In this release, Istat provides government deficit and debt data based on figures reported in the first 2016 notification by Italy to the EC for the years 2012-2015, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA 2010 system of national accounts. No reservations have been expressed by Eurostat on the data reported by Italy, they are the same already disseminated on the 4th of April:(http://www.istat.it/it/archivio/183964 “Conto economico trimestrale delle Amministrazioni pubbliche”).
Istat also provides information on the underlying government sector accounts, as well as on the contribution of deficit/surplus and other relevant factors to the variation in the debt level (stock-flow adjustment).
According to the Protocol on the excessive deficit procedure annexed to the EC Treaty, government deficit (surplus) means the net borrowing (net lending) of the whole general government sector (central government, state government, local government and social security funds). It is calculated according to national accounts concepts (European System of Accounts, ESA 2010). Government debt is the consolidated gross debt of the whole general government sector outstanding at the end of the year (at nominal value). For further references see the “Manual on government deficit and debt – Implementation of ESA 2010“, 2014 edition.
The government deficit to GDP ratio decreased from 3.0% in 2014 to 2.6% in 2015. The primary surplus as a percentage of GDP, equal to 1.6% in 2015, remained unchanged compared to 2014.
The government debt to GDP ratio was 132.7% at the end of 2015, up by 0.2 percentage points with respect to the end of 2014. Data concerning the general government debt are compiled by and released by the Bank of Italy.
National Accounts Directorate
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