Economy - overview:
Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. 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, reaching 131% of GDP in 2017. 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 longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$2.307 trillion (2017 est.)
$2.273 trillion (2016 est.)
$2.253 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 13
$1.921 trillion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
1.5% (2017 est.)
0.9% (2016 est.)
0.8% (2015 est.)
country comparison to the world: 175
[see also: GDP - real growth rate country ranks ]
$38,000 (2017 est.)
$37,500 (2016 est.)
$37,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 49
19.6% of GDP (2017 est.)
19.6% of GDP (2016 est.)
18.8% of GDP (2015 est.)
country comparison to the world: 94
[see also: Gross national saving country ranks ]
household consumption: 60.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 31.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -28% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 2.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish
tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics
0.8% (2017 est.)
country comparison to the world: 172
[see also: Industrial production growth rate country ranks ]
25.94 million (2017 est.)
country comparison to the world: 25
[see also: Labor force country ranks ]
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 ]
11.4% (2017 est.)
11.7% (2016 est.)
country comparison to the world: 146
[see also: Unemployment rate country ranks ]
29.9% (2012 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 26.8% (2000)
31.9 (2012 est.)
27.3 (1995)
country comparison to the world: 116
[see also: Distribution of family income - Gini index country ranks ]
revenues: $884.4 billion
[see also: Budget - revenues country ranks ]
expenditures: $927.7 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
46% of GDP (2017 est.)
country comparison to the world: 21
[see also: Taxes and other revenues country ranks ]
-2.3% of GDP (2017 est.)
country comparison to the world: 94
[see also: Budget surplus (+) or deficit (-) country ranks ]
131.2% of GDP (2017 est.)
132.5% of GDP (2016 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 ]
calendar year
1.4% (2017 est.)
-0.1% (2016 est.)
country comparison to the world: 57
[see also: Inflation rate (consumer prices) country ranks ]
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: 137
[see also: Central bank discount rate country ranks ]
3.3% (31 December 2017 est.)
3.5% (31 December 2016 est.)
country comparison to the world: 167
[see also: Commercial bank prime lending rate country ranks ]
$1.238 trillion (31 December 2017 est.)
$1.101 trillion (31 December 2016 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: 7
[see also: Stock of narrow money country ranks ]
$1.694 trillion (31 December 2017 est.)
$1.519 trillion (31 December 2016 est.)
country comparison to the world: 11
[see also: Stock of broad money country ranks ]
$3.264 trillion (31 December 2017 est.)
$3.024 trillion (31 December 2016 est.)
country comparison to the world: 7
[see also: Stock of domestic credit country ranks ]
$587.3 billion (31 December 2014 est.)
$615.5 billion (31 December 2013 est.)
$480.5 billion (31 December 2012 est.)
country comparison to the world: 20
[see also: Market value of publicly traded shares country ranks ]
$52.83 billion (2017 est.)
$47.31 billion (2016 est.)
country comparison to the world: 10
[see also: Current account balance country ranks ]
$499.1 billion (2017 est.)
$454.1 billion (2016 est.)
country comparison to the world: 10
[see also: Exports country ranks ]
engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; foodstuffs, beverages, and tobacco; minerals, nonferrous metals
Germany 12.6%, France 10.5%, US 8.9%, UK 5.4%, Spain 5%, Switzerland 4.6% (2016)
$426.7 billion (2017 est.)
$387.1 billion (2016 est.)
country comparison to the world: 13
[see also: Imports country ranks ]
engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, tobacco
Germany 16.3%, France 8.9%, China 7.5%, Netherlands 5.5%, Spain 5.3%, Belgium 4.9% (2016)
$136 billion (31 December 2016 est.)
$130.6 billion (31 December 2015 est.)
country comparison to the world: 18
[see also: Reserves of foreign exchange and gold country ranks ]
$2.444 trillion (31 March 2016 est.)
$2.3 trillion (31 March 2015 est.)
country comparison to the world: 10
[see also: Debt - external country ranks ]
$495.2 billion (31 December 2017 est.)
$471.7 billion (31 December 2016 est.)
country comparison to the world: 18
[see also: Stock of direct foreign investment - at home country ranks ]
$607.8 billion (31 December 2017 est.)
$584.1 billion (31 December 2016 est.)
country comparison to the world: 16
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar -
0.906 (2017 est.)
0.9214 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)