Italy's Economic Growth 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 expansion from the previous year, with GDP at current prices climbing by 2.9%.

Key Drivers of Growth

The surge in GDP was primarily fueled by national demand, excluding inventory changes, which contributed a significant 0.5 percentage points to the overall economic growth. Following closely were final consumption expenditure and the external balance of goods and services, each adding 0.4 percentage points to the growth.

Sector-wise Performance

Notably, gross fixed capital formation and final consumption expenditure saw increases of 0.5% and 0.6%, respectively. The export sector also enjoyed a boost, with a 0.4% rise, whereas imports experienced a slight decline of 0.7%.