Italy’s public debt rises to record high
July 17th, 2012 - 3:13 pm ICT by IANSRome, July 17 (IANS) Italy’s public debt hit a record high in May despite Rome’s recent efforts to ease the overstretched finances, showed a central bank report.
The national debt stood at $2,405 billion in May, up from $2,385 billion a month earlier, according to the report released Monday.
Also Monday, the International Monetary Fund predicted a negative growth of 1.9 percent for the recession-hit Italian economy in 2012, reported Xinhua.
Meanwhile, a report by Promotor, an automotive research center, showed gasoline and diesel-fuel consumption fell by a combined average of 9.7 percent in the first half of the year, the biggest drop since 1955, when the center started to collect data.
Promotor blamed the sluggish economy for the shrinking consumption, but noted that higher prices pushed total spending on gasoline and diesel up by 8.8 percent over the period.
Amid the gloomy picture, one positive figure was trade surplus in May, which was up $847 million on European countries and $387 million on non-European ones, according to the national statistics institute of Istat.
The surplus of $3.1 billion recorded during the first five months also marked a big improvement from the $22.3 billion deficit registered in the same period last year, the agency said.
-Indo-Asian News Service
rd/vm
- One in four Italians face poverty due to recession - May 24, 2011
- Italian economy contracts in Q3 - Dec 22, 2011
- Italy's 2011 debt-to-GDP ratio at record levels - Mar 03, 2012
- Italy's industrial output suffers steep October decline - Dec 09, 2011
- Recession-hit Italian hotels report fewer guests in 2012 - Sep 07, 2012
- Inflation jumps in Italy - Feb 23, 2012
- South Korea's trade surplus reduces - Jul 16, 2012
- Unemployment rises in Italy - Nov 01, 2011
- High inflation smothers salaries in Italy - Apr 25, 2012
- Italy's industrial production rose in November - Jan 13, 2012
- Consumer confidence rises in Italy - Mar 27, 2012
- China's June export growth slows - Jul 10, 2012
- South Korea's trade balance posts $2 bn surplus - Sep 01, 2012
- Employment growth stagnates in Italy amid weak economy - Aug 03, 2011
- South Korea posts first trade deficit in 24 months - Feb 01, 2012
Tags: asian news, automotive research center, diesel fuel, european countries, five months, fuel consumption, gasoline, indo, international monetary fund, istat, italian economy, july 17, national debt, national statistics institute, public debt, recession, service rd, sluggish economy, trade surplus, xinhua