Italy cuts growth forecast for 2022

The Italian government has lowered its growth estimates for this year as the Treasury's annual Economic and Financial Document (DEF) expects gross domestic product in the eurozone's third-largest economy to grow 3.1% in 2022, down from 4.7% last September.

The government expects GDP growth of 2.4% in 2023, GDP is estimated to have contracted by 0.5% in the first quarter of this year, the deficit has been confirmed at 5.6% of GDP in 2022 and the debt has been reduced to 147%. "It is clear that the war has dampened expectations, confidence has waned a lot and consumers and businesses see a less positive future," Prime Minister Mario Draghi told reporters after the government agreed to the targets.