Rome

Italy on target to hit budget target, says Monti

Outgoing premier says public finances on 'sustainable path'

Italy on target to hit budget target, says Monti

Rome, April 10 - Italy is on course to hit its target of balancing the budget in structural terms this year, outgoing Premier Mario Monti said after his cabinet approved its economic blueprint for 2013, the DEF. A country is considered to have balanced its budget in structural terms if government revenues match expenditure when the data is adjusted to take account of fluctuations in the business cycle. According to the DEF, the deficit for 2013 should be 2.9% of gross domestic product (GDP) in absolute terms. This is below the 3% threshold allowed by the European Union, which means Italy should emerge from the procedure it is under for excessive deficit. "The public finances are on a sustainable path," Monti, whose emergency technocrat administration passed a series of austerity measures after taking power at the peak of the eurozone crisis in November 2011, told a press conference. "The target of balancing the budget in structural terms has been hit".

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