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S&P cuts Italy 2023 GDP forecast to -1.1%

One percentage point below previous estimate says rating agency

(ANSA) - ROME, DEC 9 - US rating agency Standard & Poor's on Friday cut its 2023 GDP forecast for Italy to -1.1%, 0.1% lower than its previous forecast, citing rising inflation and risks due to the Ukraine war.
    Italy will return to growth in 2024, it confirmed, but with GDP rising by just 0.8%, 90 basis points worse than the basic scenario, S%P said.
    Italian growth will then hit 1.2% in 2025, said the agency.
    Its latest eurozone GDP forecasts are for a 0.9% drop in 2023 followed by growth of 0.8% in 2024 and 1.4% in 2025. (ANSA).


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