December 1, 2017 / 5:03 PM / a year ago

Italy budget deficit narrows year-on-year in November

ROME, Dec 1 (Reuters) - Italy posted a state sector budget deficit of 5.5 billion euros ($6.56 billion) in November, a reduction of around 1.5 billion euros from the same month last year, the Treasury said on Friday.

In the first eleven months of the year, the deficit amounted to 66.72 billion euros, some 10.1 billion euros more than in the same period of 2016, the Treasury said in a statement.

Higher tax revenues in November contributed to the narrowing of the deficit versus the same month in 2016, although the cost of a rescue which raised the state’s stake in Banca Monte dei Paschi di Siena had a negative impact.

The deficit built up in the first eleven months of the year is in line with the government’s forecasts, the Treasury said.

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 2.5 percent last year, remaining inside the European Union’s 3 percent ceiling. ($1 = 0.8386 euros) (Reporting by Isla Binnie; editing by Francesca Landini)

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