Italy keeps budget deficit in line with Maastricht treaty guildeines

Italy''''s budget deficit remained below the three-percent threshold specified by the Maastricht financial stability treaty, coupled with an ease on tax burden. Deficit in the 2013 budget dropped to 2.8 percent of the Gross Domestic Product (GDP), less by 0.1 percent than the previous year, the national statistics institute (ISTAT) said in its weekly report on Monday. The budget deficit in the last quarter 2013 reached its lowest quarterly levels since over 14 years. It dropped to 1.1 percent of GDP, less by 0.4 percent than the 2012 figures. ISTAT said the the general budget achieved a primary surplus of 16.8 billion euros in the last three months of 2013, or 4.1 percent of GDP. The surplus was calculated before taking into account the general debts of 2.1 trillion euros.