ROME (Reuters)

Italian Economy Minister Giancarlo Giorgetti stated on Thursday that he anticipates upcoming public finance data to surpass government forecasts, despite a grim economic outlook.

The national statistics bureau, ISTAT, is set to release full-year 2024 figures regarding the budget deficit and public debt on March 3.

“I have consistently mentioned that the surprise would pertain to public finance data. I believe this will be validated in a few weeks,” Giorgetti remarked to the Senate.

In September, Rome committed to reducing its budget deficit below the EU’s 3% GDP ceiling by 2026, down from the 3.8% target set for 2024.

However, Italy’s economic performance has been lackluster, with GDP stagnating during both the third and fourth quarters of the previous year. Industrial production saw a significant drop in December, falling 3.1% month-on-month and 7.1% year-on-year, according to data released on Wednesday.