The total trade payables owed by businesses to public administrations at the end of 2011 exceeds what was previously forecast by Bank of Italy: it is equal to approximately 90 billion, 5,8% of GDP. This is the estimate provided by the central director for economic research and international relations of Bank of Italy, Daniele Franco, in the hearing in the Chamber on the update note of the Def following the unblocking of PA payments to businesses.
The preliminary estimate released by the central institute with the report on the year 2011 placed the total amount of commercial debts of public administrations at around 5% of GDP. The upward revision is due, via Nazionale explained, to a more refined estimation methodology and the updating of sources.
Istat estimated debts for 2011 at about 67 billion euros. However, Bank of Italy specified that in our country the current accounting systems of public administrations do not allow a systematic and exhaustive recording of trade payables and that these estimates can provide general indications on the size and distribution of payables.
Instead, we will have to wait until May to get the estimates for 31 December 2012 of the trade payables of the public administration to businesses. The president of Confindustria, Giorgio Squinzi, is satisfied: “finally. They had started from 71 billion, but in our opinion they were a little more. We are pleased that they slowly arrive at our theses".
