Italian Economy To Grow 1.3% In 2019, Agency Says

Rome, (UrduPoint / Pakistan Point News - 21st Nov, 2018 ) :The Italian economy is forecast to grow 1.3 percent next year, the national statistics agency said Wednesday, below the government's estimate of 1.5 percent included in a big-spending budget rejected by Brussels.

ISTAT said growth this year will come in at a slower 1.1 percent but added that unemployment could improve slightly in both years.

"These projections take into account the less favourable international framework and the expansionary fiscal policies" of the budget, ISTAT cautioned in a statement.

With the financial markets in turmoil, there has been increasing concern that the global economy is slowing.

Italy's populist government has argued that after years of failed austerity policies, it is time to stimulate the economy to offer Italians some respite and hope for the future.

Rome has submitted to the European Union a 2019 budget based on a public deficit of 2.4 percent of gross domestic product in 2019 -- three times the target of the government's centre-left predecessor -- and one of 2.1 percent in 2020.