Economy of Italy

Economy - overview
Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with high unemployment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but exceptionally high public debt burdens and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 120% of GDP in 2011, and borrowing costs on sovereign government debt have risen to record levels. During the second half of 2011 the government passed a series of three austerity packages to balance its budget by 2013 and decrease its public debt burden. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to address Italy's long-standing structural impediments to growth, such as an inflexible labor market and widespread tax evasion. The international financial crisis worsened conditions in Italy''s labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but in the longer-term Italy''s low fertility rate and quota-driven immigration policies will increasingly strain its economy. The euro-zone crisis along with Italian austerity measures have reduced exports and domestic demand, slowing Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
GDP (purchasing power parity)
$1.871 trillion (2011 est.)
$1.83 trillion (2009 est.)
data are in 2011 US dollars
Get Chart Code
Get Chart Code
GDP (official exchange rate)
$2.199 trillion (2011 est.)
GDP - real growth rate
0.4% (2011 est.)
-5.5% (2009 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
GDP - per capita (PPP)
$30,900 (2011 est.)
$30,500 (2009 est.)
data are in 2011 US dollars
Get Chart Code
Get Chart Code
GDP - composition by sector
agriculture:
2%
industry:
24.7%
services:
73.4% (2011 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Labor force
25.08 million (2011 est.)
rank:
26
Labor force - by occupation
agriculture:
3.9%
industry:
28.3%
services:
67.8% (2011)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Unemployment rate
8.4% (2011 est.)
8.4% (2010 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%:
2.3%
highest 10%:
26.8% (2000)
Distribution of family income - Gini index
32 (2006)
27.3 (1995)
Investment (gross fixed)
20.5% of GDP (2011 est.)
rank:
91
Budget
revenues:
$1.025 trillion
expenditures:
$1.112 trillion (2011 est.)
Taxes and other revenues
46.6% of GDP (2011 est.)
rank:
28
Budget surplus (+) or deficit (-)
-3.9% of GDP (2011 est.)
rank:
125
Get Chart Code
Get Chart Code
Public debt
120.1% of GDP (2011 est.)
118.7% of GDP (2010 est.)
Italy reports its data on public debt according to guidelines set out in the Maastricht Treaty; general government gross debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year, in the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government sector comprises the central government, state government, local government and social security funds
Inflation rate (consumer prices)
2.9% (2011 est.)
1.6% (2010 est.)
Get Chart Code
Get Chart Code
Central bank discount rate
1.75% (31 December 2011)
1.75% (31 December 2010)
this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
Commercial bank prime lending rate
4.55% (31 December 2011 est.)
4.032% (31 December 2010 est.)
Stock of narrow money
$1.147 trillion (31 December 2011 est.)
$1.205 trillion (31 December 2010 est.)
see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of broad money
$2.269 trillion (31 December 2011 est.)
$2.065 trillion (31 December 2010 est.)
Stock of domestic credit
$3.469 trillion (31 December 2011 est.)
$3.221 trillion (31 December 2010 est.)
Market value of publicly traded shares
$431.5 billion (31 December 2011)
$317.3 billion (31 December 2009)
Agriculture - products
fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish
Industries
tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics
Industrial production growth rate
0.2% (2011 est.)
rank:
147
Electricity - production
290.7 billion kWh (2010 est.)
rank:
12
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Electricity - consumption
309.9 billion kWh (2010 est.)
rank:
13
Get Chart Code
Get Chart Code
Electricity - exports
1.826 billion kWh (2010 est.)
Electricity - imports
4.599 billion kWh (2010 est.)
Oil - production
151,800 bbl/day (2010 est.)
rank:
45
Oil - consumption
1.528 million bbl/day (2010 est.)
rank:
16
Get Chart Code
Get Chart Code
Oil - exports
529,100 bbl/day (2009 est.)
rank:
28
Oil - imports
1.8 million bbl/day (2009 est.)
rank:
11
Oil - proved reserves
476.5 million bbl (1 January 2011 est.)
rank:
50
Natural gas - production
8.4 billion cu m (2011 est.)
rank:
45
Natural gas - consumption
77.8 billion cu m (2011 est.)
rank:
11
Natural gas - exports
139 million cu m (2010 est.)
rank:
46
Natural gas - imports
70.2 billion cu m (2011 est.)
rank:
5
Natural gas - proved reserves
63.57 billion cu m (1 January 2011 est.)
rank:
62
Current account balance
-$70.1 billion (2011 est.)
-$72.02 billion (2010 est.)
Get Chart Code
Get Chart Code
Get Chart Code
Get Chart Code
Exports
$523.9 billion (2011 est.)
$448.4 billion (2010 est.)
Exports - commodities
engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; food, beverages and tobacco; minerals, and nonferrous metals
Exports - partners
Germany 13.3%, France 11.8%, US 5.9%, Spain 5.4%, Switzerland 5.4%, UK 4.7% (2011)
Imports
$556.4 billion (2011 est.)
$475.7 billion (2010 est.)
Imports - commodities
engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, and tobacco
Imports - partners
Germany 16.5%, France 8.9%, China 7.7%, Netherlands 5.5%, Spain 4.7% (2011)
Reserves of foreign exchange and gold
$173.3 billion (31 December 2011 est.)
$158.9 billion (31 December 2010 est.)
Get Chart Code
Get Chart Code
Debt - external
$2.684 trillion (30 June 2011 est.)
$2.223 trillion (30 June 2010 est.)
Stock of direct foreign investment - at home
$365.5 billion (31 December 2011 est.)
$332 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$552.8 billion (31 December 2011 est.)
$487.6 billion (31 December 2010 est.)
Exchange rates
0.7345 (2007 est.)
Fiscal year
calendar year
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

Comments are closed.