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Deficit-to-GDP widened in first nine months of 2013

Ratio reached 3.7% last year compared with same time in 2012

09 January, 11:00
Deficit-to-GDP widened in first nine months of 2013 (ANSA) - Rome, January 9 - Italy's budget deficit grew in the first nine months of 2013 to 3.7% of gross domestic product (GDP), the national statistical agency reported Thursday.

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.

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