Economics
Italy Targets Bringing Deficit in Line With EU Rules by 2023
- Country to reel in spending after virus effect, official says
- Deficit seen at 7% in 2021, shrinking to 3% within three years
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Italy plans to bring its budget deficit back into line with European Union rules in 2023 after a dramatic increase in spending driven by the coronavirus outbreak, a Finance Ministry official said.
The shortfall is expected to fall to 7% of gross domestic product next year after rising to an estimated 10.8% in 2020, according to the official, who asked not to be named in line with departmental policy. The deficit will only shrink back to 3% in three years’ time, the official said.