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surplus primario delle esportazioni

English translation: primary surplus

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16:21 Jan 17, 2012
Italian to English translations [PRO]
Economics
Italian term or phrase: surplus primario delle esportazioni
This term comes from a text examining Italy's crisis of economic credibility, and the relevant passage makes a comparison with US stats, concluding that Italy's biggest problem is more one of perceived credibility than numbers per se.

Prendendo il caso dell’Italia, essa oggi è per molti versi considerata l’anello debole dell’economia mondiale nonostante abbia il più basso deficit di bilancio tra i paesi avanzati, il più largo surplus primario delle esportazioni (che negli ultimi 12 mesi sono cresciute del 16%) e un tasso di disoccupazione relativamente basso. Gli Usa, invece, hanno un debito pubblico superiore al 100%, un deficit di bilancio intorno al 10%, un tasso di disoccupazione vicino al 10% e un deficit della bilancia commerciale di circa 600 miliardi.

I have a feeling this term has been made up the writer, but am a little stumped as to what precisely they're getting at - primary surplus or trade surplus??
Thanks advance for any help.
John
John Mifsud
United Kingdom
Local time: 21:01
English translation:primary surplus
Explanation:
"delle esportazioni" has to be an error in the source text, because the export surplus on the balance of trade has been negative for some years, while the primary surplus (budget) is positive and increasing as Gavyn Davies helpfully illustrates here:

http://blogs.ft.com/gavyndavies/2011/11/13/the-italian-job/#...

http://www.tradingeconomics.com/italy/balance-of-trade

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Note added at 57 mins (2012-01-17 17:19:02 GMT)
--------------------------------------------------

To Pompeo: The distinction made on the balance of trade is between "current account" and "capital account". The former is for trade in goods and services and earnings on capital, the second for movements of capital and pure financial transactions. The IMF calls the capital account the "financial account". The interest and dividends you speak of form part of the current account.

--------------------------------------------------
Note added at 59 mins (2012-01-17 17:21:08 GMT)
--------------------------------------------------

Both the current account (with interest)
http://www.tradingeconomics.com/italy/current-account
and the balance of trade (without interest) are negative (see link above).
Selected response from:

James (Jim) Davis
Seychelles
Local time: 01:01
Grading comment
Thanks Jim. I've gone for "primary budget surplus". I won't enter this in the open glossary given that, as you rightly observe, the term in the source text was both erroneous & confusing.
4 KudoZ points were awarded for this answer



Summary of answers provided
5Primary Export Surplus
Norman Buhagiar
4 +1primary surplus
James (Jim) Davis


Discussion entries: 1





  

Answers


31 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
surplus primario
primary surplus


Explanation:
"delle esportazioni" has to be an error in the source text, because the export surplus on the balance of trade has been negative for some years, while the primary surplus (budget) is positive and increasing as Gavyn Davies helpfully illustrates here:

http://blogs.ft.com/gavyndavies/2011/11/13/the-italian-job/#...

http://www.tradingeconomics.com/italy/balance-of-trade

--------------------------------------------------
Note added at 57 mins (2012-01-17 17:19:02 GMT)
--------------------------------------------------

To Pompeo: The distinction made on the balance of trade is between "current account" and "capital account". The former is for trade in goods and services and earnings on capital, the second for movements of capital and pure financial transactions. The IMF calls the capital account the "financial account". The interest and dividends you speak of form part of the current account.

--------------------------------------------------
Note added at 59 mins (2012-01-17 17:21:08 GMT)
--------------------------------------------------

Both the current account (with interest)
http://www.tradingeconomics.com/italy/current-account
and the balance of trade (without interest) are negative (see link above).

James (Jim) Davis
Seychelles
Local time: 01:01
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 408
Grading comment
Thanks Jim. I've gone for "primary budget surplus". I won't enter this in the open glossary given that, as you rightly observe, the term in the source text was both erroneous & confusing.

Peer comments on this answer (and responses from the answerer)
agree  Pompeo Lattanzi: ...but I think "primary" means balance of goods traded, not including financial exchanges/interests. Not quite "creative accounting" but a good example of how to lie with statistics...
12 mins
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3 hrs   confidence: Answerer confidence 5/5
Primary Export Surplus


Explanation:
This is a general economics term

Norman Buhagiar
Malta
Local time: 22:01
Works in field
Native speaker of: Native in EnglishEnglish, Native in MalteseMaltese
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Changes made by editors
Jan 17, 2012 - Changes made by John Mifsud:
FieldBus/Financial » Other


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