Italy’s state debt soars to all-time high
Government debt in Italy hit a new record of €2.81 trillion in April, the central bank has reported Read Full Article at RT.com
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If divided among the Italian population, the sovereign debt would amount to more than €46,000
Italy’s state debt has continued to soar, jumping by €22 billion ($24.1 billion) in April month-on-month to hit a record high of €2.81 trillion ($3,1 trillion), according to the latest data from the central bank.
The previous all-time high was reached in March, when debt amounted to €2.79 trillion ($3.06 trillion).
Italy's public debt has seen significant growth, reaching nearly 155% of gross domestic product (GDP) at the end of 2020. It currently amounts to 144% of economy, according to Eurostat.
If distributed among the Italian population, the sovereign debt would amount to more than €46,000 ($50,000) per person.
After the Italian government lifted Covid-related restrictions, the economy began to recover, but it was later weighed down by anti-Russia sanctions, soaring energy costs, and disrupted supply chains.
The cost-of-living crisis in the EU’s third largest economy has continued to worsen, sending the level of public debt skyrocketing amid an increase in public sector borrowing.
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