The effects that the crisis had on public financing in advanced economies did not fully manifest themselves until 2009, even though they had been already evident in 2008, causing a reduction of revenue, increased expenditures and a worsening balance of public accounts.
In 2009, the consolidated economic account of Governments in Italy showed a worsening of the ratio between net borrowing and GDP, which almost doubled that of the previous year (from 2.7% to 5.3%). In absolute terms, borrowing amounted to 80,800 million euros, 38,225 million euros higher than in 2008.