Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2026 GBAF Publications Ltd - All Rights Reserved. | Sitemap | Tags | Developed By eCorpIT

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Finance > Italy sees weaker 2024 GDP, with industrial sector in trouble, economy minister says
    Finance

    Italy sees weaker 2024 GDP, with industrial sector in trouble, economy minister says

    Published by Global Banking & Finance Review®

    Posted on December 12, 2024

    2 min read

    Last updated: January 27, 2026

    This image depicts Italy's Prime Minister Giorgia Meloni, emphasizing the government's demand for transparency from UniCredit regarding its takeover bid for Banco BPM. The article explores the implications of golden power rules in the finance sector.
    Italy's Prime Minister Meloni discusses UniCredit's BPM bid - Global Banking & Finance Review
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Quick Summary

    Italy's GDP growth forecast for 2024 is revised down due to industrial sector struggles and EU fund delays, says Economy Minister.

    Italy's 2024 GDP Forecast Weakens Amid Industrial Challenges

    ROME (Reuters) - Italy will likely end this year with an annual economic growth rate of 0.7%, Economy Minister Giancarlo Giorgetti said on Thursday, warning that the industrial sector risked slumping.

    Speaking at a political event promoted by Prime Minister Giorgia Meloni's Brothers of Italy party, Giorgetti said the estimate was adjusted for the number of days worked.

    The government in September set an unadjusted 1% growth target for this year.

    Giorgetti said the disappointing performance of Germany's economy was weighing on Italy, adding that the industry sector was the main cause of concern for the government.

    "We see signs of a nosedive," he said.

    However, the GDP downward revision "doesn't change our public finance targets," the minister added.

    Italy hopes to bring its deficit below the European Union's 3% of gross domestic product (GDP) ceiling in 2026 from 3.8 targeted this year.

    Part of the lower-than-expected growth is also related to delays in spending European Union's post-COVID recovery funds, which has impacted the economy.

    Italy is due to receive 194.4 billion euros ($203.81 billion) in cheap loans and grants from the bloc's Recovery and Resilience Facility (RRF) by 2026, more than any other state in absolute terms.

    Speaking at the same event on Thursday, EU Affairs Minister Tommaso Foti said Italy wanted to replace some planned projects that Rome will be unable to complete by the 2026 deadline, with others that could be wrapped up within the allowed timeframe.

    "We are going towards a rescheduling next February," Foti said.

    To support the economy, the government wants to cut the IRES corporate tax for those companies that make investments and new hirings under certain conditions.

    The measure has an estimated cost of around 400 million euros, which Giorgetti said Rome planned to cover by seeking an additional contributions from banks.

    Italy expects to raise more than 5 billion euros from the financial sector over the next three years through a package of measures already included in the government's 2025 budget.

    ($1 = 0.9538 euros)

    (Reporting by Giuseppe Fonte; Editing by Crispian Balmer)

    Key Takeaways

    • •Italy's GDP growth forecast for 2024 is weaker than expected.
    • •The industrial sector is a major concern for Italy's economy.
    • •Delays in EU recovery fund spending impact economic growth.
    • •Italy aims to reduce its deficit below 3% of GDP by 2026.
    • •Government plans to cut IRES tax to support economic growth.

    Frequently Asked Questions about Italy sees weaker 2024 GDP, with industrial sector in trouble, economy minister says

    1What is the main topic?

    The main topic is Italy's revised GDP growth forecast for 2024 and the challenges faced by its industrial sector.

    2How is the EU recovery fund affecting Italy?

    Delays in spending the EU recovery funds are impacting Italy's economic growth.

    3What measures is Italy taking to support its economy?

    Italy plans to cut the IRES corporate tax for companies making investments and new hirings.

    More from Finance

    Explore more articles in the Finance category

    Image for Farmers report 'catastrophic' damage to crops as Storm Marta hits Spain and Portugal
    Farmers report 'catastrophic' damage to crops as Storm Marta hits Spain and Portugal
    Image for If US attacks, Iran says it will strike US bases in the region
    If US attacks, Iran says it will strike US bases in the region
    Image for Olympics-Biathlon-Winter Games bring tourism boost to biathlon hotbed of northern Italy
    Olympics-Biathlon-Winter Games bring tourism boost to biathlon hotbed of northern Italy
    Image for Analysis-Bitcoin loses Trump-era gains as crypto market volatility signals uncertainty
    Analysis-Bitcoin loses Trump-era gains as crypto market volatility signals uncertainty
    Image for NatWest closes in on $3.4 billion takeover of wealth manager Evelyn, Sky News reports
    NatWest closes in on $3.4 billion takeover of wealth manager Evelyn, Sky News reports
    Image for Stellantis-backed ACC drops plans for Italian, German gigafactories, union says
    Stellantis-backed ACC drops plans for Italian, German gigafactories, union says
    Image for US pushes Russia and Ukraine to end war by summer, Zelenskiy says
    US pushes Russia and Ukraine to end war by summer, Zelenskiy says
    Image for Russia launches massive attack on Ukraine's energy system, Zelenskiy says
    Russia launches massive attack on Ukraine's energy system, Zelenskiy says
    Image for Russia launched 400 drones, 40 missiles to hit Ukraine's energy sector, Zelenskiy says
    Russia launched 400 drones, 40 missiles to hit Ukraine's energy sector, Zelenskiy says
    Image for The Kyiv family, with its pets and pigs, defying Russia and the cold
    The Kyiv family, with its pets and pigs, defying Russia and the cold
    Image for Two Polish airports reopen after NATO jets activated over Russian strikes on Ukraine
    Two Polish airports reopen after NATO jets activated over Russian strikes on Ukraine
    Image for French miner Eramet's finance chief steps aside temporarily, days after CEO ouster
    French miner Eramet's finance chief steps aside temporarily, days after CEO ouster
    View All Finance Posts
    Previous Finance PostWhite House announces new arms aid package for Ukraine
    Next Finance PostFerrovial closes sale of 19.75% stake in Heathrow Airport for 2 billion euros