At last, it becomes clear why BTPs have sold off over the last week or so. Istat, the national statistics agency, will now include prostitution, smuggling, and sales of illegal drugs in the their calculation of Italian GDP.
In a related technical note, Istat confirmed that it is changing the classic expenditure formula for calculating the national income and product accounts to C + I + G + X - M + BB, wherein
C = Consumption
I = investment
G = Government
X = Exports
M = Imports
and
BB = Bunga-bunga
It is believed that this change represents Silvio Berlusconi's greatest contribution to spurring Italian growth in his long career. Have a good long weekend.
In a related technical note, Istat confirmed that it is changing the classic expenditure formula for calculating the national income and product accounts to C + I + G + X - M + BB, wherein
C = Consumption
I = investment
G = Government
X = Exports
M = Imports
and
BB = Bunga-bunga
It is believed that this change represents Silvio Berlusconi's greatest contribution to spurring Italian growth in his long career. Have a good long weekend.
2 comments
Click here for commentsyou forgot hiring Marco Van Basten, Ruud Gullitt and Tini Cansino
Replyciao f
Post 3-day US Holiday weekend sell-off, anyone? Vanishing volume, Op Ex and VIX expiration gone, protection as easy to obtain as an escort at a Bunga Bunga party? Just a thought.
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