Italy pressed the brakes in 2011. According to the latest Istat data, last year the GDP of our country grew by only 0,4% (raw data), a marked slowdown compared to +1,8% in 2010. Government forecasts spoke of +0,6%.
As for the public debt, over 120% of GDP has soared, the highest for 15 years. The latest value (120,1%) thus marks a significant increase compared to 118,7% in 2010 (in turn revised upwards from the previous 118,4%) and returns to levels never reached after 1996 (120,2. XNUMX%).
Instead, the GDP-deficit improves: general government net borrowing as a ratio of gross domestic product fell to -3,9% from -4,6% in 2010. This figure is in line with the government's estimate of 3,8%. In absolute value – explained the statistical institute – net debt decreased by around 9,1 million, settling at -62,363 billion euro.
Also good the primary balance, which was positive and equal to 15,658 billion, a value equal to 1% of GDP. In 2010, however, the balance was -345 million, with zero impact on GDP. The current account balance (savings or general government deficit) was negative by 24,936 billion, against -24,763 billion in 2010. This deterioration is due to an increase in current expenditure of approximately 9,2 billion, slightly higher than that of current receipts (about 9 billion).
Lastly, the figure for 2009, a year of very serious recession, was revised downwards: the drop went from -5,1 to -5,5%.
