• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Italy public deficit down

Jan 03 2012 09:18

Milan - Italy, struggling to balance its books and keep in favour with the credit markets, said on Monday that its public finances were better than expected last year.

The finance ministry said the country had a public deficit - the shortfall between tax income and spending - of €61.5bn, down from €67bn in 2010.

The government had expected a deficit of €64.8bn for last year and the better-than-expected showing reflected improved tax revenues and lower spending, the ministry said.

The ministry did not give a figure for the deficit as a percentage of gross domestic product, since a GDP figure for the year will not be available until March.

According to figures given at end-September, the public deficit was equal to 3.2% of GDP in the second quarter, up from 2.5% a year earlier and above the European Union ceiling of 3.0%.

Italy set a deficit target of 3.9% for 2011, aiming to balance the budget by 2013 as it brings total debt equal to 120% of GDP under control through a series of tough austerity packages.

italy  |  europe debt crisis


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote