Italian household incomes up, budget deficit and taxes down: ISTAT

ROME, Jan. 5 (Xinhua) -- Italian household income rose 0.7 percent in the third quarter of 2017 and the nation's budget deficit was 2.3 percent in the first nine months last year, the best figure since 2007, official statistics agency ISTAT reported Friday.

The general government deficit (net borrowing) to gross domestic product (GDP) ratio stood at 2.1 percent in the third quarter of 2017, compared to 2.4 percent in the third quarter of 2016, the agency said.

The tax burden ratio stood at 40.3 percent of GDP, down 0.4 percentage points with respect to the same quarter the previous year, according to ISTAT. That number was the lowest since 2011, the agency said.

Tax reduction is a big item on voters' agenda, with every party promising to cut taxes if it should gain a working majority in the next general election to be held on March 4.

The household income of Italian families rose 0.7 percent, family purchasing power rose by 0.8 percent, and consumer spending rose by 0.2 percent in the third quarter last year compared to the previous quarter, ISTAT said in its quarterly report.

As well, ISTAT analysts said average household income rose by 2.1 percent and purchasing power was up by 1.1 percent compared to the third quarter of 2016. Families' inclination to save increased by 0.5 percentage point to 8.2 percent, ISTAT said. Enditem