Figure 12  The public finances (per cent of GDP)  Public debt  Primary balance  160  160  6  140  140  4  120  120  Italy  4 2  0  0  -2  -2  100  80  80  60  60  -6  40  -8  40 1999 2002 2005 2008 2011 2014 2017 2020  Italy  2  100  Euro area excluding Italy  6  -4  -4  Euro area excluding Italy  -6 1999 2002 2005 2008 2011 2014 2017 2020  -8  Source: European Commission.
Note: Euro area excluding Italy, fixed composition (18 countries); primary balance: general government revenue minus expenditure net of interest expense. 34  The Governor’s Concluding Remarks Annual Report 2022  BANCA D’ITALIA  Printed by the Printing and Publishing Division of the Bank of Italy Rome, 31 May 2023  Printed on EU-Ecolabel certified paper (registration number FI/011/001)