2019.05.2208:11:00UTC+00Italy's Istat Cuts 2019 Growth Outlook

Italy is forecast to expand less than previously estimated this year, according to the latest Economic Outlook published by the statistical office Istat.

Gross domestic product is expected to grow 0.3 percent in 2019, which was revised down sharply from 1.3 percent projected in November. The estimate for 2018 was lowered to 0.9 percent from 1.1 percent.

Istat forecast a 0.3 percentage points contribution to GDP from domestic demand. Meanwhile, foreign demand and inventories will provide a null contribution, the statistical office said.

In 2019, exports will increase 1.7 percent and imports will grow 1.8 percent. Investment is forecast to decelerate.

Istat projected the unemployment rate to rise slightly to 10.8 percent this year.