Italy Economy: from the All Country Info reference guide to country facts

Italy Economy

Italy Economy: A summary of information about Italy Economy, from government research data as well as independent research and other sources.

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Italy: Economy

Economy - overview
Italy has a diversified industrial economy with
approximately the same total and per capita output as France and the
UK. This capitalistic economy remains divided into a developed
industrial north, dominated by private companies, and a less developed
agricultural south, with more than 20% unemployment. Most raw
materials needed by industry and more than 75% of energy requirements
are imported. For several years Italy has adopted budgets compliant
with the requirements of the European Monetary Union (EMU);
representatives of government, labor, and employers also agreed to an
update of the 1993 "social pact," which has been widely credited with
having brought Italy's inflation into conformity with EMU
requirements. Italy must work to stimulate employment, promote wage
flexibility, hold down the growth in pensions, and tackle the informal
economy. Growth was 1.3% in 1999 and should edge up to 2.6% in 2000,
led by investment and exports.
GDP
purchasing power parity - $1.212 trillion (1999 est.)
GDP - real growth rate
1.3% (1999 est.)
GDP - per capita
purchasing power parity - $21,400 (1999 est.)
GDP - composition by sector
agriculture: 2.6%
industry: 31.6%
services: 65.8% (1998)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: 2.9%
highest 10%: 23.7% (1991)
Inflation rate (consumer prices)
1.7% (1999 est.)
Labor force
23.193 million
Labor force - by occupation
services 61%, industry 32%, agriculture
7% (1996)
Unemployment rate
11.5% (1999 est.)
Budget
revenues: $530 billion
expenditures: $522 billion, including capital expenditures of $NA
(1999 est.)
Industries
tourism, machinery, iron and steel, chemicals, food
processing, textiles, motor vehicles, clothing, footwear, ceramics
Industrial production growth rate
1.9% (1998 est.)
Electricity - production
243.027 billion kWh (1998)
Electricity - production by source
fossil fuel: 80.22%
hydro: 17.3%
nuclear: 0%
other: 2.48% (1998)
Electricity - consumption
266.705 billion kWh (1998)
Electricity - exports
900 million kWh (1998)
Electricity - imports
41.59 billion kWh (1998)
Agriculture - products
fruits, vegetables, grapes, potatoes, sugar
beets, soybeans, grain, olives; beef, dairy products; fish
Exports
$242.6 billion (f.o.b., 1998)
Exports - commodities
engineering products, textiles and clothing,
production machinery, motor vehicles, transport equipment, chemicals;
food, beverages and tobacco; minerals and nonferrous metals
Exports - partners
EU 56% (Germany 16.5%, France 12.7%, UK 7.2%,
Spain 5.8%, Netherlands 2.9%), US 8.5% (1998)
Imports
$206.9 billion (f.o.b., 1998)
Imports - commodities
engineering products, chemicals, transport
equipment, energy products, minerals and nonferrous metals, textiles
and clothing; food, beverages and tobacco
Imports - partners
EU 61% (Germany 18.8%, France 13.12%, UK 6.47%,
Netherlands 6.2%, Belgium-Luxembourg 4.7%), US 5.1% (1998)
Debt - external
$45 billion (1996 est.)
Economic aid - donor
ODA, $1.3 billion (1997)
Currency
1 Italian lira (Lit) = 100 centesimi
Exchange rates
euros per US$1 - 0.9867 (January 2000), 0.9386 (1999);
Italian lire (Lit) per US$1 - 1,688.7 (January 1999), 1,736.2 (1998),
1,703.1 (1997), 1,542.9 (1996), 1,628.9 (1995)
note: on 1 January 1999, the EU introduced a common currency that is
now being used for non-cash transactions in some member countries at a
fixed rate of 1,936.27 lire per euro; the euro will replace the local
currency in consenting countries for all transactions in 2002
Fiscal year
calendar year
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