Italy's government will set lower growth targets for gross domestic product (GDP) this year and next, daily Il Sole 24 Ore reported on Wednesday, citing a draft of a Treasury document.

In its Economic and Financial Document (DEF), set for government approval next week, the Treasury forecasts GDP growth of 1% in 2024, down from a 1.2% projection made last September, the newspaper reported.

For 2025, Rome expects a growth of 1.2%, down from a previous 1.4%.

The document also sets a target for Italy's deficit-to-GDP ratio in 2024 "very close" to the previous estimate of 4.3%, and indicates it should fall below 4% in 2025, Il Sole 24 Ore added. (Reporting by Alvise Armellini, editing by Giulia Segreti)