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Italy Economy 2014
http://www.theodora.com/wfbcurrent/italy/italy_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is high. 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 its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era records. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. 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 sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.

GDP (purchasing power parity):
$1.813 trillion (2012 est.)
country comparison to the world: 11

$1.857 trillion (2011 est.)
$1.85 trillion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.987 trillion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2.4% (2012 est.)
country comparison to the world: 211

0.4% (2011 est.)
1.7% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$29,800 (2012 est.)
country comparison to the world: 47

$30,600 (2011 est.)
$30,700 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
17.2% of GDP (2012 est.)
country comparison to the world: 93

16.7% of GDP (2011 est.)
16.4% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 60.4%
government consumption: 20.5%
investment in fixed capital: 17.9%
investment in inventories: 0%
exports of goods and services: 30.2%
imports of goods and services: -29.1%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 2%
industry: 24.2%
services: 73.8% (2012 est.)

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:
-4.1% (2012 est.)
country comparison to the world: 170
[see also: Industrial production growth rate country ranks ]

Labor force:
25.62 million (2012 est.)
country comparison to the world: 26
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 28.3%
services: 67.8% (2011)

Unemployment rate:
10.7% (2012 est.)
country comparison to the world: 112

8.4% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
19.6% (2011)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 26.8% (2000)

Distribution of family income - Gini index:
31.9 (2011)
country comparison to the world: 107

27.3 (1995)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $964.3 billion
[see also: Budget revenues country ranks ]
expenditures: $1.023 trillion (2012 est.)

Taxes and other revenues:
48.5% of GDP (2012 est.)
country comparison to the world: 15
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.9% of GDP (2012 est.)
country comparison to the world: 118
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
126.9% of GDP (2012 est.)
country comparison to the world: 7

120.7% of GDP (2011 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.3% (2012 est.)
country comparison to the world: 104

2.9% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.5% (31 December 2012)
country comparison to the world: 130

1.75% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.22% (31 December 2012 est.)
country comparison to the world: 162

4.6% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.162 trillion (31 December 2012 est.)
country comparison to the world: 6

$1.147 trillion (31 December 2011 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
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.944 trillion (31 December 2012 est.)
country comparison to the world: 9

$1.957 trillion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.438 trillion (31 December 2012 est.)
country comparison to the world: 8

$3.209 trillion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$431.5 billion (31 December 2011)
country comparison to the world: 27

$318.1 billion (31 December 2010)
$317.3 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-15.21 billion (2012 est.)
country comparison to the world: 181

$-67.14 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$478.9 billion (2012 est.)
country comparison to the world: 10

$503.1 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; food, beverages and tobacco; minerals, nonferrous metals

Exports - partners:
Germany 12.8%, France 11.3%, US 6.6%, Switzerland 5.8%, UK 5%, Spain 4.8% (2012)

Imports:
$453.5 billion (2012 est.)
country comparison to the world: 13

$524 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, and tobacco

Imports - partners:
Germany 15.7%, France 8.9%, China 7%, Netherlands 5.8%, Spain 4.8%, Belgium 4.1% (2012)

Reserves of foreign exchange and gold:
$181.7 billion (31 December 2012 est.)
country comparison to the world: 16

$173.3 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.493 trillion (31 December 2012 est.)
country comparison to the world: 8

$2.35 trillion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$457.8 billion (31 December 2012 est.)
country comparison to the world: 18

$436.2 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$653.3 billion (31 December 2012 est.)
country comparison to the world: 13

$617 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.7752 (2012 est.)
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)


NOTE: The information regarding Italy on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Italy Economy 2014 information contained here. All suggestions for corrections of any errors about Italy Economy 2014 should be addressed to the CIA.



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