On Friday, the 24th of January 2020, brightening up outlook of the bloc’s third-largest economy after German and France, Italian Economy Minister, Roberto Gualtieri said that the country’s budget deficit for the fiscal year 2019 would likely to come in below an earlier Government’s projection of 2.2 per cent of the nation’s GDP (Gross Domestic Product), hinting towards the smallest fiscal budget deficit in more than a decade.
In point of fact, Friday’s comment from the Italian Economy Minister came forth shortly after the eurozone PMI (Purchasing Managers’ Index) data had depicted a fairly upbeat portrait of eurozone economic outlook with its manufacturing sectors appeared to be picking up, while service sector PMI also came well in line with the analysts’ expectation.
More importantly, the last time Italy posted a budget deficit below 2.2 per cent, had been in 2007, shortly before the expansion of the great financial depression between 2007 and 2009. Meanwhile, adding a through and through optimism over Italy’s budget deficit for the fiscal year 2019, the Country’s Economy Minister, Gualtieri, said in a television interview with the State-backed telecaster RAI on Friday (January 24th), “We will achieve the deficit targets and in 2019 we will do something better. ”