Overview of Italy's Economic Growth in 2024

In a significant development for the Italian economy, the National Institute of Statistics (Istat) reported a 0.7% increase in the gross domestic product (GDP) in 2024 compared to the previous year, in real terms. The GDP at current prices saw an even more substantial rise of 2.9%.

Contributors to GDP Growth

National demand, excluding changes in inventories, was the largest contributor, adding 0.5 percentage points to the economic growth. This was closely followed by final consumption expenditure and the external balance of goods and services, each contributing 0.4 percentage points.

Details on Expenditure and Trade

Gross fixed capital formation and final consumption expenditure experienced increases of 0.5% and 0.6%, respectively. On the trade front, exports grew by 0.4%, while imports saw a decline of 0.7%.