Italy’s public budget deficit widened in the first nine months of last year to 10.1% of gross domestic product, compared with 2.8 in the same period of 2019, official statistics agency ISTAT said on Friday.
The deficit for the third quarter was estimated at 9.4% from 2.2% in the same period last year, while the deficit for the second quarter of the year was revised down to 11.2% of GDP from a previously reported 10.3%, ISTAT said.
The widening deficit was due to a jump in public spending and lower revenues linked to the outbreak of COVID-19 which prompted various government lockdowns.
Over the first nine months of the year revenues fell by 6.6% year-on-year, while public spending increased by 7.3%.
Italy has an official 2020 deficit target of 10.8% of GDP, against 1.6% in 2019.
ISTAT gave the following quarterly public finance data. All data are expressed as a percent of gross domestic product.
Main Photo: Puddles build up in the cobbled areas around the landmark ancient Colosseum during the heavy rains that hit Rome, Italy. EPA-EFE/ETTORE FERRARI