(Reuters) - Italy on Tuesday cut its target for the 2015 fiscal deficit to 2.6 percent of gross domestic product from 2.9 percent, having toughened its budget plan for next year in response to changes requested by the European Commission.
Earlier on Tuesday the Commission gave a green light to Rome's modified budget after Economy Minister Pier Carlo Padoan pledged additional deficit cuts worth 4.5 billion euros($5.735 billion), around 0.3 percent of GDP.
The revised deficit goal was approved by the cabinet in an update to Italy's Economic and Financial Document (DEF), Prime Minister Matteo Renzi's office said. On Oct 1, after promising an expansionary budget, Renzi had hiked the 2015 deficit target to 2.9 percent of GDP from 1.8 percent.
The statement from the prime minister's office said the "structure" of the budget remained unchanged and was still aimed at "boosting growth by supporting aggregate demand and the competitiveness of the country."
reuters.com
Earlier on Tuesday the Commission gave a green light to Rome's modified budget after Economy Minister Pier Carlo Padoan pledged additional deficit cuts worth 4.5 billion euros($5.735 billion), around 0.3 percent of GDP.
The revised deficit goal was approved by the cabinet in an update to Italy's Economic and Financial Document (DEF), Prime Minister Matteo Renzi's office said. On Oct 1, after promising an expansionary budget, Renzi had hiked the 2015 deficit target to 2.9 percent of GDP from 1.8 percent.
The statement from the prime minister's office said the "structure" of the budget remained unchanged and was still aimed at "boosting growth by supporting aggregate demand and the competitiveness of the country."
reuters.com
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