Rome, 3 March 2025 - “As I have always strongly argued, ISTAT data confirm today that public finance is in better shape than expected.” This was stated by Economy and Finance Minister Giancarlo Giorgetti. “The primary surplus certified today by ISTAT”, he continues, “is a moral satisfaction. The growth matches what we updated in December.”
“Of course all this is comforting and cause for satisfaction. But we cannot stop, concludes the Minister, now the challenge is growth in a very problematic context not only in Italy but throughout Europe.”
Today, ISTAT provisionally compiled estimates for the consolidated account for 2024: net borrowing as a ratio of GDP was -3.4% (-7.2% the previous year), which is better than the forecasts contained in the Italian Fiscal-Structural Plan. In absolute terms, net borrowing for 2024 was EUR -75.5 billion, a decrease of about EUR 78.7 billion compared to the previous year.
The public debt rose to 135.3% of GDP, which was, however, lower than both the FSP estimate of 135.8% and the forecasts of the main national and international bodies and institutions (Moody’s 139.7%, European Commission 136.6%, IMF 136.9%, Confindustria 136.9%, Prometeia 135.9%).
The primary balance (net borrowing minus interest expenditure) turned positive for the first time since 2019 and amounted to EUR 9.633 million, with a GDP ratio of +0.4 % (-3.6 % in 2023). Taking the IMF’s latest “Fiscal Monitor” into account, Italy is the only G7 country after Covid to return to primary surplus already in 2024.