Italy surges ahead, overtakes Germany as Europe's economic leader

Posted on April 5, 2024   |  

Italy experienced a 0.6% economic growth in the last quarter, contrasting with Germany's 0.3% economic shrinkage.

Italy's economic outlook remains strong, with growth projections set at 0.7% for the year, while Germany forecasts a mere 0.3% growth.

The economic growth relies significantly on accumulating new debt, reaching 8.3% of GDP in the first half of 2023, a notable increase from pre-COVID levels.

The country's overall debt is anticipated to exceed 140% of GDP this year, significantly surpassing Germany's 66% and France's nearly 100%.

To boost the economy, Italy introduced various home renovation measures in late 2020, including the "Superbonus 110" for energy-efficient renovations.

The "Superbonus 110" program offers substantial incentives, covering up to 50% of renovation costs and providing additional refunds through tax reduction schemes.