Italian Economy Expands by 0.7% in 2024

In a promising turn of events, Italy's gross domestic product (GDP) experienced a 0.7% increase in 2024, as reported by the National Institute of Statistics (Istat). This growth, measured in real terms, signifies a robust economic recovery, with the GDP at current prices surging by 2.9%.

Key Contributors to Economic Growth

The primary driver behind this economic expansion was national demand, excluding changes in inventories, which alone contributed 0.5 percentage points to the growth. Following closely were final consumption expenditure and the external balance of goods and services, each adding 0.4 percentage points to the GDP growth.

Sectorial Performance

Delving deeper into the sectors, gross fixed capital formation and final consumption expenditure saw increases of 0.5% and 0.6%, respectively. The export sector also witnessed a 0.4% rise, whereas imports experienced a slight decline of 0.7%.