Italy’s gross domestic product (GDP) grew by 0.5 percent in the first quarter of 2023 compared to the previous three months, the national statistics agency said Friday in a preliminary estimate.
The eurozone’s third-largest economy had contracted by 0.1 percent in the fourth quarter of 2022, but the growth this year means it escapes a recession. National statistics agency Istat said the first quarter figures reflected growth in the industrial and service sectors, while agriculture, forestry and fishing have stagnated, reports BSS.
For 2023 as a whole, Prime Minister Giorgia Meloni’s government revised its growth forecast upwards in mid-April to 1.0 percent, compared to the 0.6 percent estimated in November.
For 2024, however, the government lowered its forecast from 1.9 percent previously to 1.5 percent. The forecast takes into account the rise in interest rates in the eurozone, which Rome views as a major brake on growth.
The fallout from the war in Ukraine has also contributed to an uncertain economic context, the government said.
