Italy's budget deficit contracts in Q1

Source: Marketwatch
© Scanpix/Reuters
In Q1 of 2015, Italy's budget deficit contracted to 5.6% of GDP from 6% in Q1 of 2014, as public expenditure declined 0.7% to 189.7 billion euros, while total revenue rose 0.3% to 167.9 billion euros. For 2015, Italian government predicts a public budget gap of 2.6%, compared with a deficit of 3% in 2014 and 2.9% of GDP in 2013. Italy's tax pressure averaged 38.7% during first three months of the year. 

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