ROME, Sept. 28 (Xinhua) -- Italy's Council of Ministers on Wednesday approved an update to its Economic and Finance Document, upping its expectation for full-year economic growth while acknowledging what it called a "less favorable" outlook due to a slowdown in global economic activity.
The document, which was last updated in April, "outlines the economic scenario with current legislation without defining programmatic objectives of public finance" for the period between 2023 and 2025, according to a statement from the office of Prime Minister Mario Draghi.
Wednesday's document said Italy's annual gross domestic product (GDP) growth this year is now estimated at 3.3 percent, up from 3.1 percent in the previous update in April. The increase is largely attributed to economic growth recorded in the first six months, it said.
It estimates that national debt would decline as a percentage of the country's GDP, falling from 150.3 percent of GDP in 2021 to 145.4 percent this year, and to 139.3 percent by 2025.
Italy recorded six quarters of economic growth following the declines sparked by the COVID-19 pandemic, said the document, while noting "the outlook is now less favorable due to the marked slowdown in the global and European economies, mainly linked to the increase in energy prices, inflation, and the geopolitical situation."
The update of the blueprint comes as Italy prepares for a transfer of power between Draghi and a new government that is expected to be seated in October, following the installation of a newly-elected parliament. Italy held a national election on Sunday.
Also on Wednesday, the National Institute of Statistics (ISTAT) reported that both consumer and business confidence indices in Italy were down in September.
Consumer confidence slid to 94.8 points from 98.3 points in August, while business sentiment dropped to 105.2 points from 109.2 points a month ago.
The surveys in both areas were conducted before Sunday's election, but analysts said the broad negative sentiment illustrated the challenges for the next government.
In a statement, ISTAT said the country was experiencing "a marked deterioration in particular opinions on the general economic situation and in expectations on unemployment."
