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Italy state sector deficit narrows year on year in April
May 2, 2017 / 2:25 PM / 7 months ago

Italy state sector deficit narrows year on year in April

ROME (Reuters) - Italy posted a state sector budget deficit of 5.2 billion euros ($5.67 billion) in April, narrowing by around 3 billion euros compared with the same month last year, the Treasury said on Tuesday.

The Treasury said April’s accounts had been boosted this year by a payment to state coffers of 2.15 billion euros of profits made by the Bank of Italy. Last year the equivalent payment was made in May.

In the first four months of the year, the deficit amounted to 34.5 billion euros, which was “broadly in line” with the same period of 2016, the Treasury said in a statement.

The state sector borrowing requirement (SSBR), a measure of the gap between central government spending and income, differs from the broader “general government” accounts, which the European Union Stability and Growth Pact refers to when assessing countries’ deficit performances.

Italy aims to trim its general government deficit this year to 2.1 percent of gross domestic product from 2.4 percent last year, remaining inside European Union’s 3 percent ceiling.

($1 = 0.9178 euros)

Reporting By Gavin Jones

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