| Economy | Italy |
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Economy - overview:
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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 15% 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. In 2011 the government passed a series of 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 8.2% 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 from recession. |
GDP (purchasing power parity):
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$1.826 trillion (2011 est.)
$1.814 trillion (2010 est.)
$1.791 trillion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$30,100 (2011 est.)
$30,100 (2010 est.)
$29,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$2.246 trillion (2011 est.) |
GDP - real growth rate:
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0.6% (2011 est.)
1.3% (2010 est.)
-5.2% (2009 est.) |
GDP - composition by sector:
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agriculture: 1.9%
industry: 25.2%
services: 72.9% (2011 est.) |
Investment (gross fixed):
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19.7% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 2.3%
highest 10%: 26.8% (2000) |
Distribution of family income - Gini index:
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32 (2006)
27.3 (1995) |
Inflation rate (consumer prices):
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2.3% (2011 est.)
1.6% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: 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:
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4.5% (31 December 2011 est.)
4.032% (31 December 2010 est.) |
Stock of money:
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void |
Stock of money - per capita:
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void |
Stock of quasi money:
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void |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$3.469 trillion (31 December 2011 est.)
$3.221 trillion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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56,854 USD per capita |
Stock of narrow money:
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$1.265 trillion (31 December 2011 est.)
$1.205 trillion (31 December 2010 est.)
note: 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:
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$2.269 trillion (31 December 2011 est.)
$2.065 trillion (31 December 2010 est.) |
Labor force:
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25 million (2011 est.) |
Labor force participation rate:
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40.97 % of population |
Labor force - by occupation:
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agriculture: 4.2%
industry: 30.7%
services: 65.1% (2005) |
Unemployment rate:
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8.2% (2011 est.)
8.4% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 25.4%
male: 23.3%
female: 28.7% (2009) |
Budget:
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revenues: $1.041 trillion
expenditures: $1.122 trillion (2011 est.) |
Budget revenues per capita:
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17,061 USD per capita |
Taxes and other revenues:
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46.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-3.6% of GDP (2011 est.) |
Public debt:
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120.1% of GDP (2011 est.)
119.1% of GDP (2010 est.)
note: 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 |
Industries:
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tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics |
Industrial production growth rate:
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1.1% (2011 est.) |
Electricity - production:
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269.6 billion kWh (2009 est.) |
Electricity - production per capita:
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4,419 kWh per capita |
Electricity - consumption:
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314.5 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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5,155 kWh per capita |
Electricity - exports:
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2.121 billion kWh (2009 est.) |
Electricity - imports:
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44.45 billion kWh (2009 est.) |
Oil - production:
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151,800 bbl/day (2010 est.) |
Oil - production per capita:
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2,488 bbl/day per capita |
Oil - consumption:
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1.528 million bbl/day (2010 est.) |
Oil - consumption - per capita:
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9.14 bbl/year per capita |
Oil - exports:
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529,100 bbl/day (2009 est.) |
Oil - imports:
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1.8 million bbl/day (2009 est.) |
Oil - proved reserves:
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476.5 million bbl (1 January 2011 est.) |
Natural gas - production:
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8.298 billion cu m (2010 est.) |
Natural gas - production per capita:
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136 cu m per capita |
Natural gas - consumption:
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82.98 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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1,360 cu m per capita |
Natural gas - exports:
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139 million cu m (2010 est.) |
Natural gas - imports:
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75.35 billion cu m (2010 est.) |
Natural gas - proved reserves:
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63.57 billion cu m (1 January 2011 est.) |
Agriculture - products:
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fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish |
Current account balance:
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-$77.8 billion (2011 est.)
-$67.94 billion (2010 est.) |
Current account balance - per capita:
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-1,275 USD per capita |
Exports:
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$508.9 billion (2011 est.)
$448.4 billion (2010 est.) |
Exports per capita:
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8,341 USD per capita |
Exports - commodities:
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engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; food, beverages and tobacco; minerals, and nonferrous metals |
Exports - partners:
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Germany 13.2%, France 11.7%, Spain 5.9%, US 5.8%, UK 5.4%, Switzerland 4.6% (2010) |
Imports:
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$541.2 billion (2011 est.)
$473.1 billion (2010 est.) |
Imports per capita:
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8,870 USD per capita |
Imports - commodities:
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engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, and tobacco |
Imports - partners:
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Germany 16.2%, France 8.5%, China 7.9%, Netherlands 5.4%, Spain 4.5% (2010) |
Reserves of foreign exchange and gold:
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$158.9 billion (31 December 2010 est.)
$132.8 billion (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
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2,605 USD per capita |
Debt - external:
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$2.684 trillion (30 June 2011 est.)
$2.223 trillion (30 June 2010 est.) |
Debt - external - per capita:
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43,988 USD per capita |
Stock of direct foreign investment - at home:
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$412.1 billion (31 December 2011 est.)
$403 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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6,754 USD per capita |
Stock of direct foreign investment - abroad:
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$630.5 billion (31 December 2011 est.)
$601.4 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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10,334 USD per capita |
Market value of publicly traded shares:
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$318.1 billion (31 December 2010)
$317.3 billion (31 December 2009)
$520.9 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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5,214 USD per capita |
Currency (code):
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euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
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calendar year |
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