The estimates from the National Statistics Institute, or ISTAT, increased from an estimate of 4.7 percent economic growth this year and 4.4 percent next year released in June.
The increases come despite growing economic uncertainty tied to global supply chain issues and potential impacts from the spread of the highly-mutated omicron coronavirus variant.
According to ISTAT, the main drivers of economic growth going forward will be domestic demand for products, which is said to increase by 6.0 percent this year and 4.4 percent next year. Exports are expected to grow much more modestly, which are predicted to grow by 0.3 percent both this year and next.
New economic investments are expected to be a major driver this year, rising 15.7 percent compared to 2020, though the level of new investments will slow next year, growing by 7.5 percent.
Household spending is also expected to see an increase in both 2021 and 2022, up by 1.8 percent and 2.2 percent, respectively.