Economy - overview:
Italy has a diversified economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. 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 135% of GDP in 2015, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era records. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.7% and youth unemployment around 40%, but Italy began to recover in 2015, with marginal growth and a slight reduction in unemployment.

GDP (purchasing power parity):
$2.174 trillion (2015 est.) $2.156 trillion (2014 est.) $2.166 trillion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 13
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.819 trillion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2015 est.) -0.4% (2014 est.) -1.7% (2013 est.)
country comparison to the world: 188
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$35,800 (2015 est.) $35,500 (2014 est.) $35,600 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 49
[see also: GDP - per capita country ranks ]

Gross national saving:
18.3% of GDP (2015 est.) 18.4% of GDP (2014 est.) 18.2% of GDP (2013 est.)
country comparison to the world: 95
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 60.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 16.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 30.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -26.7% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 74.2% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
0.6% (2015 est.)
country comparison to the world: 157
[see also: Industrial production growth rate country ranks ]

Labor force:
25.54 million (2015 est.)
country comparison to the world: 27
[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%
[see also: Labor force - by occupation - industry country ranks ]
services: 67.8% (2011)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
12.2% (2015 est.) 12.7% (2014 est.)
country comparison to the world: 134
[see also: Unemployment rate country ranks ]

Population below poverty line:
29.9% (2012 est.)
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
31.9 (2012 est.) 27.3 (1995)
country comparison to the world: 113
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $876 billion
[see also: Budget revenues country ranks ]
expenditures: $930.5 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
48.2% of GDP (2015 est.)
country comparison to the world: 19
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3% of GDP (2015 est.)
country comparison to the world: 111
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
135.8% of GDP (2015 est.) 132% of GDP (2014 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
country comparison to the world: 5
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.3% (2015 est.) 0.2% (2014 est.)
country comparison to the world: 47
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.25% (31 December 2013) 0.75% (31 December 2012)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 134
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.3% (31 December 2015 est.) 4.87% (31 December 2014 est.)
country comparison to the world: 158
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.1 trillion (31 December 2015 est.) $999 billion (31 December 2014 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 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
country comparison to the world: 6
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.134 trillion (31 December 2014 est.) $2.284 trillion (31 December 2013 est.)
country comparison to the world: 8
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.096 trillion (31 December 2015 est.) $3.39 trillion (31 December 2014 est.)
country comparison to the world: 8
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$480.5 billion (31 December 2012 est.) $431.5 billion (31 December 2011) $318.1 billion (31 December 2010 est.)
country comparison to the world: 23
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$36.98 billion (2015 est.) $41.11 billion (2014 est.)
country comparison to the world: 11
[see also: Current account balance country ranks ]

Exports:
$454.6 billion (2015 est.) $513.7 billion (2014 est.)
country comparison to the world: 10
[see also: Exports country ranks ]

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

Exports - partners:
Germany 12.8%, France 10.7%, US 7.2%, UK 5.3%, Switzerland 4.7%, Spain 4.6% (2014)

Imports:
$389.2 billion (2015 est.) $448.4 billion (2014 est.)
country comparison to the world: 14
[see also: Imports country ranks ]

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

Imports - partners:
Germany 16.1%, France 9%, China 7.3%, Netherlands 5.8%, Spain 5%, Belgium 4.5% (2014)

Reserves of foreign exchange and gold:
$142.2 billion (31 December 2014 est.) $145.5 billion (31 December 2013 est.)
country comparison to the world: 18
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.459 trillion (31 December 2014 est.) $2.635 trillion (31 December 2013 est.)
country comparison to the world: 9
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$505 billion (31 December 2015 est.) $490.2 billion (31 December 2014 est.)
country comparison to the world: 17
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$692.6 billion (31 December 2015 est.) $664.9 billion (31 December 2014 est.)
country comparison to the world: 15
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.89 (2015 est.) 0.75 (2014 est.) 0.76 (2013 est.) 0.78 (2012 est.) 0.72 (2011 est.)