OECD forecasts 3.3% deficit for Italy in 2013

Saccomanni still hopeful EU procedure will end this month

OECD forecasts 3.3% deficit for Italy in 2013

(see related story on execessive-deficit procedure) Paris, May 2 - The OECD forecast in a report on Thursday that Italy's deficit-to-gross-domestic-product ratio will be 3.3% this year. This is above the Italian government's deficit-GDP-ratio forecast of 2.9% and above the 3% threshold allowed by the European Union. Economy Minister Fabrizio Saccomanni said the OECD's figures did not take account of the positive effect of the government's plan to repay 40 billion euros that the public sector owes private firms over the next 12 months. Saccomanni added that he was still confident the European Commission would soon end its excessive-deficit procedure against Italy. "By the end of May, or at the start of June at the latest, the procedure should be closed," said Saccomanni, who added that this would be an important signal for the financial markets. The OECD forecast Italy's deficit-GDP ratio will be 3.8% next year, compared to 1.8% predicted by the Italian government.

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