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See more | Photo caption Inside North Korea Rare scenes from within the reclusive state. Slideshow Tornado devastation Dozens of tornadoes tear through the Plains states. Slideshow Exclusive: Italy puts back balanced budget goal by a year: draft Tweet Share this Email Print Related News Spain, Italy slide further into euro zone crisis Mon, Apr 16 2012 Analysis & Opinion Portugal doesn’t require Greek remedy for now Spain can’t avoid austerity conundrum Related Topics World » ROME | Tue Apr 17, 2012 12:13pm EDT ROME (Reuters) - Italy will delay by a year its current plan to balance its budget in 2013, according to a draft forecasting document to be approved by the cabinet on Wednesday. The draft Economic and Financial document, obtained by Reuters, raises the budget deficit forecasts for 2012-2014 and slashes this year's economic growth outlook. The 2012 deficit target is increased marginally to 1.7 percent of gross domestic product from 1.6 percent, while the 2013 goal is raised to 0.5 percent from 0.1 percent. The substantially balanced budget (a 0.1 percent deficit) is now targeted in 2014. The economy is now forecast to contract by 1.2 percent this year, according to the document, compared with a 0.4 percent decline in GDP projected by Mario Monti's government in December. The draft DEF forecasts that the public debt will rise this year to 123.4 percent of GDP from 120.1 percent in 2011, and fall in 2013 to 121.6 percent. (Reporting by Giuseppe Fonte) World Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. 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