Italy's public debt tops $3 trillion for 1st time

The Bank of Italy said that the country`s public debt climbed above $3 trillion in the latest reporting period. In its latest report on Monday, the central bank said that the government`s debt was 2.790 trillion euros ($3.022 trillion) in March, up from 2.762 trillion euros in the previous month, reports Xinhua news agency.

It was the third consecutive month that the country`s public debt went up and it is the first time that the figure crossed the $3 trillion level.

Despite the increase in public debt, Italy`s ratio of debt to gross domestic product (GDP) has fallen since reaching an all-time high of around 155 per cent during the peak of the coronavirus pandemic in 2020.

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The Italian economy afterwards has grown, and the debt-to-GDP ratio has declined to 144 per cent.

Nevertheless, this still makes Italy one of the most highly-indebted countries in the world.

The Bank of Italy said the main factor pushing government debt higher was an increase in the public sector`s borrowing requirement, equivalent to 31.3 billion euros.

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