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Fiscal Deficit Seen At 3.4% GDP In 2023 Per Draft Budget

ITALY
  • Bloomberg reports that the draft budget puts the fiscal deficit at 5.1% GDP in 2022 and 3.4% GDP in 2023.
  • That’s a smaller 2023 deficit than the circa 5% GDP seen by sources beforehand and also the 3.9% GDP previously targeted, coming despite estimates of 0.5-0.8% for GDP growth in 2023 proving correct with GDP growth seen slowing from 3.3% in 2022 to just 0.6% in 2023 (from a previously forecast 2.4%).
  • Debt is seen at 145.4% GDP in 2022, shrinking to 139.3% GDP in 2025.
  • Brothers of Italy leader Meloni has previously said in public that her government will stick to Draghi’s deficit outlines for 2023 and that funds for lowering taxes would come from steep cuts to the EUR9 billion annual outlay on a minimum guaranteed income.
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