The Italian government recorded a budget deficit of EUR 149.5 billion in 2023, equivalent to 7.2% of the GDP. Although this was a slight improvement from the previous year's 8.6%, it was still higher than the targeted 5.3% shortfall. Prime Minister Giorgia Meloni aims to reduce the deficit to 4.3% of GDP in the current year, but this goal is at risk due to an impending decision by Eurostat on the classification of fiscal incentives for energy-efficient home improvements. These incentives have contributed to the widening fiscal gap in recent years. Italy's public debt decreased to 137.3% of GDP in 2023, down from 140.5% in the previous year and below the government's target of 140.2%. This reduction was supported by robust inflation, which led to an increase in nominal GDP. source: National Institute of Statistics (ISTAT)
Italy recorded a Government Budget deficit equal to 7.20 percent of the country's Gross Domestic Product in 2023. Government Budget in Italy averaged -3.97 percent of GDP from 1995 until 2023, reaching an all time high of -1.30 percent of GDP in 2007 and a record low of -9.40 percent of GDP in 2020. This page provides the latest reported value for - Italy Government Budget - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Italy Government Budget - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.
Italy recorded a Government Budget deficit equal to 7.20 percent of the country's Gross Domestic Product in 2023. Government Budget in Italy is expected to reach -4.30 percent of GDP by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Italy Government Budget is projected to trend around -3.80 percent of GDP in 2025 and -3.20 percent of GDP in 2026, according to our econometric models.