Italy's state sector deficit up by 1.5bn euros in Jan-April

The deficit for the month of April stood at 2.9 billion euros, little changed from the previous year's figure of 3.09 billion euros.

The Treasury said April's budget balance benefited from a 5.7 billion euro dividend payment the state received from the Bank of Italy.

However, it was also impacted by an increase in funds spent by local administrations and pension agencies worth, respectively, 1.7 billion and 600 million euros.