ROME, May 16 (NNN-XINHUA) – Italy’s public debt climbed above three trillion U.S. dollars, in the latest reporting period, according to data released, yesterday.
The Bank of Italy said that, the government’s debt was 2.790 trillion euros (3.022 trillion dollars) in March, up from 2.762 trillion euros (2.992 trillion dollars) in the previous month.
It was the third consecutive month that the country’s public debt went up, and that, it is the first time that the figure crossed the three-trillion-dollar level.
Despite the increase in public debt, Italy’s ratio of debt to gross domestic product (GDP) has fallen, since reaching an all-time high of around 155 percent of GDP, during the peak of the coronavirus pandemic in 2020. The Italian economy afterwards has grown, and the debt-to-GDP ratio has declined to 144 percent.
Nevertheless, this still makes Italy one of the most highly-indebted countries in the world.
The Bank of Italy said, the main factor pushing government debt higher was an increase in the public sector’s borrowing requirement, equivalent to 31.3 billion euros (33.9 billion dollars)– NNN-XINHUA
