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Italy budget deficit to GDP ratio 4.1% in the first quarter

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Christian Fernsby ▼ | June 27, 2019
Italian manufacturing
European economies   This was a "slight drop" on the same period last year

Italy's budget deficit to GDP ratio was 4.1% in the first quarter of the year, ISTAT said.

This was a "slight drop" on the same period last year, the statistics agency said.

ISTAT said seasonal differences meant comparisons could only be made on an annual basis.

In the first quarter of last year, it said, the ratio was 4.2%.

Italy's tax burden in the first quarter of the year was 38%, up 0.3 percentage points on the same period last year, ISTAT said Wednesday.

It is the highest since 2015, the statistics agency said.

The purchasing power of Italian households rose 0.9% in the first quarter of the year, ISTAT said.

The rise followed two straight drops, the statistics agency said.

It is now at its highest level since 2012, ISTAT said.

However, it is still 5.7% below what is was before the 2007 financial crisis.

"There has been a marked recovery in income which, thanks to the brake on inflation, has transferred directly in growth of purchasing power," ISTAT said.

ISTAT also said that consumer spending was down and that the propensity to save money was increasing.

It added that the share of profits earned by Italian businesses dropped to 40.7% in the first quarter of the year, its lowest since current records began in 1999.


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