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World > Europe > Italy > Economy (Facts)

Italy - Economy (Facts)
Economy - overview: Italy has a diversified industrial economy with roughly the same total and per capita output as France and the UK. This capitalistic economy remains divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with 20% unemployment. Most raw materials needed by industry and more than 75% of energy requirements are imported. Over the past decade, Italy has pursued a tight fiscal policy in order to meet the requirements of the Economic and Monetary Unions and has benefited from lower interest and inflation rates. The current government has enacted numerous short-term reforms aimed at improving competitiveness and long-term growth. Italy has moved slowly, however, on implementing needed structural reforms, such as lightening the high tax burden and overhauling Italy's rigid labor market and over-generous pension system, because of the current economic slowdown and opposition from labor unions. But the leadership faces a severe economic constraint: the budget deficit has breached the 3% EU ceiling. The economy experienced low growth in 2006, and unemployment remained at a high level.
GDP - real growth rate: 1.9% (2006 est.)
GDP (purchasing power parity): $1.756 trillion (2006 est.)
GDP (official exchange rate): $1.785 trillion (2006 est.)
GDP - per capita (PPP): $30,200 (2006 est.)
GDP - composition by sector: agriculture: 2%
industry: 29.1%
services: 69% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: 2.1%
highest 10%: 26.6% (2000)
Inflation rate (consumer prices): 2.3% (2006 est.)
Labor force: 24.63 million (2006 est.)
Labor force - by occupation: agriculture: 5%
industry: 32%
services: 63% (2001)
Unemployment rate: 7% (2006 est.)
Budget: revenues: $832.9 billion
expenditures: $925 billion; including capital expenditures of NA (2006 est.)
Industries: tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics
Industrial production growth rate: 1.5% (2006 est.)
Electricity - production: 277.6 billion kWh (2004)
Electricity - consumption: 303.8 billion kWh (2004)
Electricity - exports: 800 million kWh (2004)
Electricity - imports: 46.4 billion kWh (2004)
Oil - production: 145,100 bbl/day (2004 est.)
Oil - consumption: 1.881 million bbl/day (2004 est.)
Oil - exports: 521,400 bbl/day (2004)
Oil - imports: 2.182 million bbl/day (2004)
Oil - proved reserves: 621.7 million bbl (1 January 2005)
Natural gas - production: 12.96 billion cu m (2004 est.)
Natural gas - exports: 396 million cu m (2004 est.)
Natural gas - imports: 67.91 billion cu m (2004 est.)
Agriculture - products: fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish
Exports: $450.1 billion f.o.b. (2006 est.)
Exports - commodities: engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; food, beverages and tobacco; minerals, and nonferrous metals
Exports - partners: Germany 13.2%, France 11.7%, US 7.6%, Spain 7.3%, UK 6.1% (2006)
Imports: $445.6 billion f.o.b. (2006 est.)
Imports - commodities: engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, and tobacco
Imports - partners: Germany 16.7%, France 9.2%, Netherlands 5.6%, China 5.2%, Belgium 4.2%, Spain 4.1% (2006)
Debt - external: $1.957 trillion (30 June 2006 est.)
Currency: Euro (EUR)

Current Euro Exchange Rates
Historical Euro Exchange Rates
Chart Euro Exchange Rates
Currency code: EUR
Exchange rates: euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Euro Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Euro Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Foreign Relations
Relations with U.S.





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