April 3, 2018 / 1:41 PM / 5 months ago

Italy should revise up 2017 deficit to include bank bailouts - Eurostat

ROME, April 3 (Reuters) - Italy should revise up its 2017 budget deficit by 4.7 billion euros ($5.76 billion) to include spending to bail out two failing regional banks in the northern region of Veneto, Europe’s statistics office Eurostat said.

The calculation will also have a “direct and indirect debt impact” of 11.2 billion euros, Eurostat said. On Tuesday, Italy’s statistics office ISTAT said in a statement it had received this guidance from Eurostat on March 31.

ISTAT released its 2017 annual figures for deficit and debt on March 1.

The budget deficit came in at 1.9 percent of gross domestic product, down from 2.5 percent in 2016 and below the government’s target of 2.1 percent. Debt fell last year to 131.5 percent of output from a record high of 132.0 percent in 2016.

ISTAT said it would incorporate Eurostat’s calculations in revised data to be issued on Wednesday.

$1 = 0.8154 euros Reporting by Steve Scherer

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below