Desperate Statistical Gaming May 24, 2014Posted by geoff in News.
Italy finds a way to bend the EU’s rules, rendering themselves completely pathetic in the process:
Istat, Italy’s national statistics office, will include estimated dealings from drugs, arms trafficking and prostitution in its GDP figures from now on, acoording to Bloomberg.
The Italian government had pledged to limit its budget deficit to 2.6 per cent of GDP this year, but a sudden rise in GDP will give the government a better deficit ratio, and therefore more money to spend.
Istat said the calculation would also include revenues from contraband tobacco and alcohol, adding that the procedure would be “very difficult for the obvious reason that these illegal activities are not reported”.
It makes you want to cry.