The government of Italy's Prime Minister Matteo Renzi upgraded its growth forecasts for this and next year on Friday. Italy's gross domestic product (GDP) is expected to grow 0.9% in 2015, up from April's estimate of a 0.7% increase, and to climb 1.6% in 2016, up from April's forecast of a 1.4% rise.

The Italian economy is showing signs of a recovery. The economy has been in a recession for three years in a row.