Italy: Public debt reaches record high in may

The Bank of Italy said that the Italian public debt reached a record of 257.6 billion euros in May. The Central Bank said this was an increase of $40.5 billion from April. 

Between January and May, the cumulative PSBR surged to 66.4 billion, more than double the 29.6 billion in the same period last year. 

In May alone, due to the COVID crisis, tax revenue fell by 27.8% in the same month of 2019. At the same time, ISTAT confirmed that Italy was also in deflation in June, and the consumer price index fell 0.2%. 

But the inflation rate rose by 2.1%. Due to COVID, Italy’s GDP will fall by 12-13%. According to various forecasts, it will rebound by 4-5% next year.

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