Italy: Staff Report for the 2004 Article IV Consultation
IMF Staff Country Reports, February 10, 2005
Source details
- Canonical URL
- Italy: Staff Report for the 2004 Article IV Consultation
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Bibliographic details
- Published: February 10, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451819878.002
Executive summary
- A cyclical recovery is under way for Italy.
- Real GDP rose by 1.2 percent in the first three quarters of 2004 relative to the same period of the previous year.
- A package of corrective measures adopted in mid-2004 is likely to have proven sufficient to keep the fiscal deficit just below 3 percent of GDP in 2004.
- IMF staff forecasts growth of 1.5 percent in 2004 and 1.7 percent in 2005.
Macroeconomic developments
- Real GDP: rose by 1.2 percent in the first three quarters of 2004 relative to the same period of the previous year.
- Drivers cited: favorable external environment and a recovery of investment.
Fiscal position
- Corrective measures: a package adopted in mid-2004.
- Fiscal outcome: measures likely sufficient to keep the fiscal deficit just below 3 percent of GDP last year.
Forecasts and outlook
- IMF staff growth forecasts:
- 2004: 1.5 percent
- 2005: 1.7 percent
Thematic coverage and keywords
- Subjects: Expenditure, Labor, Labor markets, Pension reform, Public debt
- Keywords: CR, debt, deficit, deficit target, Europe, GDP deflator, Global, ISCR, Labor markets, net borrowing, Pension reform, risks to sustainability, staff appraisal, staff projection, unemployment rate
Source: Italy: Staff Report for the 2004 Article IV Consultation (IMF Staff Country Reports 2005, 044).