Overview: Since World War II the economy has changed from one based on agriculture into a ranking industrial economy, with approximately the same total and per capita output as France and the UK. The country is still divided into a developed industrial north, dominated by large private companies and state enterprises and an undeveloped agricultural south. Services account for 58% of GDP, industry 37%, and agriculture 5%. Most raw materials needed by industry and over 75% of energy requirements must be imported. The economic recovery that began in mid-1983 has continued through 1989, with the economy growing at an annual average rate of 3%. For the 1990s, Italy faces the problems of refurbishing a tottering communications system, curbing the increasing pollution in major industrial centers, and adjusting to the new competitive forces accompanying the ongoing economic integration of the European Community.

GDP: $803.3 billion, per capita $14,000; real growth rate 3.3% (1989 est.)

Inflation rate (consumer prices): 6.6% (1989 est.)

Unemployment rate: 11.9% (1989)

Budget: revenues $355 billion; expenditures $448 billion, including capital expenditures of $NA (1989)

Exports: $141.6 billion (f.o.b., 1989); commodities--textiles, wearing apparel, metals, transportation equipment, chemicals; partners--EC 57%, US 9%, OPEC 4%

Imports: $143.1 billion (f.o.b., 1989); commodities--petroleum, industrial machinery, chemicals, metals, food, agricultural products; partners--EC 57%, OPEC 6%, US 6%

External debt: NA

Industrial production: growth rate 2.9% (1989)

Electricity: 56,022,000 kW capacity; 201,400 million kWh produced, 3,500 kWh per capita (1989)

Industries: machinery and transportation equipment, iron and steel, chemicals, food processing, textiles, motor vehicles

Agriculture: accounts for about 5% of GNP and 5% of the work force; self-sufficient in foods other than meat and dairy products; principal crops--fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; fish catch of 554,000 metric tons in 1987

Aid: donor--ODA and OOF commitments (1970-87), $18.7 billion

Currency: Italian lira (plural--lire); 1 Italian lira (Lit) = 100 centesimi

Exchange rates: Italian lire (Lit) per US$1--1,262.5 (January 1990), 1,372.1 (1989), 1,301.6 (1988), 1,296.1 (1987), 1,490.8 (1986), 1,909.4 (1985)

Fiscal year: calendar year

NOTE: The information regarding Italy on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Italy Economy 1990 information contained here. All suggestions for corrections of any errors about Italy Economy 1990 should be addressed to the CIA.