ROME, Jan. 30 (Xinhua) -- Italy's economy sputtered into the final quarter of last year with expansion of just 0.5 percent for 2024 as a whole, data released Thursday showed.
Italy's National Statistics Institute (ISTAT) reported in its preliminary calculations for the fourth quarter of 2024 that economic growth in the last two quarters of the year was flat. Meanwhile, the full-year economy grew by just 0.5 percent, trailing behind the growth rate for the European Union (EU) as a whole.
A preliminary estimate of 2024's annual GDP growth, based on seasonally and calendar-adjusted quarterly data, shows an increase of 0.7 percent in the eurozone and 0.8 percent in the EU, according to a flash estimate published Thursday by Eurostat.
Italy's modest economic expansion from last year fell far short of the government's target of 1.0 percent growth which was included in the government's 2024 budget plan. The slower growth is a factor in the government's expanding budget deficit.
