Mercoledì, 24 Ottobre 2018

Italy's debt rose to 127% in 2012, real GDP below 2001 level


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Rome, March 1 - Recession-hit Italy's real gross
domestic product (GDP) dropped below its 2001 level last year
and its debt-to-GDP ratio rose to 127% in 2012, Istat said
The national statistics agency added that the tax burden
rose to a record 44%.
The country's massive national debt of around two trillion
euros is the main reason it was exposed to the eurozone debt.
Italy's already high debt tax burden increased with hikes
introduced by outgoing Premier Mario Monti's emergency
These tax increase were part of efforts to restore order to
the Italy's public finances after Silvio Berlusconi quit as
premier in November 2011 when the country's financial crisis
threatened to spiral out of control.
Monti's austerity measures also had the effect of
deepening the recession Italy slipped into in the second half of
This is reflected by Istat saying Friday that Italy's GDP
fell by 2.4% in 2012 and household spending dropped 4.3%, taking
real GDP, which is adjusted for price changes, to below the
levels of over a decade ago.
The agency added that the deficit-to-GDP ratio was 3% and
Italy posted a primary surplus of 2.5% in 2012, up from 1.2% in

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