The net government debt relative to GDP (raw data) in the first quarter of 2016 was 4.7%, compared with 5.2% in the corresponding quarter of 2015. This was communicated by Istat. The primary balance turned negative in the period to 4.658 billion (-5.74 billion in 2015 consideration). Their impact on GDP amounted to -1.2%, compared with -1.5% in the first quarter of 2015. The current balance (savings) in the first quarter of 2016, which also yielded negative by 8.319 billion euro, slight improvement. Total expenditure in the first quarter of 2016 increased by 0.4% compared to the corresponding quarter of 2015. As a percentage of GDP decreased in trend terms by 0.9 percentage points, falling to 47.6%.
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The current outputs, Istat said, recorded in the first quarter of 2016 a trend increase of 0.7% , resulting from the compensation of employees growth (+ 0.4%), intermediate consumption (+ 4.2%) and social benefits in cash (+ 2.3%) and by decreases in other current outputs (- 5.1%) and interest expense (-0.8%). The capital outlays fell 4.1% on-year; in particular, gross fixed capital formation increased by 0.6% and other capital outlays fell by 16.1%. The total revenue in the first quarter of 2016 increased by 1.2% in trend terms, and their impact on GDP was 42.9%, down 0.5 percentage points compared to the corresponding quarter of 2015. The current revenue in the first quarter of 2016 increased, in trend terms, by 1.0%; in particular, there were increases in direct taxes (+ 1.5%), indirect taxes (+ 2.4%) and social contributions (+ 0.9%) and a reduction in other current revenues (-5, 2%). Increasing the capital revenue (+ 48.0%) were found. In the first quarter of 2016, the tax burden was 38.9%, marking a reduction of 0.2 percentage points over the same period last year.
+ 1.1% households’ purchasing power, consumption unchanged
In the first quarter of 2016 the disposable income of households increased by 0.8% from the previous quarter, while consumption remained unchanged. According to the surveys by Istat the propensity to save of households was 8.8%, up 0.8 percentage points from the previous quarter. Since the “deflator” implicit in household consumption fell by 0.3% in quarterly terms, the purchasing power of households increased by 1.1%.
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