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Report: Italy targets 2020 budget deficit of no more than 2.1% of GDP

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Report: Italy targets 2020 budget deficit of no more than 2.1% of GDP

Italy's fiscal deficit is expected to be below the limit set by the European Union under the 2020 budget framework currently being drafted by the country's new government, which seeks to avoid renewed clashes with Brussels over public finances, Bloomberg News reported, citing a senior Italian official as source.

The government official said Finance Minister Roberto Gualtieri's budget plan for 2020 is based on a conservative economic outlook that targets full-year GDP growth of 0.4% to 0.5%.

Meeting that growth target would enable Italy to attain a budget deficit of around 2% and 2.1%, in line with the country's EU commitments, according to the government official. Under EU fiscal rules, a member state's budget deficit cannot exceed 3% of GDP.

Gualtieri is expected to present to parliament this week the government's fiscal plans for 2020, ahead of the formal budget that must be submitted to the European Commission by mid-October, according to Bloomberg News.

In July, Italy dodged the EU's budget disciplinary procedure after the country adopted new budget measures for 2019 that could lead to a smaller fiscal deficit than previously projected for this year.