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Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 23 May 2014 [View all]xchrom
(108,903 posts)14. Cocaine Sales to Boost Italian GDP in Boon for Budget
http://www.bloomberg.com/news/2014-05-22/cocaine-sales-to-boost-italian-gdp-in-boon-for-budget.html
Italy will include prostitution and illegal drug sales in the gross domestic product calculation this year, a boost for its chronically stagnant economy and Prime Minister Matteo Renzis effort to meet deficit targets.
Drugs, prostitution and smuggling will be part of GDP as of 2014 and prior-year figures will be adjusted to reflect the change in methodology, the Istat national statistics office said today. The revision was made to comply with European Union rules, it said.
Renzi, 39, is committed to narrowing Italys deficit to 2.6 percent of GDP this year, a task thats easier if output is boosted by portions of the underground economy that previously went uncounted. Four recessions in the last 13 years left Italys GDP at 1.56 trillion euros ($2.13 trillion) last year, 2 percent lower than in 2001 after adjusting for inflation.
Even if the impact is hard to quantify, its obvious it will have a positive impact on GDP, said Giuseppe Di Taranto, economist and professor of financial history at Romes Luiss University. Therefore Renzi will have a greater margin this year to spend without breaching the deficit limit, he said.
Italy will include prostitution and illegal drug sales in the gross domestic product calculation this year, a boost for its chronically stagnant economy and Prime Minister Matteo Renzis effort to meet deficit targets.
Drugs, prostitution and smuggling will be part of GDP as of 2014 and prior-year figures will be adjusted to reflect the change in methodology, the Istat national statistics office said today. The revision was made to comply with European Union rules, it said.
Renzi, 39, is committed to narrowing Italys deficit to 2.6 percent of GDP this year, a task thats easier if output is boosted by portions of the underground economy that previously went uncounted. Four recessions in the last 13 years left Italys GDP at 1.56 trillion euros ($2.13 trillion) last year, 2 percent lower than in 2001 after adjusting for inflation.
Even if the impact is hard to quantify, its obvious it will have a positive impact on GDP, said Giuseppe Di Taranto, economist and professor of financial history at Romes Luiss University. Therefore Renzi will have a greater margin this year to spend without breaching the deficit limit, he said.
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