Italy Economy

By: EconomyWatch Content   Date: 24 March 2010

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Italy is located in Southern Europe, a peninsula extending into the central Mediterranean Sea, northeast of Tunisia. Its terrain is mostly rugged and mountainous; with some plains, coastal lowlands and a predominantly Mediterranean climate.

Italy’s natural resources include coal, mercury, zinc, potash, marble, barite, asbestos, pumice, fluorspar, feldspar, pyrite (sulfur), natural gas and crude oil reserves, fish and arable land.

The Italian economy is one of the worlds most developed, the country has a high standard of living with per capita GDP higher than the EU average.

The Italian economy is also further boosted by high public literacy and efficieny in the labor force. Italy is also the world’s fifth most visited country in the world. Due to its rich history and culture, the country is a major tourist hub throughout the year.

Italy’s population as of 2010 was 60.206 million, 8.7 percent of which are unemployed.

Italy’s unemployment rate has been on the rise in the past few years. The unemployment rate has gone up from 6.8 percent in 2008 and 7.5 percent in 2009.

4.2 percent of the workforce is employed in agriculture, 30.7 percent in industries and 65.1 percent in services.

Italy Economy: Overview

According to the World Bank, Italy has been categorized as a country with high standards for business, investment and trade. In addition, the Italian economy is well developed and surpasses that of the UK, Germany and Greece.

In 2010, Italy’s GDP was US$ 1,771.14 billion; down from US$ 1,813.23 billion in 2008 before the recession. However, the Italian economy remained the 11th biggest economy in the world during the financial crisis. However Italy's growth rate shrank 5 percent in 2010 and 1 percent in 2008.

The per capita income remained high as well with the 2010 data confirming it at $30,200, slightly lower than $31,800 in 2008.

Italy Economy: Diversified and Strong

The Italian economy is highly diversified and many Italian brands and products are world famous. Ferrari is one such example. The industrial sector is well divided, based on its geography. Northern Italy is dominated by private companies whereas the South, with its fertile soil is dominated by agriculture.

The Italian economy features a strong budget that is in consonance with global standards.

In 2010, the country’s revenues were $960.1 billion and expenditures were $1.068 trillion. The Italian government has been very active in implementing new structural reforms overhauling costly entitlement programs and increasing opportunities for employment.

 

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