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Italy’s Economy Performed Poorly in 2013

Figures relating to the state of Italy’s economy in 2013 are now emerging via ISTAT, Italy’s official statistics bureau. The numbers are not good.

In 2013, Italy’s debt to GDP ratio hit 132.6% – a new record for Italy.

Consumer spending per family fell 2.6% in 2013, though the drop was less than than the fall of 4.0% in 2012.

Italians are spending less on clothing, a 5.2% fall, and on health, which registered a 5.7% drop.

Imports decreased by 2.8%, while export volumes went up by a tiny 0.1%.

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Italy’s tax burden continues to remain sky high at 43.8% though it did apparently fall by a minuscule 0.2% in 2013.

What ISTAT don’t mention is that owners of certain small businesses in Italy will tell you that the real tax burden is well over 100% – if all taxes are dutifully paid. 95% of Italy’s businesses are micro-businesses employing fewer than 10 people.

It’s time for new prime minister Matteo Renzi to start motoring.

Source: Istat press release and report – the Italian version which is more detailed than the English one.

 

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