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Italy includes "System D" in GDP calculations

(System D.) Bloomberg:

Drugs, prostitution and smuggling will be part of GDP as of 2014 and prior-year figures will be adjusted to reflect the change in methodology, the Istat national statistics office said today. The revision was made to comply with European Union rules, it said.

Renzi, 39, is committed to narrowing Italy’s deficit to 2.6 percent of GDP this year, a task that’s easier if output is boosted by portions of the underground economy that previously went uncounted. Four recessions in the last 13 years left Italy’s GDP at 1.56 trillion euros ($2.13 trillion) last year, 2 percent lower than in 2001 after adjusting for inflation.

Makes sense, I suppose, whatever the motivation!

Of course, that's Italy. Nothing like that happens here....

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jo6pac's picture
Submitted by jo6pac on

love this and the Ameikan govt should say they lied about money earned in the so-called illegal drug world. Oh sure right tell the truth