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Public debt in Italy surpasses USD3.08 billion for first time
(MENAFN) In November 2024, Italy's public debt surpassed 3,000 billion euros (USD3.08 billion) for the first time, reaching a total of 3,087 billion U.S. dollars, according to a report from the bank of Italy. The data showed that the country’s public debt rose by 24 billion euros that month, bringing the total to a record high of 3,005.2 billion euros. This surge was primarily attributed to increased government expenditures, along with a slight 0.1 percent decline in tax revenues compared to November of the previous year.
The report also indicated that Italy’s public debt had stood at 2,860 billion euros at the beginning of 2024, illustrating a steady increase over the course of the year. This rise in public debt reflects the country's ongoing fiscal challenges, as it continues to balance rising costs with limited growth in government revenue.
Despite efforts to control spending, Italy remains one of the most indebted countries in the world relative to the size of its economy. The public debt is now equivalent to approximately 136.6 percent of the nation’s gross domestic product (GDP), indicating a significant burden on the country’s economic stability.
As a member of the European Union, Italy faces increasing pressure to manage its fiscal policies, particularly as it deals with the challenges of balancing the national budget. The situation highlights the need for long-term reforms to address Italy’s high debt levels and their impact on its future economic prospects.
The report also indicated that Italy’s public debt had stood at 2,860 billion euros at the beginning of 2024, illustrating a steady increase over the course of the year. This rise in public debt reflects the country's ongoing fiscal challenges, as it continues to balance rising costs with limited growth in government revenue.
Despite efforts to control spending, Italy remains one of the most indebted countries in the world relative to the size of its economy. The public debt is now equivalent to approximately 136.6 percent of the nation’s gross domestic product (GDP), indicating a significant burden on the country’s economic stability.
As a member of the European Union, Italy faces increasing pressure to manage its fiscal policies, particularly as it deals with the challenges of balancing the national budget. The situation highlights the need for long-term reforms to address Italy’s high debt levels and their impact on its future economic prospects.
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