Recent surge in energy costs to cut Italy 2022 GDP by 0.7 points – ISTAT

ROME – The recent surge in energy prices will reduce Italy’s economic growth this year by around 0.7 percentage points, national statistics institute ISTAT estimated on Wednesday.

In its monthly economic bulletin ISTAT said the economic outlook was marked by “high uncertainty” following Russia’s invasion of Ukraine and sanctions set by Western countries.

“At the moment it’s possible to estimate the impact (on growth) of the shock to energy prices,” ISTAT said, calculating this at 0.7 percentage points.

Earlier on Wednesday, data showed that Italian industrial output fell steeply in January.

(Reporting By Gavin Jones)