbreak first emerged in February last year, the seventh-highest in the world.

Mario Draghi's government expects GDP to expand by 4.1% this year and 4.3% in 2022, three sources close to the matter told Reuters in March.

Rome's official estimate, made by the previous government in January, envisages a deficit-to-GDP ratio of 8.8% this year, based on an economic growth forecast of 6%.

The new deficit and debt targets, along with multi-year GDP growth forecasts, will be issued in the Treasury's Economic and Financial Document, expected to be approved next week.

The European Commission, the International Monetary Fund and the Bank of Italy all currently see Italian growth below 4% this year and next.

Italy's economy seen growing 4.1% this year, business lobby says
 

Related Articles

Euro zone bond yields drop as COVID variant sows fear
Euro zone bond yields drop as COVID variant sows fear By Reuters - Nov 26, 2021

By Abhinav Ramnarayan and Dhara Ranasinghe LONDON (Reuters) -Euro zone government bond yields dropped sharply across the board on Friday as investors reacted to a newly identified...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Alan Rice
Alan Rice Apr 10, 2021 12:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Growing 4.1 % ?? ("Growth" that is NOT SUSTAINABLE , is merely TEMPORARY SUPPORT.) Think about it.
Adam Paine
Adam Paine Apr 10, 2021 12:24PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
My fellow Americans, we must keep posting our rational opinions and not allow propaganda based on an economic misguidance infiltrate our daily lives. Keep speaking up to the deluge of lies particularly being purported from Rueters.
Alan Rice
Alan Rice Apr 10, 2021 12:24PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Reuters reports the news. It always has. Without the news We All would have NO CLUE of what WAS happening around Us. Thankyou Reuters !!
Jose Soberanes
Jose Soberanes Apr 10, 2021 12:24PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Alan Rice you mean opinions...
Dav Iom
Dav Iom Apr 10, 2021 12:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ahahahah, you know nothing. Firing an employee is forbidden by law, the companies are not refunded for the lockdown period and taxes will increase. Once the lockdown is over, thousands will lose the job and we will be like Greece 2.0
ILFAT ZIGANSHIN
ILFAT ZIGANSHIN Apr 10, 2021 10:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The European
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email