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Italy raises 2017 budget deficit target to 2.3% of GDP

Staff Writer | October 17, 2016
Italy's government raised its 2017 budget deficit projection to 2.3% of economic output from a previous 2% target, Prime Minister Matteo Renzi said.
Matteo Renzi
Italian economy   Italian budget needs to be sent to the European Commission
Renzi presented the new deficit goal as part of a 2017 budget plan his cabinet approved.

The package now needs to be sent to the European Commission for review, before starting its passage through parliament.

The premier needs to balance avoiding unpopular belt-tightening measures ahead of a constitutional referendum later this year with pressure from the Commission to curb the budget deficit.