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Italy to set 2020 GDP target at -9%, deficit/GDP at 10.8% - Treasury

ROME, Sept 29 (Reuters) - Italy forecasts that its economy will contract by 9.0% this year, the Treasury said on Tuesday, while the budget deficit will come in at 10.8% of gross domestic product.

The 9% GDP contraction is a downward revision from a target of -8% set in April, while 10.8% deficit now expected is a reduction from a target of 11.9% set just last month.

The new targets were agreed at a meeting of the ruling parties on Tuesday, the Treasury said in a statement, and will be formalised in the government’s Economic and Financial Document (DEF) to be approved by the cabinet this week. (Reporting By Gavin Jones and Giuseppe Fonte)

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