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Migrants scarcely as profitable to Italian economy as Fiat

More than 5 million foreigners live in Italy, as of Jan 1st 2016, creation adult 8.3 percent of a sum population.

Between them, they account a pensions of 640,000 Italians, according to a new report. This is quite considerable given usually 100,000 foreigners pull pensions themselves in Italy.

The news ‘The mercantile impact of immigration’ by a Leone Moressa Foundation, was presented to a Interior Ministry on Tuesday. Published annually, it measures a taxation and amicable confidence contributions of migrants vital in Italy, as good as their cost to a state.

In 2015, a new arrivals brought in over €7 billion in personal income taxation and €11 billion in amicable confidence contributions.

In total, they contributed €126 billion to a inhabitant GDP, or 8.8 percent of a total, creation them roughly as profitable to a Italian economy as automobile manufacturer Fiat, that generates €136 billion any year.

The figure was adult from final year, when a investigate distributed that immigrants brought in €123 billion.

As for their cost to a state, usually 1.75 percent of open spending goes towards migrants; €15 billion in total. For comparison, Italy pays €70 billion in seductiveness on debt any year, and spends €260 billion on pensions.

“Migration continues to move advantages to a Italian system,” a substructure noted, singling out grant contributions as “one of a categorical benefits”.

Young migrants are an item to ageing Italy

Most of a newcomers are young; 78.1 percent are of operative age, compared to 63.2 percent of a Italian race as a whole.

And while Italy depends some-more than 16 million pensioners, usually 100,000 of these are foreigners.

Italy also has a lowest birthrate in a EU, compounding a problem of an ageing population, and qualified youngsters are withdrawal a country in their droves. A investigate published final week warned of a “brain drain”, observant that Italians aged 18-34 done adult over a third of emigrants in 2015.

READ ALSO: Why Italy is confronting a ‘birth rate apocalypse’

Young, operative migrants therefore yield a most indispensable boost to a Italian economy. 

However, it wasn’t all good news. The investigate also remarkable that dual thirds of employed immigrants were operative in low-skilled jobs, compared to around a third of Italian-born workers. Furthermore, households with during slightest one newcomer were most some-more expected to be vital next a misery line than local Italians.

Article source: https://www.thelocal.it/20161011/migrants-are--valuable-to-the-italian-economy-pensions-tax-social-security