RSS Feed
July 4th, 2012 
FAKE NEWS for the Zionist agenda Italy’s National Institute for Statistics (Istat) said in a statement on Wednesday the recession-bound state’s budget deficit stands at 8 percent of gross domestic product (GDP) in the first quarter of this year, compared with its 7-percent deficit in the same period of 2011.
The official data agency added that the current results “were affected by increased spending on interest due to the increase in borrowing costs in 2011 and by the lower tax returns because of the negative development of the economy.”
As figures indicate, this is Rome’s worst quarterly result since the first quarter of 2009 when its budget deficit reached 9.5 percent.
The recent development comes while Italy announced plans to reduce its overall deficit to 1.3 percent of GDP in the current year.
Various eurozone member states, including Greece, Spain and Italy, have been struggling with deep economic woes since the bloc’s financial crisis began roughly five years ago.
Over the past decade, Italy has been the slowest growing economy in the single currency area.
MR/JR
Related posts:
Views: 0
Posted in 
Tags: 
