https://sputnikglobe.com/20230816/italys-public-debt-hits-record-high-of-284trln-euros-in-june-1112646429.html

Italy's Public Debt Hits Record High of 2.84Trln Euros in June

Italy's Public Debt Hits Record High of 2.84Trln Euros in June

Sputnik International

Italy's public debt continued to grow in June and climbed to a new record of 2.843 trillion euros ($3.1 trillion), increasing by nearly 28 billion euros from the month prior, the Bank of Italy said on Wednesday.

2023-08-16T15:16+0000

2023-08-16T15:16+0000

2023-08-16T15:16+0000

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Italy's sovereign debt surpassed the 2.8 trillion euro milestone in April and grew a further 5 billion euros to 2.816 trillion euros in May. Italian financial experts said earlier this year that as a result of pandemic-related restrictions introduced by the Italian government, the country's national debt had reached almost 155% of its gross domestic product (GDP) in 2020. After Rome lifted the restrictions, the economy started to grow again and public spending on supporting small businesses and vulnerable population groups diminished. However, the Ukraine conflict and ensuing energy crisis resulted in a decrease in Italy's GDP, and the national debt surged. According to the latest data from the EU statistical office Eurostat, Italy's national debt stood at 143.5% of GDP at the end of the first quarter of 2023.

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