Posted by: gurglin | June 2, 2008

A poor country

Italy’s economy grew by 1.5 percent in 2007, compared with 1.8 percent a year earlier, as the soaring Euro hit exports, and consumers shied away from high prices, the national statistics office Istat said on Wednesday last.

The gross domestic product figures for Europe’s third-largest economy is poor compared with the average growth of 2.6 percent in the 15-country euro zone, Istat noted.

Burdened by huge debt and low labour productivity, Italy’s economy has been lagging for more than a decade.

Nearly 15 percent of respondents to a survey in Italy indicated they were having trouble to get to the end of the month with their income, the government reported.

The Italian National Statistics Institute, Istat, reported that 6.2 percent of respondents indicated they were unable to afford proper nutrition, while 10.4 percent indicated they could not adequately afford heating.

Almost a fourth of the respondents indicated they could not afford a week off from work and 66.1 percent indicated they could not put any savings aside, ANSA reported.

Gross incomes in Italy averaged $3,624 a month, Istat reported, but half of Italians earn less than $3,000 a month, which means around $1600 net due to the heavy taxation. If you consider to rent a room (not an apartment, but just a room) in Rome costs up to $500, you can imagine the difficulties if you have a family to support…


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