Italy debt soars on virus impact

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Rome

Italy’s public debt soared last year, rising more than 20 percentage points as the coronavirus pandemic savaged the economy, official data showed Monday.

Total accumulated national debt jumped to 155.6 percent of gross domestic product (GDP) last year from 134.6 percent in 2019.

Italy had by the end of 2020 accumulated a colossal debt of 2.57 trillion euros, up from 2.41 trillion euros in 2019, according to national statistics agency Istat.

GDP in the eurozone’s third-largest economy fell 8.9 percent last year, thanks to restrictions imposed by the government to stem a devastating coronavirus outbreak that has killed almost 100,000 people.

Italy is banking on a windfall of more than 200 billion euros from the European Union’s post-virus recovery fund to help get back on its feet.—APP

 

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