Deficit 2.9% in 2013 says EC

Likely stop to deficit-busting sanctions

Deficit 2.9% in 2013 says EC

Rome, May 3 - Italy's budget deficit will be 2.9% in 2013, the European Commission forecast Friday, below the 3% limit set by European Union treaties. It will drop to 2.4% in 2014, the EC said, making it likely that Italy will soon be cleared of busting deficit targets. On the economy, the EC said there were "no signs of a recovery in the short term" and GDP would continue to contract, down 1.3% this year and 0.7% next.

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