Norway revises all GDP (Gross Domestic Product) figures back to the 70s, to adapt its financials to some int'l recommendations. As a results, the level of GDP has risen 0.8 per cent on average (!).

The Norwegian National Accounts has been revised back to 1970. As a result, the level of GDP at current prices has risen 0.8 per cent on average. The year-to-year growth rates of GDP at constant prices have also been revised. The main reason for revising the time series has been to adapt to international recommendations for the treatment of financial intermediation services and value added taxes (VAT). For the most recent years, other items have also been recalculated.

I am sure that Mr Berlusconi and his former Finance Minister Mr. Tremonti, supporters of the so called Creative Finance, would have been glad to add this to their portfolio of great reforms.

Here the full press note, from Statistic Norway.

Posted by giusec in Finance and Economics, News & Analysis at 12:19 PM | Permalink | Comments (0)

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OECD released few weeks ago an economic outlook of Milan and its metropolitan area. Nothing really new. But interesting to read it back on white on a OECD report.

Milan ranks among wealthy OECD metropolitan regions and is often identified with the “Made in Italy” brand on the international arena, notably for fashion and design. Once a successful industrial city, Milan has grown into the core of a wider industrial metropolitan region that is home to more than 7 million people. 

But

(...) public goods and services such as transportation have not kept pace with the continuous urban sprawl and the widening commuting flows across the metropolitan region. This has led to a deterioration of the region’s liveability, hampering the region’s buzz and capacity to attract knowledge workers.

And 

 Milan suffers from the lack of a well-structured and coherent innovation policy for its metropolitan area. Following the restructuring of large companies during the 1980-1990s, Milan’s productive fabric has been mostly composed of SMEs, which has contributed to delaying investment in research and development (R&D) compared with European competitors. The Lombardy regionspent consistently less than other leading European regions such as Paris-Ile-de-France, London, Baden-Württemberg in Germany and Lyon-Rhône-Alpes in France between 1998 and 2000.

Here, the full report. 

Posted by giusec in Finance and Economics, Milano, mon amour at 9:56 AM | Permalink | Comments (352)

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