Italian GDP Grows 0.7% in 2024

2025-03-03 09:19 By Andre Joaquim 1 min. read

The Italian gross domestic product grew by 0.7% in 2024, the same as the previous year, and indicating an upward revision from earlier aggregates that indicated a growth rate of 0.5%, which were adjusted for four less working days in the year.

The result compared to the Bank of Italy’s forecast that the economy would expand by 0.5% but missed the government’s initial forecast of 1% as higher power costs eroded household spending and difficulties in deploying EU pandemic recovery funds delayed public projects.

Household consumption rose by 0.4% from the previous year and government expenditure rose by a sharper 1.1%.

In the meantime, gross fixed investment advanced by 0.5%, and net external demand had a positive impact on the GDP as exports rose by 0.4% and imports contracted by 0.7%.



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The Italian GDP expanded by 0.5% in real terms in 2025, slowing from the upwardly revised 0.8% growth rate in the previous year and in line with the preliminary estimates from earlier, according to Istat. It was the softest expansion since the Covid pandemic triggered a recession in 2020, and missing the Bank of Italy's latest expectations of a 0.6% increase. The GDP growth was supported by private consumption and gross fixed capital formation, while public expenditure was only marginally higher and changes in inventories contributed negatively to the GDP.
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Italian GDP Grows 0.7% in 2024
The Italian gross domestic product grew by 0.7% in 2024, the same as the previous year, and indicating an upward revision from earlier aggregates that indicated a growth rate of 0.5%, which were adjusted for four less working days in the year. The result compared to the Bank of Italy’s forecast that the economy would expand by 0.5% but missed the government’s initial forecast of 1% as higher power costs eroded household spending and difficulties in deploying EU pandemic recovery funds delayed public projects. Household consumption rose by 0.4% from the previous year and government expenditure rose by a sharper 1.1%. In the meantime, gross fixed investment advanced by 0.5%, and net external demand had a positive impact on the GDP as exports rose by 0.4% and imports contracted by 0.7%.
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