September 6, 2017 / 11:19 AM / 10 months ago

Italy to hike 2018 GDP and deficit forecasts - source

ROME (Reuters) - Italy will raise its forecast for next year’s economic growth to around 1.5 percent from the current estimate of 1.0 percent when the Treasury issues new projections this month, a source with knowledge of the forecasting document said on Wednesday.

FILE PHOTO - An Italian flag waves in front of the Montecitorio palace in downtown Rome November 8, 2011. REUTERS/Tony Gentile

Despite the improved growth outlook, the government will also increase its target for the 2018 budget def0icit to 1.7 or 1.8 percent of gross domestic product from the current target of 1.2 percent, said the source.

This year’s growth forecast will be raised to around 1.5 percent, said the source, from the current projection of 1.1 percent, confirming earlier comments from a government source.

The new official forecasts are due to be issued on around September 20.

reporting by Luca Trogni, writing by Gavin Jones

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