CDM, approved the Def: GDP growth cut to 1.2% in 2016. Renzi: no corrective action – Il Sole 24 Ore

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This article was published April 8, 2016 at 19:39 hours.
the last change is the April 8, 2016 at 20:15.

the Italian economy “grows, growth accelerates in large part driven by the effect of the measures government and is accompanied by continuous improvement of public finances and in terms of deficit and debt. ” This was stated by Economy Minister Pier Carlo Padoan, at the end of the CDM, announcing that the GDP will grow by 1.2 in 2016, compared with 1.6% previously expected. The increase in the programmatic sees a 1.4% GDP growth in 2017 and 1.5% in 2018.

Renzi: Italy grows, there will be no corrective measures
“the fact that there is a 1.2% revision (GDP) is a fact of seriousness. Italy grows, these are the numbers we had them even in color but not wanting to surprise you. Accelerates the growth of 50 percent compared to 2015, in 2016 we will go better. ” Said Prime Minister Matteo Renzi, who added: “There will be other maneuvers, we never made a corrective action – has claimed Renzi – is a term that belongs to the past, has been scrapped.”

Deficit / GDP to 2.3% in 2016, 1.8% in 2017
The “deficit of 2015 was confirmed at 2.6%, in 2016 goes to 2.3% and 1.8% in 2017 (compared to 1.1% previously expected, ed), “said Economy Minister Pier Carlo Padoan at the end of the CDM that launched the Def, stressing that “continues the policy to support growth with the strengthening and consolidation of public finances.” The additional budgetary space should be guaranteed by higher revenues and expenditure savings achieved by widening the review process of spending and will serve to defuse the escape clauses increases in VAT and excise duties for 15 billion.

Padoan: reforms allow use flexibility, not greedy Italy
The reform efforts of the Italian government “allows the country to use the flexibility clauses permitted to a country that has public finances in order, “said Economy Minister Pier Carlo Padoan, at the end of the cDM, which approved the Def. Padoan for the deficit / GDP ratio to 1.8% in 2017 is “compatible with the exceptional circumstances that relate to the marked deterioration in the international environment.” And he added: “we are comfortable.” Not only. For Padoan ‘the argument that Italy is asking too much is simply wrong, Italy has more flexibility because it is in good standing of others for the reforms put in place and for investment. The countries in the corrective arm like France can not use flexibility because their finances are not in order as ours. Italy is in order not greedy. ”

Debt / GDP falls more slowly, to 132.4% in 2016
The debt / GDP ratio down to a slower pace than expected: in 2016 the projected to decline to 132.7% 132.4% as expected already by the European Commission (no longer at 131.4%), to 130.9% in 2018, by 128% in 2018 and 123.8% in 2019.

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