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Europe
Italy |
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Last reviewed: 22 May 2009 |
Country information
ECONOMY
Basic Economic Facts
GDP: €1.27 billion (approx $1.65bn) (2008 estimate)
Annual Growth: -0.1% (2008), -3/-4% (2009 forecast)
Inflation: 1.3% (March 2009)
Unemployment: 6.8% (2008), forecast to increase to 9.2% in 2009.
Major trading partners: EU (57%), US, China, Japan, Turkey, Russia.
Italy is the world’s eighth largest industrial economy. It has few natural resources, the most important being natural gas reserves - in the Po valley and offshore in the Adriatic Sea - and some oil deposits. Most raw materials needed for manufacturing and more than 80% of the country’s energy are imported. Italy’s economic strength is in the processing and manufacturing of goods, primarily in small and medium sized family-owned firms. Its major industries are tourism, precision machinery, motor vehicles, chemicals, pharmaceuticals, electrical goods, textiles, fashion, clothing and footwear.
Italy is the world’s eighth largest industrial economy. It has few natural resources, the most important being natural gas reserves - in the Po valley and offshore in the Adriatic Sea - and some oil deposits. Most raw materials needed for manufacturing and more than 80% of the country’s energy are imported. Italy’s economic strength is in the processing and manufacturing of goods, primarily in small and medium sized family-owned firms. Its major industries are tourism, precision machinery, motor vehicles, chemicals, pharmaceuticals, electrical goods, textiles, fashion, clothing and footwear.
