The Italian cabinet on September 30 set the deficit target at 2.2 percent of gross domestic product (GDP) for next year, a slight increase from a previous forecast of 2.1 percent.
Italy government set 2020 deficit target at 2.2% of GDP.
The adjustment was announced following a meeting in which Prime
Minister Giuseppe Conte's cabinet passed the annual update to the Economic and
Financial Document, a blueprint providing the latest public finance goals ahea
In a statement, the cabinet also
specified that the country's GDP was predicted to grow by 0.6 percent next
year.
The government also targeted the
country's deficit at 1.8 percent in 2021 and at 1.4 percent in 2022.
Italy's debt-to-GDP ratio was expected
to be at 135.2 percent in 2020, 133.4 percent in 2021, and 131.4 percent in
2022.
The Italian debt was currently estimated
at 135.7 percent by the end of 2019, the second largest in the European Union
after that of Greece.d of the approval of the 2020 budget plan.
"We have put the deficit at 2.2
percent (next year), which means an expansionary maneuver worth about 0.8
percentage points of GDP," Economy and Finance Minister Roberto Gualtieri
told a press conference after the meeting.
Gualtieri also anticipated that the 2020 budget
plan, which has to be approved by the end of the year, will be worth about
EUR29 billion (US$31.6 billion).
Source: NDO
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