Author of the article:
Bloomberg News
Chiara Albanese
(Bloomberg) — The Italian economy likely expanded 6.5% in 2021, more than initially forecast, according to a representative of Prime Minister Mario Draghi’s government.
The economy probably grew 0.6% in the fourth quarter from the previous three months, Renato Brunetta, public administration minister, wrote in a statement.
Statistics agency Istat will release the official data on Monday, which is expected to confirm a significant rebound after an 8.9% contraction in 2020.
The reforms process started by Draghi’s administration, which includes changes to the justice, tax and public-administration system, is helping fuel growth, and the economy should expand more than 4% this year despite the impact of the energy crisis and geopolitical tensions, Brunetta said.
Italy’s Version of Groundhog Day in Play as Draghi Eyes Change
The Bank of Italy lowered its growth forecast for 2022 to 3.8% from 4% previously because of an expected impact from the spread of Covid-19 cases linked to the Omicron variant.
©2022 Bloomberg L.P.
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