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.



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-03-01 10:00 AM
Government Budget
2022 -8% -9%
2024-03-01 11:00 AM
Government Budget
2023 -7.2% -8.6% -5.2%


Related Last Previous Unit Reference
Asylum Applications 12920.00 10160.00 persons Jan 2024
Credit Rating 62.00 Apr 2024
Fiscal Expenditure 56.33 116.36 EUR Billion Jan 2024
Government Budget -7.20 -8.60 percent of GDP Dec 2023
Government Budget Value -2.09 -5.55 EUR Billion Jan 2024
Government Debt 2848712.40 2862809.00 EUR Million Jan 2024
Government Debt to GDP 137.30 140.50 percent of GDP Dec 2023
Government Revenues 54.24 110.81 EUR Billion Jan 2024
Government Spending 82428.70 81874.80 EUR Million Dec 2023
Government Spending to GDP 55.20 56.30 percent of GDP Dec 2023
Holidays
Military Expenditure 35528.90 34691.90 USD Million Dec 2023

Italy Government Budget
Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.
Actual Previous Highest Lowest Dates Unit Frequency
-7.20 -8.60 -1.30 -9.40 1995 - 2023 percent of GDP Yearly