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MNI BRIEF: Italy Raises 2023 Deficit To 5.3%, 4.3% in 2024

(MNI) LONDON
(MNI) Rome

Italy has raised its 2023 deficit target to 5.3%, Italian Finance minister Giancarlo Giorgetti said in a press conference Wednesday as he presented the latest macroeconomic outlook.

For 2024 the executive has raised its borrowing target to 4.3% of GDP, above the 3% target imposed the Stability and Growth Pact that will again apply next year after the end of the escape clause activated during to the pandemic years.

Rome has lowered the growth outlook for 2023 and 2024 to 0.8% and 1.2%, respectively because of the weaker global economy. The higher deficit will partly be explained due to the construction subsidies known as ‘Super Bonus 110%' that was approved by previous governments that will still have effects in the next few years.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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