Brussels

GDP data doesn't change 0.2% budget adjustment - EU (2)

Quarterly figures too volatile

GDP data doesn't change 0.2% budget adjustment - EU (2)

Brussels, February 16 - The EU's request for a further 0.2% cut in Italy's deficit-to-GDP ratio hasn't changed due to better-than-expected quarterly GDP data, EU sources said Thursday, stressing that annual date was needed. The extra 0.2% "is needed to bring Italy inside the tolerated deviation margin for the structural effort recommended by the Council for 2017," they said. Italy was recently said to have posted 0.9% growth last year instead of the previously forecast 0.8%. It is forecast to see 0.9% growth this year, the same as in earlier forecasts. The government is currently striving to find spending cuts and revenue hikes to make the extra adjustment to avert an infringement procedure.

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