ROME (Reuters) -ROME, Sept 22 (Reuters) – Italy’s debt as a proportion of national output was lower last year than previously estimated, national statistics institute ISTAT reported, while making no change to the economic growth rate and the budget deficit.
The debt came in at 141.6% of gross domestic product, compared with a previous estimate made in March, of 144.7%.
Economic growth in 2022 was confirmed at 3.7%, while the budget deficit-to-GDP ratio was also confirmed at 8.0%.
There were significant revisions to 2021, with GDP growth increased to 8.3% from a previously reported 7.0%, and the deficit-to-GDP ratio lowered to 8.8% from 9.0%.
The debt level was reduced to 147.0% from 149.8%.
The revisions, going back to 2019, are part of ISTAT’s standard data release calendar and reflect the arrival of more complete economic data.
The revisions come as Giorgia Meloni’s government prepares a difficult 2024 budget, attempting to meet Meloni’s tax cutting promises while lowering the budget deficit.
The government will present new growth and public finance targets next week.
(Reporting By Gavin Jones)
