Italy revises down Q2 GDP growth; public deficit broadly stable

[ROME] Italy's public budget deficit narrowed slightly in the first half of this year to 2.4 per cent of gross domestic product, compared with 2.6 per cent in the same period of 2016, official statistics agency ISTAT said on Tuesday.

In the second quarter, the deficit amounted to 0.5 per cent of GDP (gross domestic product), widening from 0.4 per cent in Q2 2016.

Italy has an official target of a 2017 deficit of 2.1 per cent of GDP, down from 2.5 per cent posted last year.

ISTAT also revised down Italy's quarterly economic growth in the second quarter to 0.3 per cent from 0.4 per cent previously reported, but revised up the first quarter to 0.5 per cent from 0.4 per cent.

On a year-on-year basis, second quarter growth was unchanged at 1.5 per cent, while the first quarter was revised up to 1.3 per cent from 1.2 per cent.

Every year in October, ISTAT revises its estimates of gross domestic product for the previous four years.

ISTAT gave the following quarterly public finance data. All data is expressed as a percentage of gross domestic product.

REUTERS