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rdf:type	schema:NewsArticle
schema:articleBody	Italy's public deficit jumped sharply to 10.8 percent in the first quarter as the coronavirus pandemic, which ravaged the wealthy north in particular, takes its toll, the national statistics institute said Friday. The deficit -- the shortfall between tax revenues and public spending -- is traditionally higher in the first quarter but the increase is nevertheless eyebrow-raising compared to the 7.1 percent recorded in the first quarter of 2019, and 7.2 percent in the first quarter of 2018. The institute (ISTAT) pointed to lower revenues and higher expenditure, in particular due to benefits paid to employees unable to work. Italy, which was the first country in Europe to be hit hard by the pandemic, is expecting its worst recession since World War II. Gross domestic product (GDP) is expected to shrink in 2020 by between eight and 14 percent. The European Commission says the recession will lead to a budget deficit of 11.1 percent of GDP this year, the highest in the euro zone and way above the EU 3.0 percent limit. The country's mammoth debt, already the second highest in the euro zone after Greece at 134.8 percent of GDP is expected to jump to 158.9 percent in 2020 before falling back to 153.6 percent in 2021, according to Brussels. The EU debt limit is 60 percent but most member states are already well above that level and the coronavirus crisis impact means massive borrowing will distort the figures for years to come. cco/ide/bmm
schema:headline	Italy public deficit jumps to nearly 11% in Q1
schema:mentions	United States debt ceiling National Institute of Statistics and Geography Eurozone European Commission Deficit spending Government budget balance Recession Brussels World War II Gross domestic product Italy European Union Pandemic Greek Merchant Marine
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-06-26 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	58 (xsd:integer)

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