ROME, March 3 (Xinhua) -- Italy's economy grew by 0.7 percent in 2024, according to the country's national statistical institute ISTAT on Monday.

This growth rate fell short of the 1.0 percent projection in Italy's Budgetary Structural Plan but remained broadly consistent with other forecasts.

In absolute terms, Italy's gross domestic product (GDP) reached 2.19 trillion euros (2.31 trillion U.S. dollars) by the end of 2024, solidifying its position as the world's eighth-largest economy in nominal terms, based on data from the International Monetary Fund.

Despite the overall economic expansion, key economic indicators showed mixed performance. ISTAT data revealed a 0.5 percent rise in gross fixed investments, a 0.6 percent increase in internal consumption, a 0.7 percent decline in imports, and a 0.4 percent growth in exports.

"Economic development was supported by a positive contribution from domestic demand, excluding stock variations, as well as net foreign demand," ISTAT stated.

Italy's growth slightly lagged behind the 0.9 percent expansion recorded for the entire 27-member European Union.

Looking ahead, forecasts for Italy's economic growth in 2025 vary among major public institutions. The Parliamentary Budget Office anticipates a 0.8 percent increase, while the Italian Treasury projects a more optimistic 1.2 percent expansion. Enditem

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