## Italy: Staff Report for the 2004 Article IV Consultation

_IMF Staff Country Reports, February 10, 2005_

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**Canonical URL:** [Italy: Staff Report for the 2004 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047)

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## Bibliographic details
- Published: February 10, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451819878.002

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### 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).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/italy-staff-report-for-the-2004-article-iv-consultation-18047_