Deficit-to-GDP widened in first nine months of 2013
Ratio reached 3.7% last year compared with same time in 201209 January, 11:00
That was considerably higher than the 3.4% deficit-to-GDP ratio reported in the same nine-month period of 2012, Istat reported. It added that in the third quarter alone, the deficit-to-GDP ratio was 3%.
The agency blamed higher spending by the Italian government compared with a slower pace of growth in revenues in the first nine months of last year for the higher ratio.
The deficit-to-GDP ratio is particularly important to Italy because the government aims to keep that ratio, when measured on an annual basis, within a 3% target set by the European Union.