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Sex and drugs and cigarettes trigger Italy’s economic revival | Sex and drugs and cigarettes trigger Italy’s economic revival |
(about 21 hours later) | |
It appears that only Italy’s booming organised crime sector has been able to lift the country’s moribund economy out of recession. | It appears that only Italy’s booming organised crime sector has been able to lift the country’s moribund economy out of recession. |
Accounting changes across the EU have seen key illegal economic activities such as prostitution and drug trafficking included in a country’s official GDP measure. | |
As a result, Italy’s economy was said to have risen slightly from a 0.1 per cent decline for the first quarter of 2014 to a flat reading, the National Institute for Statistics, Istat, said. | |
Earnings from prostitution, narcotics and black market cigarettes and alcohol all helped stop the eurozone’s third- biggest economy shrinking. This meant Italy escaped, by the skin of its teeth, having its third recession in the last six years. | Earnings from prostitution, narcotics and black market cigarettes and alcohol all helped stop the eurozone’s third- biggest economy shrinking. This meant Italy escaped, by the skin of its teeth, having its third recession in the last six years. |
The accounting system, known as SEC 2010, is supposed to help comparison of data between countries, given that some have decriminalised prostitution and drug use. | The accounting system, known as SEC 2010, is supposed to help comparison of data between countries, given that some have decriminalised prostitution and drug use. |
The revision brings a breathing space for embattled Prime Minister Matteo Renzi, who is struggling to boost the economy and implement reforms while keeping the deficit below the EU’s 3 per cent ceiling. | The revision brings a breathing space for embattled Prime Minister Matteo Renzi, who is struggling to boost the economy and implement reforms while keeping the deficit below the EU’s 3 per cent ceiling. |
But new data also showed the spectre of deflation hovering over Italy, with inflation now at -0.2 per cent. Experts note that negative inflation will make Italy’s public debt mountain even harder to pay off. | But new data also showed the spectre of deflation hovering over Italy, with inflation now at -0.2 per cent. Experts note that negative inflation will make Italy’s public debt mountain even harder to pay off. |
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