Rome, Aug. 16 (Xinhua) — Italy’s public debt reached a record high of 2.843 trillion euros (3.09 trillion U.S. dollars) in June, primarily due to increased government borrowing, the Bank of Italy revealed on Wednesday.
The central bank reported that this amount rose by 27.8 billion euros compared to the previous month. Italy’s public debt has steadily grown throughout this year after declining in the last three months of 2022.
Currently, excluding liquid balances of the Italian Treasury such as euros, foreign currencies, and other assets, the public debt stands at 2.802 trillion euros — surpassing the 2.8 trillion euros threshold for the first time.
The bank attributed the main factor behind the growing debt level to increased government borrowing, which rose by 12.3 billion euros compared to the previous month. Additionally, an increase in the Italian Treasury’s liquid balances, tax incentives, and exchange rate issues contributed to the record level of public debt.
Italy’s public debt accounted for 144.7 percent of the country’s gross domestic product in 2022. While this reflects a decline over the past two years following the COVID-19 pandemic, it remains one of the highest rates globally, according to Italy’s National Institute of Statistics.
(1 euro = 1.09 U.S. dollars)
Credit: The Star : News Feed
