Worsens the ratio of debt to Gdp, but decrease the fiscal pressure – The Republic

the MILAN A photograph of the third quarter of 2016, Istat publishes a series of data on the indebtedness of public administrations, purchasing power and household income, the fiscal pressure and the profit of the companies.

debt Ratio. In the third quarter of 2016, the general Government net borrowing-to-Gdp ratio was equal to 2.1%, a slight worsening (+0.1 percentage points) compared to the same quarter of 2015. Makes known the Istat. The primary balance (debt net of interest expense) was positive, with an incidence on Gdp of 1.7% (1.9% in the third quarter of 2015). The current account balance was also positive, with an incidence on Gdp of 0.8% (1.5% in the third quarter of the year 2015).

Propensity to save. The propensity to save of consumer households (defined by the ratio between gross saving and gross disposable income) in the third quarter of 2016 was equal to 9.3%, an increase of 0.6% compared to the same period of 2015. The slight dip in economic activity (by 0.1%) in the propensity to save compared to the previous quarter derives from a growth of the final consumption slightly greater than that of the disposable income of consumer households (0,3% and 0,2%, respectively).

Income available. In the face of consumer price inflation, measured by the deflator implicit in consumption of 0.2% in the short term, the purchasing power of households increased in the third quarter compared to the previous 0.1%. In terms of inflation, the disposable income of consumer households increased by 1.9% and the deflator implicit in consumer spending of 0.1%, resulting in a growth of the purchasing power of 1.8%.

Investment. investment rate of consumer households (defined as the ratio between gfcf of consumer households, which comprise only purchases of homes, and disposable income) in the third quarter of 2016 was equal to 5.9%, and is unchanged compared to both the previous quarter to the corresponding quarter of 2015. In terms of economic there was a slight decline of gross fixed capital formation (-0,2%) in relation to the content increase of the gross disposable income.

corporate Profit. The share of profit of non-financial corporations (defined as the ratio between gross operating surplus and gross value added (at basic prices) in the third quarter of 2016 was equal to 41.7%, an increase of 0.4 percentage points compared to the same quarter of 2015, and stable compared to the previous quarter. And’ as reported by Istat, emphasizing that “the stability of the economic indicator is the result of a growth of intensity similar to the gross operating surplus and value added (+0.5% for both aggregates)”. The rate of investment of non-financial corporations (defined as the ratio between fixed investment and gross value added at basic prices) in the third quarter of 2016 was equal to 19.4%, an increase of 0.3 percentage points compared to the previous quarter and 0.1 percentage points compared to the same period of 2015. Gross fixed investment of non-financial companies marked a growth of 2.2% in terms of economic and 3.8% in terms of trend.

tax Pressure. In the third quarter of 2016, the tax burden was equal to 40.8% of Gdp, marking a reduction of 0.2 percentage points compared to the same period of the previous year.