Italy will target its budget deficit at around 2.2% of gross domestic product ne...
ROME - Italy will target its budget deficit at around 2.2% of gross domestic product next year, falling to 1.8% in 2021 and 1.4% in 2022, a political source said on Saturday.Economic growth is seen around 0.6% next year, and rising to 1.0% in each of the following two years, according to a draft of the targets seen by the source.
The targets are still subject to possible marginal revisions ahead of Monday’s meeting, the source said. In particular the 2020 deficit goal could be lowered to 2.1% depending on ongoing negotiations with the European Commission. The new government of the anti-establishment 5-Star Movement and the center-left Democratic Party intends to avoid an increase in sales tax worth some 23 billion euros scheduled for January, which was promised to the European Union as a backstop to ensure Rome respected the bloc’s fiscal rules.
Under an unchanged policy scenario, which includes the full VAT tax hike, next year’s deficit would fall to around 1.5% of GDP, two sources told Reuters earlier this week.
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