Italy is set to miss the government’s target for economic output this year following an accounting revision, according to Finance Minister Giancarlo Giorgetti.

The Italian government's 1% economic growth target for this year will be more difficult to reach after downward revisions made last week by national statistics bureau ISTAT, Economy Minister Giancarlo Giorgetti said on Tuesday.

The Bank of Italy said Monday that Italy's GDP growth is set to come in at 0.8% this year when the effects of statistics agency Istat's revision of recent national accounts data are taken into account.

The Bank of Italy signaled concern about the country’s growth, saying the economy will likely expand less than previously expected this year, making it more difficult for the government to reach its targets.

The Italian government's 1% economic growth target for this year will be more difficult to reach after downward revisions made last week by national statistics bureau ISTAT, the country's central bank said on Monday.