April 3, 2018 / 4:55 PM / a year ago

Italy March state sector budget deficit narrows vs year earlier

ROME, April 3 (Reuters) - Italy posted a state sector budget deficit of 20.9 billion euros ($25.6 billion) in March, against a deficit of 23.2 billion euros in the same month last year, the Treasury said on Tuesday.

During the first three months of the year, Italy had a deficit of 26.75 billion euros, down 2.6 billion euros from the same period in 2017.

The state sector borrowing requirement (SSBR), a measure of the gap between central government spending and income, differs from the broader “general government” accounts, which the European Union Stability and Growth Pact refers to when assessing countries’ deficit performances.

Italy’s budget deficit came in at 1.9 percent of gross domestic product last year, down from 2.5 percent the year before, but earlier on Tuesday statistics office ISTAT said it had been told it should revise up last year’s figure to include bank bailouts.

ISTAT said it would incorporate Eurostat’s calculations in revised data to be issued on Wednesday. ($1 = 0.8155 euros) (Reporting by Steve Scherer, editing by Giulia Segreti)

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