Italy’s public budget deficit narrowed slightly in the first half of this year to 2.4% of gross domestic product, compared with 2.6% in the same period of 2016, official statistics agency ISTAT said on Tuesday, Reuters reported. In the second quarter, the deficit amounted to 0.5% of gross domestic product, widening from 0.4% in Q2 2016. Italy has an official target of a 2017 deficit of 2.1% of GDP, down from 2.5% posted last year. ISTAT also revised down Italy’s quarterly economic growth in the second quarter to 0.3% from 0.4% previously reported, but revised up the first quarter to 0.5% from 0.4%. On a year-on-year basis, second quarter growth was unchanged at 1.5%, while the first quarter was revised up to 1.3% from 1.2%. Every year in October, ISTAT revises its estimates of gross domestic product for the previous four years.
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