ROME, – The Bank of Italy said Friday that it has revised up its baseline forecast for GDP growth this year to 0.6%.

    That compares to the growth rate of 0.4% it forecast for this year in December and 0.3% in October.

    The central bank said that it estimates that Italy’s GDP rose by 3.9% in 2022.

    It said it expects the economy to grow by 1.2% in 2024.

    It added, however, that Italy would have negative growth of almost 1% in 2023 in the ‘adverse scenario’ in which Russia cut off energy supplies.

    The Bank of Italy said high inflation would cause the growth household consumer spending to slow to 1.5% this year, after it rose by 4.6% in 2022 as it recovered following the peak of the COVID-19 pandemic.

    It said soaring energy prices with to blame by over two-thirds for the high level of inflation. (ANSA).