Eurostat, Italy has the highest deficit in Europe in 2022: it is 8% of GDP

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By John

Italy’s deficit was the highest in the EU in 2022 and at 8% of GDP, up from 8.8% in 2021. Eurostat confirms this in the updated estimate. In the Eurozone 19 it fell to 3.6%, compared to 5.2% of GDP in 2021. In the EU, it fell to 3.3% from 4.7% of GDP. After Italy, Romania (6.3%), Hungary (6.2%) and Malta (5.7%). Twelve countries have exceeded the 3% of GDP ceiling. Eurostat reports this. Italy’s public debt fell to 141.7%, compared to 147.1% in 2021, second in the EU behind Greece (172.6%). In the Eurozone 19 it was 91% (from 94.8% in 2021). In the EU to 83.5% (from 87.4%).

Data from the second quarter of 2023

Italy’s public deficit stood at 5.4% of GDP in the second quarter, down sharply from 11.3% in the first quarter. Eurostat reports this. Italy has the second largest deficit in the eurozone, behind Greece (5.1%) and above Spain’s levels (5.1%). In the eurozone, the deficit narrowed to 2.9%, from 4.3% in the first quarter.

Italy’s public debt rose to 142.4% of GDP in the second quarter, compared to 140.9% in the first quarter of 2023. This was revealed by Eurostat. In the Eurozone it fell to 90.3% compared to 90.7% in the first quarter. Italian public debt is in second place among the 20 in the euro area, after Greece (166.5% of GDP) and is higher than that of Spain (111.2% of GDP).