Economy of italy

The Italian economy is the eighth largest in the world in absolute terms according to the nominal GDP criterion. At the regional level, Italy is the third largest economy in the eurozone, behind Germany and France. In relative or purchasing power parity (PPP) terms, it is also among the largest in the world. The secondary or industrial sector has been the engine of Italian development, and the current axis of its economy. As in the economy of many European countries, the tertiary sector or service sector also has a great weight in the Italian economy. The country has also been a founding member of the European Union, the eurozone, the Organization for Economic Cooperation and Development (OECD) and the G-7 group.

In the post-war period, Italy transformed from an economy based on agriculture, which had been severely affected by the consequences of the world wars, to become one of the most industrialized nations in the world and a country leader in international trade and world exports. According to the Human Development Index, the country enjoys a very high standard of living and has the eighth highest quality of life in the world according to the European economics magazine The Economist. Italy is the third country in the world with the most gold reserves and is the third largest net contributor to the European Union Budget. The country is also well known for its influential and innovative business economic sector, which makes it a highly industrialized nation (with Italy being the second most manufacturing country in Europe after Germany), as well as having a competitive agricultural sector (Italy is the largest wine producer in the world), and for its creative designs with high-quality manufacturing in the automotive, naval, industrial, household appliance and fashion sectors. Italy is also the largest market for luxury goods within Europe (3rd worldwide) and the private wealth within the country is one of the largest in the world.

Despite these important achievements, the country's economy currently suffers from structural and non-structural problems. After experiencing strong growth in its gross domestic product (GDP) over the period 1945-1990, Italy's annual average economic growth rates over the past two decades have been below the European Union average. The slow and subsequent stagnation in Italian economic growth, and the political efforts to revive it with massive government spending from the 1980s onwards, eventually produced a severe increase in public debt. In addition, in recent years, the Italian economy (like other European countries) was hit by the Great World Economic Recession that started in 2008. In the last 8 years (since 2009), Italian GDP has decreased by 27%, going from having a GDP of 2,402,062 (2 trillion, 402 billion dollars) in 2008, to only producing 1,850,735 (1 trillion, 850 billion dollars) for the year 2016.

It should also be mentioned that Italian living standards have a considerable divide between the North and the South of the country: the average GDP per capita in the Northern Italian regions is somewhat higher than the European Union average, while that some regions and provinces of southern Italy are well below the average.

Historically, the country can be divided into three economic zones: the North is more industrialized and developed, dominated by large private companies and where the country's main financial center, Milan, is located; the Center has a situation in the European average; while the South is more agricultural, less developed at an industrial and infrastructural level, highly dependent on government subsidies, and with one of the highest unemployment rates in the country. It should be noted, however, that the underground economy is highly represented in the South, while it becomes less intense as you move towards the North. This brings the South in real economic conditions almost to the level of the Center.

History

Italian steel factories located in Terni in 1910.

Before the Unification of Italy, backward and patriarchal laws and systems were in force in most of the Kingdom of the Two Sicilies and the Papal States and the bourgeoisie did not exist, while in the North and in some other parts of the Center, the small kingdoms and republics that followed one another over time had established a system that promoted bourgeois commerce.

After the fall of the Western Roman Empire and the rise to power of the Lombards, in northern Italy the tradition of a certain autonomy of the municipalities had created a daring bourgeoisie and there was an economic organization favorable to capitalism, to the trade and industry. On the contrary, in the South, the patriarchal administrations of the different reigning dynasties from the Middle Ages had not created all this, leaving a situation that favored the emergence of the mafias phenomenon.

With the political unity of Italy and the arrival of the House of Savoy, some of the industries of the South, already in full crisis, were, little by little, dismantled (such as the Mongiana ferries, in Calabria) or closed (such as the fields of the Caserta area). Gradually, however, many industrialists from the North opened factories in the South, encountering bureaucratic difficulties due to poorly functioning institutions and problems related to organized crime. variant:small-caps;text-transform:lowercase">XIX Italy's industrialization process has been irregular: the north has traditionally been more industrialized and has had higher per capita income, while the south was more rural (although until 1880 the three main cities were Naples, Rome and Palermo), more dependent on agriculture, poorer and more conservative.

Industrialization was largely interconnected with the artisan sector and was located in the former political capitals of pre-unitary Italy, while large factory industry was drawn to the waterfalls of the subalpine northwest. Starting in the 1880s, as modernization accelerated, Italian industries were concentrated in the northwestern regions of Lombardy and Piedmont, with a boom in the mechanical engineering and textile sectors, especially in the cities of Turin. and Milan, and with the Liguria region, and above all with the city of Genoa, which became an important industrial pole for civil and military shipbuilding.

The spread of the industrialization process that characterized the north-western parts of the country from the 1880s, completely excluded large areas in North-East, Central and South Italy. You might think that Italian emigration was a consequence of all this, but in reality it was mainly due to new immigration laws and the large number of ocean liners leaving the ports of several large Italian cities daily. The emigration affected almost 26 million Italians. Most of the Italians would emigrate during the period between 1880 and 1914, going mainly to the United States, Argentina and Brazil, and giving rise to what is considered one of the largest mass migrations of contemporary times. During World War I Worldwide, the Royal Italian Army increased in size, entering service during the war with a total of 5 million soldiers. This came at a terrible cost in human lives, as by the end of the Great War Italy had lost around 700,000 soldiers. and had a budget deficit of billions of lire.

Fascist Era (1922-1945)

Benito Mussolini's political speech at the rostrum of Milan Square in May 1930.

Italy emerged from World War I in a poor and weakened condition. Benito Mussolini's National Fascist Party came to power in 1922, at the end of a period of serious social unrest. However, once Mussolini gained a firmer grip on power, laissez-faire and free trade were progressively abandoned in favor of government intervention and protectionism. The chart below compares the evolution relative to the population and the nominal and per capita GDP of Italy, from the year 1922 to the year 1945:

Year	GDP (PPA)	GDP per capita (PPA)	Total
1922	US$ 91.177 million	US$ 2,394	38.086,000 inhabitants
1923	US$ 98,457 million	US$ 2.560	38,460,000 inhabitants
1924	US$ 99.935 million	US$ 2.575	38.810,000 inhabitants
1925	US$ 105,588 million	US$ 2,696	39.165,000 inhabitants
1926	US$ 105,154 million	US$ 2.662	39.502,000 inhabitants
1927	US$ 101,971 million	US$ 2,559	39.848,000 inhabitants
1928	US$ 107,055 million	US$ 2.664	40,186,000 inhabitants
1929	US$ 110.925 million	US$ 2,741	40.469,000
1930	US$ 106.831 million	US$ 2,619	40.791,000 inhabitants
1931	US$ 106.488 million	US$ 2,589	41.131,000 inhabitants
1932	US$ 109.667 million	US$ 2,647	41.431,000 inhabitants
1933	US$ 109,351 million	US$ 2,619	41.753,000 inhabitants
1934	US$ 109.989 million	US$ 2,613	42.093,000 inhabitants
1935	US$ 116,891 million	US$ 2,755	42.429,000
1936	US$ 113,629 million	US$ 2,658	42,750,000 inhabitants
1937	US$ 125,973 million	US$ 2,925	43.068,000 inhabitants
1938	US$ 130,691 million	US$ 3,010	43.419,000
1939	US$ 140.192 million	US$ 3.196	43.865,000 inhabitants
1940	US$ 138.831 million	US$ 3.131	44.341,000 inhabitants
1941	US$ 137.512 million	US$ 3.074	44.734,000 inhabitants
1942	US$ 130.826 million	US$ 2,907	45.004,000 inhabitants
1943	US$ 111,632 million	US$ 2,471	45,177,000 inhabitants
1944	US$ 90.761 million	US$ 2.004	45.290,000 inhabitants
1945	US$ 82.113 million	US$ 1,807	45.442,000 inhabitants

The Great Depression of 1929 (with worldwide consequences) came to hit Italy's economy very hard. Trying to manage the crisis, the Fascist government nationalized the holdings of large banks that had accumulated important industrial assets, establishing the Istituto per la Ricostruzione Industriale. A series of mixed entities were formed, the purpose of which was to bring together representatives of the government and major companies. These representatives discussed economic policy and manipulated prices and wages to suit both the wishes of the government and the wishes of business.

This economic model based on a partnership between government and business soon spread to the political sphere, in what came to be known as corporatism. At the same time, the aggressive foreign policy of Benito Mussolini led to increased military spending by Italy. After the invasion of Ethiopia, Italy intervened in Spain to support Franco's nationalists in the Spanish civil war. By 1939, Italy had the highest percentage of state-owned companies after the Soviet Union.

Italy's participation in World War II as a member of the Axis Powers required the establishment of a war economy. The Allied invasion of Italy in 1943 eventually caused the Italian political structure and economy to rapidly collapse. The Allies, on the one hand, and the Germans on the other hand, simultaneously assumed the administration of the different areas of Italy, holding them under their control. At the end of World War II, Italian GDP per capita income was at its lowest point since the early XX century.

Economic Miracle of Post-War Italy

The Fiat 500, launched in 1957, is considered a symbol of the post-war Italian economic miracle.

Year	GDP (PPA)	GDP per capita (PPA)	Total
1945	US$ 82.113 million	US$ 1,807	45.442,000 inhabitants
1946	US$ 111.889 million	US$ 2.447	45.725,000 inhabitants
1947	US$ 134.206 million	US$ 2,915	46.040,000 inhabitants
1948	US$ 145.775 million	US$ 3.143	46.381,000 inhabitants
1949	US$ 159,499 million	US$ 3,413	46.733,000 inhabitants
1950	US$ 174.194 million	US$ 3,698	47,105,000 inhabitants
1951	US$ 188.865 million	US$ 3,983	47.418,000 inhabitants
1952	US$ 204,820 million	US$ 4.297	47.666,000 inhabitants
1953	US$ 225,301 million	US$ 4,698	47.957,000 inhabitants
1954	US$ 239,273 million	US$ 4.954	48,299,000
1955	US$ 258,241 million	US$ 5,310	48.633,000 inhabitants
1956	US$ 271,805 million	US$ 5.556	48.921,000 inhabitants
1957	US$ 291.501 million	US$ 5,927	49.182,000
1958	US$ 311.767 million	US$ 6.301	49.479,000
1959	US$ 334.970 million	US$ 6,722	49.832,000 inhabitants
1960	US$ 354.749 million	US$ 7.067	50.198,000 inhabitants
1961	US$ 388.420 million	US$ 7,688	50,523,000 inhabitants
1962	US$ 424,488 million	US$ 8,349	50.843,000 inhabitants
1963	US$ 455.150 million	US$ 8,890	51.198,000 inhabitants
1964	US$ 473.172 million	US$ 9.170	51.600,000 inhabitants
1965	US$ 484.518 million	US$ 9,320	51.987,000 inhabitants
1966	US$ 514.632 million	US$ 9,834	52.332,000
1967	US$ 559.955 million	US$ 10,632	52.667,000 inhabitants
1968	US$ 613.536 million	US$ 11.579	52.987,000 inhabitants
1969	US$ 656.705 million	US$ 12,317	53.317,000 inhabitants
1970	US$ 678.489 million	US$ 12,644	53.661,000 inhabitants
1971	US$ 697.109 million	US$ 12,908	5,46,000 inhabitants
1972	US$ 727.090 million	US$ 13,374	54.366,000 inhabitants
1973	US$ 782.007 million	US$ 14,271	54.797,000 inhabitants
1974	US$ 824,689 million	US$ 14,933	55.226,000 inhabitants
1975	US$ 817.075 million	US$ 14,703	55.572,000 inhabitants
1976	US$ 892.530 million	US$ 15,984	55.839,000
1977	US$ 939.885 million	US$ 16,766	56,059,000 inhabitants
1978	US$ 996.235 million	US$ 17.714	56,240,000 inhabitants
1979	US$ 1,082,885 million	US$ 19,211	56.368,000 inhabitants
1980	US$ 1,154,987 million	US$ 20,460	56.451,000 inhabitants

After the end of World War II, Italy was in rubble and occupied by foreign armies, a condition that worsened the chronic gap in development towards more advanced European economies. However, the new geopolitical logic of the Cold War made it possible for the former enemy of Italy, a hinge country between Western Europe and the Mediterranean, and now a new and fragile democracy threatened by the NATO occupation forces, the proximity of the Iron Curtain and the presence of a strong communist party, it was considered by the US as an important ally and received under the Marshall plan 1,204 million dollars from 1947 to 1951.^{[citation required]}

The end of aid through the Plan might have halted the recovery but it coincided with a turning point in the Korean War, whose demand for metal and manufactured goods was a further stimulus to Italian industrial production. In addition, the creation in 1957 of the European Common Market with Italy as a founding member, provided more investment and facilitated exports.

These favorable developments, combined with the presence of a large labor force, set the stage for spectacular economic growth that lasted almost uninterrupted until the mass strikes of " Hot Autumn " and the social unrest of 1969-70, which then combined with the subsequent 1973 oil crisis and put an abrupt end to the protracted boom. It has been calculated that the Italian economy experienced an average rate of GDP growth of 5.8% per year between 1951-63 and 5% per year between 1964-73. Italian growth rates were second, but very close to German prices in Europe, and among the OEEC countries only Japan had improved.

Foreign trade

In 2020, the country was the ninth largest exporter in the world (US$532.6 billion in goods, 2.8% of the world total). In the sum of exported goods and services, it reaches US$632.6 billion, ranking tenth in the world. In imports, in 2019, it was the tenth largest importer in the world: US$473.5 billion.

Primary sector

Agriculture

Harvesting grapes in Italy

Italian tomato plant

Pesche tabacchiere (paraguayos)

Italy produced in 2018:

• 8.5 million tons of grapes (second world producer, only surpassed by China);
• 6.9 million tons of wheat;
• 6.1 million tons of corn;
• 5.7 million tons of tomato (the world's seventh producer);
• 2.4 million tonnes of apple (global producer submission);
• 1.9 million tons of sugar beet (which serves to produce sugar and ethanol);
• 1.8 million tons of olives (second world producer, only surpassed by Spain);
• 1.5 million tons of orange (thirteenth world producer);
• 1.5 million tons of rice;
• 1.3 million tons of potato;
• 1.1 million tons of peach (second largest producer in the world, only surpassed by China);
• 1.1 million tons of soy;
• 1 million tons of barley;
• 716 thousand tons of pear (third world producer, only surpassed by China and the United States);
• 700 thousand tons of mandarin;
• 607 thousand tons of melon;
• 596 thousand tons of pumpkin;
• 581 thousand tons of watermelon;
• 562 thousand tons of kiwi (second world producer, only surpassed by China);
• 546 thousand tons of carrot;
• 389 thousand tons of alcachofa (most producer of the world);

In addition to minor yields of other agricultural products, such as pepper, cherry, eggplant, hazelnut, lemon, oats, lettuce, chicory, cabbage, onion, plum, sorghum, spinach, strawberry, sunflower, beans, etc.

Buffaloes in Italy. Milk is used to make mozzarella.

The country has extremely varied agricultural exports. In 2019, the most valuable were: wine ($7 billion), processed foods ($3.6 billion), cheese ($3.5 billion), macaroni ($2.1 trillion), tomato and products made with it (U$2 billion), products made with chocolate (U$2 billion), pasta (U$1.8 billion), coffee (U$1.7 billion), tobacco and processed products with him (US$1.7 billion), olive oil (US$1.5 billion), distilled beverage (US$1.3 billion), legumes (US$1.2 billion), bacon and ham (US$0.93 billion), apple (US$0.8 billion), grape (US$0.7 billion), waffle (US$0.62 billion), rice (US$600 million), pork sausage ($0.54 billion), beef ($0.52 billion), kiwi (U$0.48 billion), feed (U$0.41 billion), plus various types of fruit juices, meat and animal milk, vegetable oils, flour, sugar, various fruits, among other products.

Faced with this, agricultural activities have experienced a considerable setback, both in employment of the active population (4%), and in their participation in GDP (2.2%). Agricultural production does not meet the food demand of the population, and is especially scarce in the livestock sector: sheep (Sardinia), pigs (Emilia-Romagna). Agriculture is more widespread, with cereal crops (wheat, rice -the first European producer-, corn), legumes, industrial plants (sugar beets), vegetables (peppers, aubergines, tomatoes and onions) and flowers. Fruit growing deserves a special mention (pears, peaches and apples in Emilia, Veneto and Campania; citrus fruits in Sicily), olives (in Liguria and the Mezzogiorno), which generates the second world oil production (435,300 t), and finally, the vine, whose cultivation places Italy at the forefront of world wine production (68.6 million hl), internationally recognized for its quality.

Livestock

In livestock, Italy was, in 2019, the fifteenth world producer of pork, with a production of 1.4 million tons; the seventeenth world producer of beef, with a production of 779 thousand tons; fifteenth world producer of cow's milk, with a production of 12.4 billion liters; the 28th world producer of chicken meat, with a production of 1 million tons; the sixth world producer of buffalo milk, with a production of 249 million liters, among others.

Secondary sector

Industry

The World Bank lists the top producing countries each year, based on the total value of production. According to the 2019 list, Italy had the seventh most valuable industry in the world ($297.9 billion).

In 2019, Italy was the 19th largest producer of vehicles in the world (0.9 million) and the 11th largest producer of steel (23.2 million tons). Italy is also one of the world's top 5 wine producers (it was the world's largest producer in 2018) and the world's fourth largest producer of olive oil.

The country is famous for its luxury brands and earns billions of dollars annually as the world's largest value aggregator. Brands like Lamborghini, Ferrari, Maserati, Dolce & Gabbana, Gucci, Fendi, Valentino Giorgio Armani, Gianfranco Ferré, Gianni Versace, Missoni give stratospheric profit margins to Italian negotiations. The country imports raw materials such as leather from the poorest countries and uses the material to make luxury clothing, luxury shoes, or luxury car leather seats, multiplying the value of the product hundreds of times.

During the initial phase of the country's industrialization, especially concentrated in the north, the main industry was the textile industry. During the XX century, other industries such as the automotive industry became important. Industrial activity has been the motor of Italian development, especially since the second half of the XX century, and the current axis of your economy.

Among the main companies in the country by sector are: Fiat Chrysler Automobiles, CNH Industrial, Ducati, Piaggio (motor vehicles); Pirelli (manufacturing tires); Enel (energy); Eni (petrochemicals); Indesit, De'Longhi (appliances); Leonardo who has absorbed Alenia Aermacchi, AgustaWestland and Oto Melara (defense); Avio, Telespazio (space); Beretta (firearms); Armani, Versace, Dolce & Gabbana, Gucci, Benetton, Prada, Luxottica, Kiton (fashion); Ferrero, Autogrill, Lavazza, Perfetti Van Melle, Parmalat (food and beverages); Techint (steel); Italcementi (constructions); Mapei (construction materials); Telecom Italia, Mediaset (communications); Assicurazioni Generali, Unipol (insurance); UniCredit, Intesa Sanpaolo (banking); Ferrari, Maserati, Lamborghini (luxury vehicles); Fincantieri (shipbuilding); Costa Crociere, Gruppo Grimaldi (ship transport); Mediaset, De Agostini, RCS MediaGroup (average); Laterza, Sellerio (publication).

Ferrari Motor Vehicle

Lamborghini motor vehicle

Fiat motor vehicle

Among its main automotive companies are:

• Abarth
• Alfa Romeo
• Ansaldo
• Aquila Italiana
• Autobianchi
• Ceirano
• Chiribiri
• Tomaso
• Ducati
• Diatto
• Ferrari
• Fiat
• Fiat Group Automobiles
• Fiat Professional
• FLAG
• Iso Rivolta
• Isotta Fraschini
• Itala (cars)
• Lamborghini
• Lancia
• Maserati
• Nazzaro
• Officine Meccaniche
• Pagani
• Piaggio

Mining

The extraction of natural resources in Italy is limited, due to the absence of large amounts of natural reserves in the country. Italy depends on imports from other countries to manufacture its industrialized products. Some expressive mineral reserves - iron, aluminum, coal, granite and phosphate - are found in the south of the country.

In general, mineral production is low and without major highlights, and it is not among the world's largest producers of almost any mineral. In 2019, the country was said to be the world's 19th largest producer of sulfur, as well as being the world's 15th largest producer of salt.

Energy

Petrochemical pole in Priolo Gargallo (Siracusa).

In non-renewable energy, in 2020, the country was the 40th largest oil producer in the world, extracting 100,500 barrels / day. In 2019, the country consumed 1.26 million barrels/day (the world's 17th largest consumer). The country was the world's eighth largest oil importer in 2013 (1.34 million barrels/day). In 2016, Italy was the world's 48th largest producer of natural gas, 5.7 billion m³ per year. The country was the third largest importer of gas in the world in 2011: 70.2 billion m³ per year, mainly from Russia.

In renewable energy, in 2020, Italy was the tenth largest producer of wind energy in the world, with 10.8 GW of installed capacity, and the sixth largest producer of solar energy in the world, with 21.6 GW of installed capacity. In 2019, the country was the 11th largest in the world in installed hydroelectric power capacity: 22.6 GW.

Tertiary sector

Tertiary activities have experienced the boom that characterizes developed economies: they contribute 74.4% of the active population and occupy 68.8% of GDP. The country's economic growth has brought with it the development of the financial sector, commerce, transport and various service companies, as well as a large civil service, which has become one of the heaviest burdens the country carries. Italy has a dense land transport network, complemented by large port facilities (Genoa, Trieste, Livorno, Cagliari, Gioia Tauro) and major airports (Rome-Fiumicino, Milan-Linate). The tourist sector has the attraction of its natural resources (Adriatic coast, the Riviera, the Alps and its lakes), but also historical and artistic (Florence, Pompeii, Rome, Venice), without forgetting the attraction exerted by the City of Vatican over the entire Catholic world.

Tourism

In 2018, Italy was the fifth most visited country in the world, with 62.1 million international tourists, only surpassed by Spain, France, the United States and China. Tourism revenue this year was $49.2 billion. The largest source of tertiary income is tourism: the country is an internationally known tourist pole, and its many attractions and points of interest annually attract millions of tourists from the most varied parts of the world. Tourism is the main source of income for several Italian cities such as Rome, Naples and Venice. If we count all the restaurants, hotels and shops and commercial networks, all dependent on tourism, at different levels of importance, commerce represents 17% of Italian GDP and employs more than four million people.

• 

  Roman Colosseum

• 

  Góndolas in Venice

• 

  Fontana di Trevi

• 

  Pantheon of Rome

Ports

The 15 largest and most important commercial and tourist ports in Italy are (in order of importance):

Messina port entrance with the famous Madonnina.

• Genoa
• Trieste
• Livorno
• Cagliari
• Gioia Tauro
• Rávena
• Venice
• Messina
• Augusta
• Naples
• I'm late.
• La Spezia
• Savona
• Salerno
• Civitavecchia

Currency

Their previous currency was the Italian lira; since January 1, 2002 it is the euro.

Historical evolution of the Italian Economy (Gross Domestic Product)

Italian Economy in the 1960s

At the beginning of the 1960s, Italy had a Gross Domestic Product (nominal) of USD 40,385 million. For the year 1969, the country's GDP reached USD 97,085 million. The Italian economy grew 140.3% during this decade compared to the GDP of 1960.

Gross Domestic Product of Italy 1960-1969
Source: International Monetary Fund
Graphics produced by: Wikipedia

Italian Economy in the 1970s

At the beginning of the 70s, Italy had a Gross Domestic Product (nominal) of USD 113,021 million. For the year 1979, the country's GDP reached USD 392,379 million. The Italian economy grew 247.1% during this decade compared to the GDP of 1970.

Gross Domestic Product of Italy 1970-1979
Source: World Bank
Graphics produced by: Wikipedia

Italian Economy in the 1980s

At the beginning of the 80s, Italy had a Gross Domestic Product (nominal) of USD 483,592 million. For the year 1989, the country's GDP reached USD 939,875 million. The Italian economy grew 94.3% during this decade compared to the GDP of 1980.

Gross Domestic Product of Italy 1980-1989
Source: International Monetary Fund and World Bank
Graphics produced by: Wikipedia

Italian Economy in the 1990s

At the beginning of the 90s, Italy reached 1 trillion dollars. The Italian economy had a Gross Domestic Product (nominal) of USD 1,173,063 (1 trillion 173,063 million dollars) in 1990. For the year 1999, the country's GDP reached USD 1,250,203 million. The Italian economy grew 6.5% during this decade compared to the GDP of 1990.

Gross Domestic Product of Italy 1990-1999
Source: International Monetary Fund and World Bank
Graphics produced by: Wikipedia

Italian Economy in the 2000s

At the beginning of the 2000s, Italy had a Gross Domestic Product (nominal) of USD 1,145,109 (1 trillion 145,109 million dollars). For the year 2009, the country's GDP reached USD 2,190,700 million (2,190,700 million dollars). The Italian economy had a growth of 91.3% during this decade with respect to the GDP of the year 2000. The real Gross Domestic Product (GDP) per capita increased in the period 1969-1998, in which the country had its national currency, the lira, by 104%, while in the period 1999-2016, where the country had already adopted the euro, fell by 0.75%. At the same time, since 1999, Italy's steep decline in terms of development has begun. Fiat has ceased to dominate the European car market and the country has lost its leading position as a producer of white goods. Many factories have been closed and several large companies have moved to other countries.

Gross Domestic Product of Italy 2000-2009
Source: International Monetary Fund and World Bank
Graphics produced by: Wikipedia

Italian Economy in the 2010s

At the beginning of the 10s, Italy had a Gross Domestic Product (nominal) of USD 2,129,020 (2 trillion 129,021 million dollars). For the year 2018, the country's GDP reached USD 2,181,970 (2 trillion 181,970 million dollars). Until now (2017) the Italian economy had a nominal growth of 2.48% during this decade compared to the GDP of 2010.

Gross Domestic Product of Italy 2010-2017
Source: International Monetary Fund and World Bank
Graphics produced by: Wikipedia

Historical evolution of GDP per capita

1960s

The GDP per capita of Italy in the early 1960s was $802. At the end of the decade (1969), Italy reached 1,808 dollars, having raised its GDP per capita by 125.4% compared to 1960.

Year	GDP per capita in Dollar US$
1960	802 dollars
1961	884 dollars
1962	987 dollars
1963	1.122 dollars
1964	1.217 dollars
1965	1.299 dollars
1966	1.397 dollars
1967	1.528 dollars
1968	1.647 dollars
1969	1,808 dollars

1970s

The GDP per capita of Italy in the early 1970s was $2,095. At the end of the decade (1979), Italy reached 6,958 dollars, having raised its GDP per capita by 281.0% compared to 1970.

Year	GDP per capita in Dollar US$
1970	2.095 dollars
1971	2.293 dollars
1972	2.653 dollars
1973	3.184 dollars
1974	3,597 dollars
1975	4.083 dollars
1976	4.010 dollars
1977	4.580 dollars
1978	5,583 dollars
1979	$6,958

1980s

The GDP per capita of Italy in the early 80s was $8,576. At the end of the decade (1989), Italy reached 16,591 dollars, having raised its GDP per capita by 133.4% compared to 1980.

Year	GDP per capita in Dollar US$
1980	8,576 dollars
1981	7.765 dollars
1982	7.668 dollars
1983	7.951 dollars
1984	7.855 dollars
1985	8.111 dollars
1986	11.485 dollars
1987	14.415 dollars
1988	15,966 dollars
1989	16,591 dollars

1990s

The GDP per capita of Italy in the early 90s was $20,691. At the end of the decade (1999), Italy reached 21,968 dollars, having raised its GDP per capita by 43.23% compared to 1990.

Year	GDP per capita in Dollar US$
1990	20,691 dollars
1991	21.844 dollars
1992	23.159 dollars
1993	18,610 dollars
1994	19.186 dollars
1995	20,609 dollars
1996	23.033 dollars
1997	21.812 dollars
1998	22,284 dollars
1999	21.968 dollars

2000s

The GDP per capita of Italy in the early 2000s was $20,117. At the end of the decade (2009), Italy reached 37,130 dollars, having raised its GDP per capita by 143.0% compared to the year 2000.

Year	GDP per capita in Dollar US$	GDP per capita in Euro €$
2000	20.117 dollars	21.800 Euros
2001	20,423 dollars	22.800 Euros
2002	22.303 dollars	23.600 Euros
2003	27,527 dollars	24.200 Euros
2004	31,320 dollars	25,000 Euros
2005	32.066 dollars	25.600 Euros
2006	33,486 dollars	26.500 Euros
2007	37,890 dollars	27.400 Euros
2008	40,954 dollars	27.600 Euros
2009	37.130 dollars	26.400 Euros

2010s

The GDP per capita of Italy in the early 10s was $35,969. Until the middle of the decade (2016), Italy reached 30,507 dollars, having decreased by 51.4% its GDP per capita compared to 2010.

Year	GDP per capita in Dollar US$	GDP per capita in Euro €$
2010	35,969 dollars	26.800 Euros
2011	38.379 dollars	27.300 Euros
2012	34.919 dollars	26.700 Euros
2013	35,707 dollars	26.500 Euros
2014	35,457 dollars	26.700 Euros
2015	30.032 dollars	27.100 Euros
2016	30,507 dollars	27.600 Euros
2017	30,747 dollars	28,000 Euros
2018
2019

Economic data of the population

Employed population 30.3 million approximately in 2016.

Employed population by sector

• Agriculture: 1.99%
• Industry: 20,06%
• Services: 77.95%

Foreign trade

Imports

The merchandise with the greatest weight in Italy's imports for the period 2010-until July 2015 is presented below. The figures are expressed in US dollars, FOB value.

Imports from Italy from 2010 to April 2015. Source

Exports

The following are Italy's main trading partners for the period 2010-July 2015. Most of its importers are in Europe except for the United States, China, Russia and Turkey. The figures expressed are in US dollars.

Italy exports from November 2014-April 2015. Source