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Money News

Italy cuts 2018 economic growth forecast to 1.2 percent

A two Euro coin is seen in this picture illustration taken in Rome, Italy February 3, 2017. REUTERS/Tony Gentile/Files

MILAN (Reuters) - Italy cut its economic growth forecast for this year to 1.2 percent from a previous estimate of 1.5 percent, an update to the government’s economic and finance document (NADEF) showed on Friday.

The populist government made up of the anti-establishment 5-Star Movement and the right-wing League, also raised the fiscal deficit target for 2018 to 1.8 percent of gross domestic product, up from 1.6 percent set by the previous centre-left government.

Rome also set its debt-to-GDP targets at 130.9 percent for this year, 130.0 percent in 2019, 128.1 percent in 2020 and 126.7 percent in 2021.

Reporting by Agnieszka Flak and Gavin Jones; Editing by Clarence Fernandez

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