Rome

EC forecast 'certifies Italian finances healthy'

Budget data likely to stop deficit procedure

EC forecast 'certifies Italian finances healthy'

(see previous) Rome, May 3 - The economy ministry on Friday said that the latest European Commission forecast on the country's deficit fight proved Italy's finances were "healthy". "(The data) certifies that the country can count on healthy public finances today and over the coming years," said the economy ministry in a statement. Earlier Friday the EC forecast that Italy's budget deficit will be 2.9% in 2013, 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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