Italy’s public debt climbed above $3 trillion in the latest reporting period, according to data released Monday.
The Bank of Italy said the government’s debt was 2.790 trillion euros ($3.022 trillion) in March, up from 2.762 trillion euros ($2.992 trillion) the previous month.
It was the third consecutive month that the country’s public debt went up.
It is also the first time that the figure crossed the $3 trillion level.
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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 per cent of GDP during the peak of coronavirus pandemic in 2020.
The Italian economy afterwards has grown and the debt-to-GDP ratio declined to 144 per cent.
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). (Xinhua)
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