Italian GDP

May 27, 2014

From Norwegian correspondent Espen Henriksen: Italy has decided to include the underground economy in estimates of GDP, which Bloomberg describes as adding “drugs, prostitution, and smuggling.” It’s evidently an attempt to lower the debt to GDP ratio by expanding the denominator. Our Italian correspondent, Gian Luca Clementi, reports: “Greece made this adjustment a long time ago.” (Insert your own punchline here.)

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