In this release, Istat provides government deficit and debt data based on figures reported in the second 2015 notification by Italy to the EC for the years 2011-2014, 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 that are the same already disseminated on the 23rd of September: (“Conti economici nazionali”, “Annual national accounts”).
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.
In 2014, the government deficit to GDP ratio increased from 2.9% in 2013 to 3.0% in 2014. The primary surplus as a percentage of GDP decreased from 1.9% in 2013 to 1.6% in 2014.
The government debt to GDP ratio was 132.3% at the end of 2014, up by 3.5 percentage points with respect to the end of 2013. Data concerning the general government debt are compiled by and released by the Bank of Italy
For information:
National Accounts Directorate
Marinella Cosco
ph. +39 06 4673.3189
email cosco@istat.it