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Italy's deficit falls to 3.7% in first 9 months of 2012

Deficit-GDP ratio down 0.5 on same period in 2011

09 January, 11:57
Italy's deficit falls to 3.7% in first 9 months of 2012

(ANSA) - Rome, January 9 - Italy's public deficit fell to 3.7% with respect to gross domestic product in the first nine months of 2012, 0.5% lower than in the same period in 2011, thanks to government tax hikes, Istat said Wednesday.

The national statistics added that the deficit-GDP ratio fell to 1.8% in the third quarter of 2012, 0.7% lower than in the same three months in 2011. Istat said the new and much-criticised IMU property tax, introduced by outgoing Premier Mario Monti's emergency government of unelected technocrats, was the driving force of the higher tax revenues that have brought down the deficit. The tax hikes were part of austerity measures Monti's government passed to put Italy on course to balance the national budget in structural terms this year and move the country away from the centre of the eurozone debt crisis.

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