March 11, 2020 / 3:18 PM / 24 days ago

Italy to hike 2020 deficit target to 2.7%, but needs to review GDP impact

ROME, March 11 (Reuters) - Italian Economy Minister Roberto Gualtieri said on Wednesday the country would raise its 2020 deficit/GDP target to at least 2.7% from a 2.2% goal set in September in a move aimed to contain the economic effects of the coronavirus outbreak.

“The (support) package to be issued later this week is worth 0.6% of GDP, which would take the projected 2020 deficit to 2.7% percent of GDP,” Gualtieri said in a letter sent to the European Commission.

However, the new 2.7% deficit/GDP goal does not take into account possible changes in the macroeconomic scenario since the Draft Budgetary Plan was last updated in September, Gualtieri added.

Italy’s economic outlook has become much bleaker since an outbreak of coronavirus hit the country last month.

Reporting by Giuseppe Fonte, writing by Angelo Amante, editing by Gavin Jones

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