By Giuseppe Fonte ROME (Reuters) - The European Commission on Monday cut its forecasts for the Italian economy this year and next, following a slew of ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Giuseppe Fonte
The government in Rome, which is due to update a raft of economic projections by Sept. 27, forecast in April GDP growth of 1% this year and 1.5% in 2024. "The phasing out of the extraordinary and temporary incentives for building improvements decided during the COVID-pandemic, which pushed construction activity up sharply in the past two years, contributed to this development," the European Commission said.
Lower-than-expected growth reduces tax revenues and makes it more difficult to meet budget deficit targets. In Italy's case, these have already been compromised by a ruling from EU statistics agency Eurostat over how home incentives should be classified in state accounts.
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