Italy:
Economy

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Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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: Italy's official debt remains above 100% of GDP, and the government has found it difficult to bring the budget deficit down to a level that would allow a rapid decrease in that debt. The economy continues to grow by less than the euro-zone average and growth is expected to decelerate from 1.9% in 2006 and 2007 to under 1.5% in 2008 as the euro-zone and world economies slow.
GDP (purchasing power parity)	Definition - World rank and map $1.786 trillion (2007 est.)
GDP (official exchange rate)	Definition $2.105 trillion (2007 est.)
GDP - real growth rate	Definition - World rank and map 1.5% (2007 est.)
GDP - per capita	Definition - World rank and map $30,400 (2007 est.)
GDP - composition by sector	Definition agriculture: 1.9% industry: 28.9% services: 69.2% (2007 est.)
Labor force	Definition 24.71 million (2007 est.)
Labor force - by occupation	Definition agriculture: 5% industry: 32% services: 63% (2001)
Unemployment rate	Definition - World rank and map 6% (2007 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: 2.3% highest 10%: 26.8% (2000)
Distribution of family income - Gini index	Definition - World rank and map 33 (2005)
Inflation rate (consumer prices)	Definition - World rank and map 2% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 21.6% of GDP (2007 est.)
Budget	Definition revenues: $981.8 billion expenditures: $1.021 trillion (2007 est.)
Public debt	Definition - World rank and map 104% of GDP (2007 est.)
Agriculture - products	Definition fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish
Industries	Definition tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics
Industrial production growth rate	Definition - World rank and map 1.5% (2007 est.)
Electricity - production	Definition - World rank and map 278.5 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 307.1 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 5,281.6 kWh (2005)
Electricity - exports	Definition 1.109 billion kWh (2005)
Electricity - imports	Definition 50.26 billion kWh (2005)
Oil - production	Definition - World rank and map 164,800 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 1.732 million bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 29.8 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 521,400 bbl/day (2004)
Oil - imports	Definition - World rank and map 2.182 million bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 621.7 million bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 11.49 billion cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 82.64 billion cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 1,421 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 379.8 million cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 70.45 billion cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 217.3 billion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$47.25 billion (2007 est.)
Exports	Definition - World rank and map $501.4 billion f.o.b. (2007 est.)
Exports - commodities	Definition engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; food, beverages and tobacco; minerals, and nonferrous metals
Exports - partners	Definition Germany 12.9%, France 11.4%, Spain 7.4%, US 6.8%, UK 5.8% (2006)
Imports	Definition - World rank and map $498.6 billion f.o.b. (2007 est.)
Imports - commodities	Definition engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, and tobacco
Imports - partners	Definition Germany 16.9%, France 9%, China 5.9%, Netherlands 5.5%, Belgium 4.3%, Spain 4.2% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $94.33 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $2.345 trillion (30 June 2007)
Stock of direct foreign investment - at home	Definition $324.3 billion (2007 est.)
Stock of direct foreign investment - abroad	Definition $460.7 billion (2007 est.)
Market value of publicly traded shares	Definition $798.2 billion (2005)
Economic aid - donor	Definition ODA, $3.641 billion (2006)
Currency (code)	Definition euro (EUR)
Exchange rates	Definition euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year	Definition calendar year

Italy: Economy

Italy:
Economy