The size of Italy’s public debt has risen every month this year after declining in the final three months of 2022.

ROME, Aug. 16 (Xinhua) — Italy’s public debt set an all-time record of 2.843 trillion euros (3.09 trillion U.S. dollars) in June, reflecting in part an increase in government borrowing, the Bank of Italy said Wednesday.

That number rose by 27.8 billion euros compared to the previous month, reported the central bank. The size of Italy’s public debt has risen every month this year after declining in the final three months of 2022.

Currently, excluding liquid balances of the Italian Treasury such as euros, foreign currencies and other assets, public debt was 2.802 trillion euros — the first time that figure surpassed the 2.8 trillion euros threshold.

The main factor pushing debt levels higher was increased government borrowing, which swelled by 12.3 billion euros compared to a month earlier, the bank said.

In addition, an increase in the Italian Treasury’s liquid balances, tax incentives and exchange rate issues all contributed to the new record level of public debt, the bank added.

Italy’s public debt stood at 144.7 percent of the country’s gross domestic product in 2022, reflecting two straight years of declines in the wake of the COVID-19 pandemic but still among the highest rates in the world, according to Italy’s National Institute of Statistics. (1 euro = 1.09 U.S. dollars)