New record for debt, one step away from 3 trillion. Tax revenues: +9.9% in June

In June, the public administration debt increased by EUR 30.3 billion month-on-month to EUR 2,948.5 billion. A new record that brings the value closer to the 3 trillion euro threshold. Bankitalia speiga that "the increase reflects the General Government's requirements (15.3 billion), the growth of the Treasury's liquid assets (13.5 billion, to 45.4), as well as the effect of issue and redemption discounts and premiums, the revaluation of inflation-indexed securities, and the change in exchange rates (1.4 billion)".

The debt of central governments increased by EUR 30.4 billion, while that of local governments decreased by EUR 0.1 billion. The debt of social security funds remained virtually unchanged. The average residual maturity decreased slightly to 7.7 years, from 7.8 years in the previous month. The share of debt held by the Bank of Italy decreased to 23.1 per cent (from 23.3 per cent in the previous month), while in May (the latest month for which this data is available) that held by non-residents stood at 28.9 per cent (from 28.8 per cent in the previous month) and that held by other residents (mainly households and non-financial firms) at 14.3 per cent (from 14.1 per cent in the previous month).

In June, tax revenues recorded in the state budget amounted to 42 billion, up 9.9 per cent (3.8 billion) compared to the corresponding month of 2023, the Bank of Italy notes. "In the first half of 2024, tax revenues amounted to 248.8 billion, up 7.5 per cent (17.5 billion) compared to the same period last year."