{
  "title": "Italy: Staff Report for the 2004 Article IV Consultation",
  "publication": "IMF Staff Country Reports, February 10, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047/index.md",
  "summary": "This 2004 Article IV Consultation highlights that a cyclical recovery is under way for Italy, with real GDP having risen by 1.2 percent in the first three quarters of 2004 relative to the same period of the previous year, thanks to the favorable external environment and a recovery of investment.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- A cyclical recovery is under way for Italy.\n- Real GDP rose by 1.2 percent in the first three quarters of 2004 relative to the same period of the previous year.\n- 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.\n- IMF staff forecasts growth of 1.5 percent in 2004 and 1.7 percent in 2005."
    },
    {
      "heading": "Macroeconomic developments",
      "content": "- Real GDP: rose by 1.2 percent in the first three quarters of 2004 relative to the same period of the previous year.\n- Drivers cited: favorable external environment and a recovery of investment."
    },
    {
      "heading": "Fiscal position",
      "content": "- Corrective measures: a package adopted in mid-2004.\n- Fiscal outcome: measures likely sufficient to keep the fiscal deficit just below 3 percent of GDP last year."
    },
    {
      "heading": "Forecasts and outlook",
      "content": "- IMF staff growth forecasts:\n  - 2004: 1.5 percent\n  - 2005: 1.7 percent"
    },
    {
      "heading": "Thematic coverage and keywords",
      "content": "- Subjects: Expenditure, Labor, Labor markets, Pension reform, Public debt\n- 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\n\nSource: Italy: Staff Report for the 2004 Article IV Consultation (IMF Staff Country Reports 2005, 044).\n\n---\n\n Content in this bundle\n\n- cr0544\n  - cr0544 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr0544 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047/bundle-manifest.json)",
    "Published: February 10, 2005",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451819878.002",
    "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.",
    "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.",
    "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.",
    "IMF staff growth forecasts:",
    "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",
    "**_cr0544**"
  ],
  "related": [
    {
      "title": "_cr0544",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr0544.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr0544.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr0544.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-14T16:35:45.082Z"
}