The government has halved its 2025
growth forecats for this year to 0.6% in the new Public Finance
Document (DFP), formerly the DEF, its economic blueprint,
Economy Minister Giancarlo Giorgetti told a press conference
Wednesday.
"We have decided to adopt growth estimates aligned with those
recently reduced by the Bank of Italy, so we have real GDP
growth of 0.6% in 2025, 0.8% in 2026 and 0.8% in 2027,
effectively halving the Plan's forecast of 1.2%", he said.
Giorgetti added that the budget deficit would be 3.3% this year
and that the planned trajectory had been respected.
"Deficit at 3.3% in 2025, 2.8% in 2026 and 2.6% in 2027",
Giorgetti told the press conference after the cabinet meeting
that approved the new DFP.
"The cash effect of the superbonus credits will tend to deflate,
even the trajectory plan based on the new European governance is
respected: we forecast 1.3%, then 1.6%, 1.9%, 1.7% and 1.5% in
2029."
Giorgetti added defence spending would be raised to 2% of GDP as
per a NATO request.
"Defense spending at this time maintains its original
orientation and trend, we believe, based on our accounting
criteria that will eventually be discussed at NATO, to be in
line with the 2% request".
He said "The increase in defense spending requested by the
Commission and NATO will imply making choices that are not
considered appropriate at the moment and will be made within the
prescribed timeframe: there is a substantial request from the
Commission to request the national exception clause with respect
to the indicators by the end of April, therefore Parliament will
probably have to express itself in the resolution on the DEF
because proceeding in that direction will require a deviation
that requires a strengthened voting procedure in both Chambers".
Giorgetti stressed:
"This Public Finance Document is being adopted in a very complex
situation from a global economic perspective and therefore in
terms of its repercussions on the national economy. This makes
forecasts not only long-term but also short-term very complex
and difficult, even uncertain."
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