Italy Today

Italy: debt, deficit, taxes, unemployment

Debt and unemployment soaring, taxes reaching record levels, prices spike lightly slowing down: the picture of Italy, according to ISTAT ( the Italian National Institute of Statistics.)

Italy: debt, deficit, taxes, unemployment

Nathania Zevi

-

The year 2013 has had a difficult beginning for Italy, as the general election results let foresee the  impossility to form a stable government, and social and economic data are still alarming.

According to ISTAT, Italy' GDP fell 2,4% in comparison with 2011.

Italian debt, instead, keeps  growing, it was 120,8% in 2011, now it has reached the 127% of the GDP, the highest level since 1990 ( the year when data were first  recorded officially.)

Unemployment is peaking its highest levels, there are, currently, more than 2 million 800 thousand people on temporary contract in Italy, unemployment rate hit 11,7% in January, the highest in 21 years.

Deficit, that is the State's expenses exceeding revenues, has reached the 3% of the GDP, which is 0,9% less compared to that in 2011, but 0,4% more than what expected.

Then the real threat to Italians, the fiscal burden, which has grown by 44% in 2012, 1,4% more than in 2011, the highest level since 1990. Increasing fuel taxes  have had strong impact on inflation rate.

Though, last February inflation rate went down in comparison with that in January, prices went up an average 1,9% on an annual basis.  By analyzing  the most purchased consumer products, it is in particular the gasoline price to record an increase of 2,3% in January and an increase of 3,4% on an annual basis.

Fuel price for means of transport showed a 0,9% growth in the short term and an increase of 1,4% on an annual basis. With regard to food products, fresh vegetables prices went down by 2% on a monthly basis, while the annual increase is steady at 2,0% per year.

This Italy, in the hands of politics and in those of anti-politics feelings, is a tough nut to crack.

 

© Riproduzione Riservata

Commenti