The disposable income of Italian households and consumer spending both posted their biggest gains since 2011 in the first quarter this year, statistics agency ISTAT said Friday.
Disposable income rose by 2.4 percent in the first quarter compared to the same period in 2016, while consumer spending was up 2.6 percent year-on-year, according to ISTAT findings.
The national statistics agency said disposable income was up 1.5 percent in the first quarter compared to the previous quarter, and households’ purchasing power rose by 0.8 percent with respect to the previous three months.
“Family purchasing power (2.4 percent on a yearly basis) and consumption (2.6 percent) are on the rise,” Senator Andrea Marcucci from the ruling Democratic Party wrote on Facebook.
“Reforms are good for Italy…slowly the great work undertaken in three years by the government of (ex-premier Matteo) Renzi is emerging,” the senator wrote.
Italy’s deficit-to-gross domestic product (GDP) ratio stood at 4.3 percent in the first quarter, down from 4.9 percent in the same period last year, ISTAT also said in its Friday report.