About Italy and Key Financial Statistics

About Italy and Key Financial Statistics

Overview of Economy:

taly 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 132% of GDP in 2014, 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 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Gross Domestic Product (In USD):

$2.135 trillion (2014 est.)

$2.144 trillion (2013 est.)

$2.182 trillion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 2.2

% Industry: 23.4

% Services: 74.4

Composition of Labor Force by Occupation:

% Agriculture: 3.9

% Industry: 28.3

% Services: 67.8

Per Capita Income:

$35,100 (2014 est.)

$35,300 (2013 est.)

$35,900 (2012 est.)


$513.7 billion (2014 est.)

$503.5 billion (2013 est.)

Key Export Commodities:

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

Export Partners:

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


$448.4 billion (2014 est.)

$455.4 billion (2013 est.)

Key Import Commodities:

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

Import Partners:

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

Inflation Rate (Consumer Price Index):

0.2% (2014 est.)

1.3% (2013 est.)

Exchange Rate to USD:

euros (EUR) per US dollar -

0.7489 (2014 est.)

0.7634 (2013 est.)

0.78 (2012 est.)

0.7185 (2011 est.)

0.755 (2010 est.)

Unemployment Rate:

12.7% (2014 est.)

12.2% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings