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Pensions equal 16.6 pct of Italy GDP: report
Last Updated: 2020-01-16 05:34 | Xinhua
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Spending on pensions equalled 16.6 percent of Italy's gross domestic product (GDP) in 2018, national statistics institute ISTAT reported on Wednesday.

Italy's public coffers paid out 293 billion euros (almost 327 billion U.S. dollars) to 16 million beneficiaries in 2018, the statistics institute said.

Total spending on pensions rose by 2.2 percent in 2018 compared to 2017, marking "an interruption in the decreasing trend observed in the previous three-year period", the report explained.

Before that, the pensions-to-GDP ratio had been on the rise because of "the strong contraction of the economy in the crisis years, peaking at 17 percent in 2014".

After that, it started moving downward due to "a more favorable growth trend and the effects of reforms on public spending", dropping to a low of 16.5 percent in 2017, ISTAT said.

This is important because Italy, with just over 60 million residents, has the fastest aging population in the European Union (EU), with 168.9 elderly per 100 young people, according to an annual report covering 100 social and economic indicators by ISTAT that was published in April 2019.

In a country with the second-highest public debt in the eurozone after Greece, this could spell trouble for public finances: on Wednesday, the Bank of Italy released its latest tally of the public debt, showing that it stood at almost 2.5 trillion euros in November 2019.

(Editor:富博)

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Pensions equal 16.6 pct of Italy GDP: report
Source:Xinhua | 2020-01-16 05:34
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