| 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 | 1.8% (2005 est.) |
|
| GDP - real growth rate | 1.9% (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) |
|
Distribution of family income
- Gini index | 36 (2000) |
|
| 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 -
production by source | fossil fuel: 78.6%
hydro: 18.4%
nuclear: 0%
other: 3% (2001) |
|
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 | 456,600 bbl/day (2001) |
|
| Oil - imports | 2.158 million bbl/day (2001) |
|
| Oil - proved reserves | 586.6 million bbl (1 January 2002) |
|
| 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 12.3%, US 8%, Spain 7.5%, UK 6.6% (2005) |
|
| 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 17.4%, France 10%, Netherlands 5.7%, China 4.6%, Belgium 4.5%, Spain 4.3%, UK 4% (2005) |
|
| Debt - external | $1.957 trillion (30 June 2006 est.) |
|
| 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 |
|
