ROME: Italy's 2015 budget contains no new spending cuts or tax hikes, Prime Minister Matteo Renzi said on Tuesday, outlining a financial planning document that sees the deficit falling from 2.6 percent of GDP this year to 1.8 percent in 2016.
"There are no cuts, there is no increase in taxes," he told reporters after a cabinet meeting that signed off on the 2015 financial and economic planning document for the coming three years.
Renzi confirmed the government's forecast of 0.7 percent economic growth in 2015, rising to 1.4 percent in 2016. He said that, if conditions allowed, taxes would be reduced next year.
Economy Minister Pier Carlo Padoan said the debt to GDP ratio would reach 132.5 percent in 2015 and fall to 130.9 percent in 2016.
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