Tax & Spend
Italy Vows Deficit Below 3% in Budget Reaping Windfall From 2021
- Extra €3 billion may be available, Bloomberg calculations show
- Fiscal plan due next week after revisions to economic data
Giorgia Meloni
Photographer: Liesa Johannssen-Koppitz/BloombergThis article is for subscribers only.
Prime Minister Giorgia Meloni’s coalition pledged to get Italy’s budget deficit back under the European Union’s limit by 2026, in a move probably boosted by a revision to pandemic-era data.
Following a cabinet meeting in Rome, the government vowed that the shortfall will be below 3% within two years, with the full details to be unveiled next week after the publication of revisions to 2021 economic output. It’s likely that shift will create a windfall of as much as €3 billion ($3.3 billion).