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Italy's GDP data to include prostitution, drug trade

The data will give a better picture of the country's entire economy.
By Ed Adamczyk Follow @adamczyk_ed Contact the Author   |   May 23, 2014 at 3:14 PM
| License Photo

ROME , May 23 (UPI) -- Italy's gross domestic product is poised to rise with the addition of estimates for its narcotics, prostitution and contraband trades in its calculations.

Estimates of black market revenue will be included to comply with new European Union rules, Italy's statistics agency Istat announced Thursday. Hidden economic activity, including prostitution, the drug trade, contraband tobacco products and illegally manufactured alcohol will be included, an Istat report said.

The information will be blended into gross domestic product (GDP) data beginning in 2015.

The new list of illegal revenue producers will be included so the European Union gets a better picture of member states' true economies. An accurate depiction of a country's economic status is useful in ascertaining if certain target ratios, such as debt-to-GDP, are being met.

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