Italy - Economic Indicators

Global Outlook: Passing the Peak

Sep 05, 2018

View the Moody's Analytics Global Forecast. The global economic environment remains upbeat, but has likely passed its peak for this cycle. Escalating trade tensions have stressed the economic relationship between the U.S. and China; there are rising adverse implications for the global economy and heightened downside risks to the outlook. Risks stemming from Brexit, emerging markets contagion fears, and oil price swings also remain in the spotlight. Despite...

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GDP Reference Last Previous Units Frequency
Private Consumption 2018 Q2 266,223 265,623 Mil. EUR, CDASA Quarterly
Government Consumption 2018 Q2 83,743 80,634 Mil. EUR, CDASA Quarterly
Real Gross Domestic Product 2018 Q2 402,976 402,292 Mil. Ch. 2010 EUR, CDASA Quarterly
Real Private Consumption 2018 Q2 242,524 242,336 Mil. Ch. 2010 EUR, CDASA Quarterly
Real Government Consumption 2018 Q2 78,678 78,623 Mil. Ch. 2010 EUR, CDASA Quarterly
Nominal Gross Domestic Product 2018 Q2 439,341 435,479 Mil. EUR, CDASA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 Q2 79,027 76,815 Mil. EUR, CDASA Quarterly
Real Fixed Investment (gross fixed capital formation) 2018 Q2 74,445 72,369 Mil. Ch. 2010 EUR, CDASA Quarterly
Investment 2017 296,165,700,000 287,357,700,000 NCU Annual
Real Investment 2017 279,895,800,000 272,909,400,000 NCU Annual
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Aug 2018 103.1 102.7 Index 2015=100, NSA Monthly
Producer Price Index (PPI) Jul 2018 103.1 102.8 Index 2015=100, NSA Monthly
Wholesale Price Index 1996 103.66 100 Index 2010 = 100 Annual
Labor Reference Last Previous Units Frequency
Unemployment Rate Jul 2018 10.41 10.78 %, SA Monthly
Labor Force Employment 2018 Q1 23,081 23,072 Ths. #, SA Quarterly
Total Employment 2018 Q1 23,081 23,072 Ths. #, SA Quarterly
Unemployment 2018 Q1 2,892 2,875 Ths. #, SA Quarterly
Agriculture Employment 2017 996,718 993,689 # Annual
Tertiary Industries Employment 2017 17,760,676 17,907,124 # Annual
Secondary Industries Employment 2017 5,720 5,688 Ths. # Annual
Primary Industries Employment 2017 919.3 926.8 Ths. # Annual
Wage & Salaries 2016 669,704 652,799 Mil. EUR Annual
Trade Reference Last Previous Units Frequency
Imports of Goods Jul 2018 37,056 37,097 Millions of Euros, NSA Monthly
Balance of Goods Jul 2018 5,676 5,174 Millions of Euros, NSA Monthly
Exports of Goods Jul 2018 42,732 42,272 Millions of Euros, NSA Monthly
Current Account Balance Jul 2018 8,607 5,338 Mil. EUR, NSA Monthly
Imports of Goods and Services 2018 Q2 125,618 122,700 Mil. EUR, CDASA Quarterly
Real Net Exports 2018 Q2 6,459 8,774 Mil. Ch. 2010 EUR, CDASA Quarterly
Net Exports 2018 Q2 10,996 13,152 Mil. EUR, CDASA Quarterly
Exports of Goods and Services 2018 Q2 136,614 135,851 Mil. EUR, CDASA Quarterly
Real Exports of Goods and Services 2018 Q2 126,870 127,064 Mil. Ch. 2010 EUR, CDASA Quarterly
Real Imports of Goods and Services 2018 Q2 120,412 118,291 Mil. Ch. 2010 EUR, CDASA Quarterly
Government Reference Last Previous Units Frequency
Gross External Debt 2018 Q1 0 0 USD, NSA Quarterly
Government Revenues 2018 Q1 177,843 237,731 Millions of Euro, NSA Quarterly
Government Expenditures 2018 Q1 192,618 244,751 Millions of Euro, NSA Quarterly
Government Budget Balance 2018 Q1 -14,775 -7,020 Millions of Euro, NSA Quarterly
Markets Reference Last Previous Units Frequency
Lending Rate 19 Sep 2018 0 0 %, NSA Daily
Stock Market Index 17 Sep 2018 1,256 1,247 Index, NSA Business Daily
Average Long-term Government Bond Aug 2018 3.16 2.64 % p.a., NSA Monthly
Real Estate Reference Last Previous Units Frequency
House Price Index 2018 Q1 98.7 98.8 Index 2015=100, NSA Quarterly
Residential Building Permits 2015 6,770 16,940 # Annual
Non-residential Building Permits 2015 7,832 8,007 # Annual
House Price Value 2014 188,734 Euros Annual
Consumer Reference Last Previous Units Frequency
Consumer Confidence Aug 2018 -6.6 -4.3 SA Monthly
Retail Sales Jul 2018 101.4 101.5 Index 2015=100, SA Monthly
Real Retail Sales Jul 2018 101.4 101.5 Index 2015=100, SA Monthly
Business Reference Last Previous Units Frequency
Capacity Utilization 2018 Q3 77.9 78.1 %, SA Quarterly
Business Confidence Aug 2018 104.7 105.9 Index 2010=100, SA Monthly
Industrial Production Jul 2018 105.2 107.1 Index 2015=100, SA Monthly
Change in Inventories 2018 Q2 -649.3 -745.9 Mil. EUR, CDASA Quarterly
Demographics Reference Last Previous Units Frequency
Births Apr 2018 31,388 34,874 #, NSA Monthly
Deaths Apr 2018 49,894 58,652 #, NSA Monthly
Population Apr 2018 60,421,460 60,436,469 #, NSA Monthly
Birth Rate 2016 7.8 8 # per Ths. pop. Annual
Death Rate 2016 10.1 10.7 # per Ths. pop. Annual
Net Migration 2012 264,145 # Annual

Factbook

Background

Background:
Italy became a nation-state in 1861 when the regional states of the peninsula, along with Sardinia and Sicily, were united under King Victor EMMANUEL II. An era of parliamentary government came to a close in the early 1920s when Benito MUSSOLINI established a Fascist dictatorship. His alliance with Nazi Germany led to Italy's defeat in World War II. A democratic republic replaced the monarchy in 1946 and economic revival followed. Italy is a charter member of NATO and the European Economic Community (EEC) and its subsequent successors the EC and the EU. It has been at the forefront of European economic and political unification, joining the Economic and Monetary Union in 1999. Persistent problems include sluggish economic growth, high youth and female unemployment, organized crime, corruption, and economic disparities between southern Italy and the more prosperous north.

Geography

Location:
Southern Europe, a peninsula extending into the central Mediterranean Sea, northeast of Tunisia
Geographic coordinates:
42 50 N, 12 50 E
Map references:
Europe
Area:
total: 301,340 sq km
land: 294,140 sq km
water: 7,200 sq km
note: includes Sardinia and Sicily
country comparison to the world: 73
Area - comparative:
almost twice the size of Georgia; slightly larger than Arizona
Area comparison map:
Land boundaries:
total: 1,836.4 km
border countries (6): Austria 404 km, France 476 km, Holy See (Vatican City) 3.4 km, San Marino 37 km, Slovenia 218 km, Switzerland 698 km
Coastline:
7,600 km
Maritime claims:
territorial sea: 12 nm
continental shelf: 200-m depth or to the depth of exploitation
Climate:
predominantly Mediterranean; alpine in far north; hot, dry in south
Terrain:
mostly rugged and mountainous; some plains, coastal lowlands
Elevation:
mean elevation: 538 m
elevation extremes: lowest point: Mediterranean Sea 0 m
highest point: Mont Blanc (Monte Bianco) de Courmayeur 4,748 m (a secondary peak of Mont Blanc)
Natural resources:
coal, mercury, zinc, potash, marble, barite, asbestos, pumice, fluorspar, feldspar, pyrite (sulfur), natural gas and crude oil reserves, fish, arable land
Land use:
agricultural land: 47.1%
arable land 22.8%; permanent crops 8.6%; permanent pasture 15.7%
forest: 31.4%
other: 21.5% (2011 est.)
Irrigated land:
39,500 sq km (2012)
Population - distribution:
despite a distinctive pattern with an industrial north and an agrarian south, a fairly even population distribution exists throughout most of the country, with coastal areas, the Po River Valley, and urban centers (particularly Milan, Rome, and Naples), attracting larger and denser populations
Natural hazards:
regional risks include landslides, mudflows, avalanches, earthquakes, volcanic eruptions, flooding; land subsidence in Venice
volcanism: significant volcanic activity; Etna (3,330 m), which is in eruption as of 2010, is Europe's most active volcano; flank eruptions pose a threat to nearby Sicilian villages; Etna, along with the famous Vesuvius, which remains a threat to the millions of nearby residents in the Bay of Naples area, have both been deemed Decade Volcanoes by the International Association of Volcanology and Chemistry of the Earth's Interior, worthy of study due to their explosive history and close proximity to human populations; Stromboli, on its namesake island, has also been continuously active with moderate volcanic activity; other historically active volcanoes include Campi Flegrei, Ischia, Larderello, Pantelleria, Vulcano, and Vulsini
Environment - current issues:
air pollution from industrial emissions such as sulfur dioxide; coastal and inland rivers polluted from industrial and agricultural effluents; acid rain damaging lakes; inadequate industrial waste treatment and disposal facilities
Environment - international agreements:
party to: Air Pollution, Air Pollution-Nitrogen Oxides, Air Pollution-Persistent Organic Pollutants, Air Pollution-Sulfur 85, Air Pollution-Sulfur 94, Air Pollution-Volatile Organic Compounds, Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Seals, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
strategic location dominating central Mediterranean as well as southern sea and air approaches to Western Europe

People & Society

Population:
62,137,802 (July 2017 est.)
country comparison to the world: 23
Nationality:
noun: Italian(s)
adjective: Italian
Ethnic groups:
Italian (includes small clusters of German-, French-, and Slovene-Italians in the north and Albanian-Italians and Greek-Italians in the south)
Languages:
Italian (official), German (parts of Trentino-Alto Adige region are predominantly German speaking), French (small French-speaking minority in Valle d'Aosta region), Slovene (Slovene-speaking minority in the Trieste-Gorizia area)
Religions:
Christian 80% (overwhelmingly Roman Catholic with very small groups of Jehovah's Witnesses and Protestants), Muslim (about 800,000 to 1 million), atheist and agnostic 20%
Age structure:
0-14 years: 13.65% (male 4,334,457/female 4,146,726)
15-24 years: 9.66% (male 3,008,228/female 2,996,854)
25-54 years: 42.16% (male 12,933,634/female 13,265,541)
55-64 years: 12.99% (male 3,914,061/female 4,159,859)
65 years and over: 21.53% (male 5,758,197/female 7,620,245) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 56.5
youth dependency ratio: 21.5
elderly dependency ratio: 35
potential support ratio: 2.9 (2015 est.)
Median age:
total: 45.5 years
male: 44.4 years
female: 46.5 years (2017 est.)
country comparison to the world: 5
Population growth rate:
0.19% (2017 est.)
country comparison to the world: 183
Birth rate:
8.6 births/1,000 population (2017 est.)
country comparison to the world: 215
Death rate:
10.4 deaths/1,000 population (2017 est.)
country comparison to the world: 32
Net migration rate:
3.7 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 31
Population distribution:
despite a distinctive pattern with an industrial north and an agrarian south, a fairly even population distribution exists throughout most of the country, with coastal areas, the Po River Valley, and urban centers (particularly Milan, Rome, and Naples), attracting larger and denser populations
Urbanization:
urban population: 69.3% of total population (2017)
rate of urbanization: 0.32% annual rate of change (2015-20 est.)
Major urban areas - population:
ROME (capital) 3.718 million; Milan 3.099 million; Naples 2.202 million; Turin 1.765 million; Palermo 853,000; Bergamo 840,000 (2015)
Sex ratio:
at birth: 1.06 male(s)/female
0-14 years: 1.04 male(s)/female
15-24 years: 1 male(s)/female
25-54 years: 0.98 male(s)/female
55-64 years: 0.94 male(s)/female
65 years and over: 0.75 male(s)/female
total population: 0.93 male(s)/female (2017 est.)
Mother's mean age at first birth:
30.7 years (2014 est.)
Maternal mortality ratio:
4 deaths/100,000 live births (2015 est.)
country comparison to the world: 178
Infant mortality rate:
total: 3.3 deaths/1,000 live births
male: 3.5 deaths/1,000 live births
female: 3 deaths/1,000 live births (2017 est.)
country comparison to the world: 210
Life expectancy at birth:
total population: 82.3 years
male: 79.6 years
female: 85.1 years (2017 est.)
country comparison to the world: 15
Total fertility rate:
1.44 children born/woman (2017 est.)
country comparison to the world: 206
Health expenditures:
9.2% of GDP (2014)
country comparison to the world: 37
Physicians density:
4.02 physicians/1,000 population (2016)
Hospital bed density:
3.4 beds/1,000 population (2012)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 99.5% of population
rural: 99.6% of population
total: 99.5% of population
unimproved::
urban: 0.5% of population
rural: 0.4% of population
total: 0.5% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.3% (2016 est.)
country comparison to the world: 85
HIV/AIDS - people living with HIV/AIDS:
130,000 (2016 est.)
country comparison to the world: 34
HIV/AIDS - deaths:
Obesity - adult prevalence rate:
19.9% (2016)
country comparison to the world: 107
Education expenditures:
4.1% of GDP (2014)
country comparison to the world: 93
Literacy:
definition: age 15 and over can read and write
total population: 99.2%
male: 99.4%
female: 99% (2015 est.)
School life expectancy (primary to tertiary education):
total: 16 years
male: 16 years
female: 17 years (2014)
Unemployment, youth ages 15-24:
total: 40.3%
male: 38.8%
female: 42.6% (2015 est.)
country comparison to the world: 16

Government

Country name:
conventional long form: Italian Republic
conventional short form: Italy
local long form: Repubblica Italiana
local short form: Italia
former: Kingdom of Italy
etymology: derivation is unclear, but the Latin "Italia" may come from the Oscan "Viteliu" meaning "[Land] of Young Cattle" (the bull was a symbol of southern Italic tribes)
Government type:
parliamentary republic
Capital:
name: Rome
geographic coordinates: 41 54 N, 12 29 E
time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
15 regions (regioni, singular - regione) and 5 autonomous regions (regioni autonome, singular - regione autonoma)
regions: Abruzzo, Basilicata, Calabria, Campania, Emilia-Romagna, Lazio (Latium), Liguria, Lombardia, Marche, Molise, Piemonte (Piedmont), Puglia (Apulia), Toscana (Tuscany), Umbria, Veneto
autonomous regions: Friuli-Venezia Giulia; Sardegna (Sardinia); Sicilia (Sicily); Trentino-Alto Adige (Trentino-South Tyrol) or Trentino-Suedtirol (German); Valle d'Aosta (Aosta Valley) or Vallee d'Aoste (French)
Independence:
17 March 1861 (Kingdom of Italy proclaimed; Italy was not finally unified until 1871)
National holiday:
Republic Day, 2 June (1946)
Constitution:
history: previous 1848 (originally for the Kingdom of Sardinia and adopted by the Kingdom of Italy in 1861); latest enacted 22 December 1947, adopted 27 December 1947, entered into force 1 January 1948
amendments: proposed by both houses of Parliament; passage requires two successive debates and approval by absolute majority of each house on the second vote; a referendum is only required when requested by one-fifth of the members of either house, by voter petition, or by five Regional Councils (elected legislative assemblies of the 15 first-level administrative regions and 5 autonomous regions of Italy); referendum not required if an amendment has been approved by a two-thirds majority in each house in the second vote; amended many times, last in 2012; note - a referendum held on 4 December 2016 on constitutional amendments was defeated (2017)
Legal system:
civil law system; judicial review of legislation under certain conditions in Constitutional Court
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Italy
dual citizenship recognized: yes
residency requirement for naturalization: 4 years for EU nationals, 5 years for refugees and specified exceptions, 10 years for all others
Suffrage:
18 years of age; universal except in senatorial elections, where minimum age is 25
Executive branch:
chief of state: President Sergio MATTARELLA (since 3 February 2015)
head of government: Prime Minister Paolo GENTILONI (since 12 December 2016); the prime minister's official title is President of the Council of Ministers
cabinet: Council of Ministers proposed by the prime minister, known officially as the President of the Council of Ministers and locally as the Premier; nominated by the president
elections/appointments: president indirectly elected by an electoral college consisting of both houses of Parliament and 58 regional representatives for a 7-year term (no term limits); election last held on 31 January 2015 (next to be held in 2022); prime minister appointed by the president, confirmed by parliament
election results: Sergio MATTARELLA (PD) elected president; electoral college vote count in fourth round - 665 out of 1,009 (505-vote threshold)
Legislative branch:
description: bicameral Parliament or Parlamento consists of the Senate or Senato della Repubblica (322 seats; 315 members directly elected in single- and multi-seat constituencies by proportional representation vote to serve 5-year terms and 7 ex-officio members appointed by the president of the Republic to serve for life) and the Chamber of Deputies or Camera dei Deputati (630 seats; 629 members directly elected in single- and multi-seat constituencies by proportional representation vote and 1 member from Valle d'Aosta elected by simple majority vote; members serve 5-year terms)
elections: Senate - last held on 4 March 2018 (next to be held on March 2023); Chamber of Deputies - last held on 4 March 2018 (next to be held on March 2023); President MATTARELLA dissolved parliament on 28 December 2017, triggering an early election
election results: Senate - percent of vote by party - center-right coalition 37.5% (L 17.6%, FI 14.4%, FdI 4.3%, UdC 1.2%), M5S 32.2%, center-left coalition (PD 19.1%, +E 2.3%, I 0.5%, CP 0.5%, SVP-PATT 0.4%), LeU 3.3%; seats by party - center-right coalition 77(L 37, FI 33, FdI 7), M5S 68, center-left coalition 44(PD 43, SVP-PATT 1), LeU 4
Chamber of Deputies - percent of vote by party - center-right coalition 37% (L 17.4%, FI 14%, FdI 4.4%, UdC 1.3%), M5S 33%, center-left coalition 22.9% (PD 18.8%, E+ 2.6%, I 0.6%, CP 0.5%, SVP-PATT 0.4%); seats by party - center-right coalition 151 (L73, FI 59, FdI 19), M5S 133, center-left coalition 88 (PD 86, SVP 2), LeU 14
Judicial branch:
highest court(s): Supreme Court of Cassation or Corte Suprema di Cassazione consists of the first president (chief justice), deputy president, 54 justices presiding over 6 civil and 7 criminal divisions, and 288 judges; an additional 30 judges of lower courts serve as supporting judges; cases normally heard by 5-judge panels; more complex cases heard by 9-judge panels; Constitutional Court or Corte Costituzionale (consists of the court president and 14 judges)
judge selection and term of office: Supreme Court judges appointed by the High Council of the Judiciary, headed by the president of the republic; judges may serve for life; Constitutional Court judges - 5 appointed by the president, 5 elected by parliament, 5 elected by select higher courts; judges serve up to 9 years
subordinate courts: various lower civil and criminal courts (primary and secondary tribunals, courts, and courts of appeal)
Political parties and leaders:
Ruling left-center-right coalition: Civic Choice or SC [Enrico ZANETTI]
Democratic Centre or CD [Bruno TABACCI]
Democratic Party or PD [interim leader, Maurizio MARTINA]
Popular Alliance or AP [Angelino ALFANO] (formerly New Center-Right or NCD)
Union of the Center or UdC [Pier Fernando CASSINI]
Center-right opposition: Brothers of Italy-National Alliance or FdI-AN [Giorgia MELONI, Ignazio LA RUSSA, and Guido CROSETTO]
Forza Italia or FI [Silvio BERLUSCONI] (formerly People of Freedom or PdL)
Northern League or LN [Matteo SALVINI]
Other parties and parliamentary groups: Five Star Movement or M5S [Luigi DI MAIO]
Liberal Popular Alliance or ALA [Denis VERDINI]
Democratic and Progressive Movement or MDP [Roberto SPERANZA]
Sinistra Italiani or SI [Nicola FRATOIANNI] (formerly Sinistra Ecologia Liberta or SEL)
South Tyrolean People's Party or SVP [Philipp ACHAMMER]
Political pressure groups and leaders:
manufacturers and merchants associations: Confcommercio
Confindustria
organized farm groups: Confcoltivatori
Confagricoltura
major trade union confederations: Confederazione Generale Italiana del Lavoro or CGIL [Susanna CAMUSSO] (left wing)
Confederazione Italiana dei Sindacati Lavoratori or CISL [Raffaele BONANNI] (Roman Catholic centrist)
Unione Italiana del Lavoro or UIL [Luigi ANGELETTI] (lay centrist)
other: Roman Catholic Church
International organization participation:
ADB (nonregional member), AfDB (nonregional member), Arctic Council (observer), Australia Group, BIS, BSEC (observer), CBSS (observer), CD, CDB, CE, CEI, CERN, EAPC, EBRD, ECB, EIB, EITI (implementing country), EMU, ESA, EU, FAO, FATF, G-7, G-8, G-10, G-20, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, MINURSO, MINUSMA, NATO, NEA, NSG, OAS (observer), OECD, OPCW, OSCE, Pacific Alliance (observer), Paris Club, PCA, PIF (partner), Schengen Convention, SELEC (observer), SICA (observer), UN, UN Security Council (temporary), UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, Union Latina, UNMOGIP, UNRWA, UNTSO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Armando VARRICCHIO (since 2 March 2016)
chancery: 3000 Whitehaven Street NW, Washington, DC 20008
telephone: [1] (202) 612-4400
FAX: [1] (202) 518-2151
consulate(s) general: Boston, Chicago, Detroit, Houston, Miami, New York, Los Angeles, Philadelphia, San Francisco
consulate(s): Charlotte (NC), Cleveland (OH), Detroit (MI), Hattiesburg (MS), Honolulu (HI), New Orleans, Newark (NJ), Norfolk (VA), Pittsburgh (PA), Portland (OR), Seattle
Diplomatic representation from the US:
chief of mission: Ambassador Lewis EISENBERG (since 4 October 2017); note - also accredited to San Marino
embassy: Via Vittorio Veneto 121, 00187-Rome
mailing address: PSC 59, Box 100, APO AE 09624
telephone: (+39)06.46741
FAX: [39] (06) 4674-2244
consulate(s) general: Florence, Milan, Naples
Flag description:
three equal vertical bands of green (hoist side), white, and red; design inspired by the French flag brought to Italy by Napoleon in 1797; colors are those of Milan (red and white) combined with the green uniform color of the Milanese civic guard
note: similar to the flag of Mexico, which is longer, uses darker shades of red and green, and has its coat of arms centered on the white band; Ireland, which is longer and is green (hoist side), white, and orange; also similar to the flag of the Cote d'Ivoire, which has the colors reversed - orange (hoist side), white, and green
National symbol(s):
white, five-pointed star (Stella d'Italia); national colors: red, white, green
National anthem:
name: "Il Canto degli Italiani" (The Song of the Italians)
lyrics/music: Goffredo MAMELI/Michele NOVARO
note: adopted 1946; the anthem, originally written in 1847, is also known as "L'Inno di Mameli" (Mameli's Hymn), and "Fratelli D'Italia" (Brothers of Italy)

Economy

Economy - overview:
Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors.
Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 131% of GDP in 2017. Investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era records. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.
GDP (purchasing power parity):
$2.307 trillion (2017 est.)
$2.273 trillion (2016 est.)
$2.253 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 13
GDP (official exchange rate):
$1.921 trillion (2017 est.)
GDP - real growth rate:
1.5% (2017 est.)
0.9% (2016 est.)
0.8% (2015 est.)
country comparison to the world: 172
GDP - per capita (PPP):
$38,000 (2017 est.)
$37,500 (2016 est.)
$37,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 49
Gross national saving:
19.6% of GDP (2017 est.)
19.6% of GDP (2016 est.)
18.8% of GDP (2015 est.)
country comparison to the world: 94
GDP - composition, by end use:
household consumption: 60.2%
government consumption: 18.7%
investment in fixed capital: 17.2%
investment in inventories: 0.1%
exports of goods and services: 31.8%
imports of goods and services: -28% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 2.1%
industry: 24%
services: 73.9% (2017 est.)
Agriculture - products:
fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish
Industries:
tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics
Industrial production growth rate:
0.8% (2017 est.)
country comparison to the world: 173
Labor force:
25.94 million (2017 est.)
country comparison to the world: 25
Labor force - by occupation:
agriculture: 3.9%
industry: 28.3%
services: 67.8% (2011 est.)
Unemployment rate:
11.4% (2017 est.)
11.7% (2016 est.)
country comparison to the world: 148
Population below poverty line:
29.9% (2012 est.)
Household income or consumption by percentage share:
lowest 10%: 2.3%
highest 10%: 26.8% (2000 est.)
Distribution of family income - Gini index:
31.9 (2012 est.)
27.3 (1995 est.)
country comparison to the world: 122
Budget:
revenues: $884.4 billion
expenditures: $927.7 billion (2017 est.)
Taxes and other revenues:
46% of GDP (2017 est.)
country comparison to the world: 21
Budget surplus (+) or deficit (-):
-2.3% of GDP (2017 est.)
country comparison to the world: 94
Public debt:
131.2% of GDP (2017 est.)
132.5% of GDP (2016 est.)
note: Italy reports its data on public debt according to guidelines set out in the Maastricht Treaty; general government gross debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year, in the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government sector comprises the central government, state government, local government and social security funds
country comparison to the world: 5
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.4% (2017 est.)
-0.1% (2016 est.)
country comparison to the world: 58
Central bank discount rate:
0.25% (31 December 2013 est.)
0.75% (31 December 2012 est.)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 141
Commercial bank prime lending rate:
3.3% (31 December 2017 est.)
3.5% (31 December 2016 est.)
country comparison to the world: 167
Stock of narrow money:
$1.238 trillion (31 December 2017 est.)
$1.101 trillion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world: 7
Stock of broad money:
$1.694 trillion (31 December 2017 est.)
$1.519 trillion (31 December 2016 est.)
country comparison to the world: 11
Stock of domestic credit:
$3.264 trillion (31 December 2017 est.)
$3.024 trillion (31 December 2016 est.)
country comparison to the world: 7
Market value of publicly traded shares:
$587.3 billion (31 December 2014 est.)
$615.5 billion (31 December 2013 est.)
$480.5 billion (31 December 2012 est.)
country comparison to the world: 20
Current account balance:
$52.83 billion (2017 est.)
$47.31 billion (2016 est.)
country comparison to the world: 10
Exports:
$499.1 billion (2017 est.)
$454.1 billion (2016 est.)
country comparison to the world: 10
Exports - commodities:
engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; foodstuffs, beverages, and tobacco; minerals, nonferrous metals
Exports - partners:
Germany 12.6%, France 10.5%, US 8.9%, UK 5.4%, Spain 5%, Switzerland 4.6% (2016)
Imports:
$426.7 billion (2017 est.)
$387.1 billion (2016 est.)
country comparison to the world: 13
Imports - commodities:
engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, tobacco
Imports - partners:
Germany 16.3%, France 8.9%, China 7.5%, Netherlands 5.5%, Spain 5.3%, Belgium 4.9% (2016)
Reserves of foreign exchange and gold:
$136 billion (31 December 2016 est.)
$130.6 billion (31 December 2015 est.)
country comparison to the world: 18
Debt - external:
$2.444 trillion (31 March 2016 est.)
$2.3 trillion (31 March 2015 est.)
country comparison to the world: 10
Stock of direct foreign investment - at home:
$495.2 billion (31 December 2017 est.)
$471.7 billion (31 December 2016 est.)
country comparison to the world: 18
Stock of direct foreign investment - abroad:
$607.8 billion (31 December 2017 est.)
$584.1 billion (31 December 2016 est.)
country comparison to the world: 16
Exchange rates:
euros (EUR) per US dollar -
0.89 (2017 est.)
0.9 (2016 est.)
0.92 (2015 est.)
0.89 (2014 est.)
0.76 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
269.3 billion kWh (2015 est.)
country comparison to the world: 15
Electricity - consumption:
296 billion kWh (2015 est.)
country comparison to the world: 13
Electricity - exports:
6.155 billion kWh (2016 est.)
country comparison to the world: 31
Electricity - imports:
43.18 billion kWh (2016 est.)
country comparison to the world: 3
Electricity - installed generating capacity:
117 million kW (2015 est.)
country comparison to the world: 11
Electricity - from fossil fuels:
52.8% of total installed capacity (2015 est.)
country comparison to the world: 146
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 113
Electricity - from hydroelectric plants:
12.5% of total installed capacity (2015 est.)
country comparison to the world: 114
Electricity - from other renewable sources:
28.6% of total installed capacity (2015 est.)
country comparison to the world: 18
Crude oil - production:
70,670 bbl/day (2016 est.)
country comparison to the world: 49
Crude oil - exports:
11,610 bbl/day (2016 est.)
country comparison to the world: 58
Crude oil - imports:
1.231 million bbl/day (2016 est.)
country comparison to the world: 8
Crude oil - proved reserves:
556.7 million bbl (1 January 2017 est.)
country comparison to the world: 48
Refined petroleum products - production:
1.567 million bbl/day (2016 est.)
country comparison to the world: 13
Refined petroleum products - consumption:
1.253 million bbl/day (2016 est.)
country comparison to the world: 20
Refined petroleum products - exports:
572,000 bbl/day (2016 est.)
country comparison to the world: 14
Refined petroleum products - imports:
449,600 bbl/day (2016 est.)
country comparison to the world: 19
Natural gas - production:
5.785 billion cu m (2016 est.)
country comparison to the world: 49
Natural gas - consumption:
70.91 billion cu m (2015 est.)
country comparison to the world: 18
Natural gas - exports:
21.2 million cu m (2016 est.)
country comparison to the world: 53
Natural gas - imports:
65.28 billion cu m (2016 est.)
country comparison to the world: 6
Natural gas - proved reserves:
49.13 billion cu m (1 January 2017 est.)
country comparison to the world: 65
Carbon dioxide emissions from consumption of energy:
362 million Mt (2013 est.)
country comparison to the world: 19

Communications

Telephones - fixed lines:
total subscriptions: 20,267,173
subscriptions per 100 inhabitants: 33 (July 2016 est.)
country comparison to the world: 14
Telephones - mobile cellular:
total: 90,927,149
subscriptions per 100 inhabitants: 146 (July 2016 est.)
country comparison to the world: 18
Telephone system:
general assessment: modern, well-developed, fast; fully automated telephone, telex, and data services
domestic: high-capacity cable and microwave radio relay trunks
international: country code - 39; a series of submarine cables provide links to Asia, Middle East, Europe, North Africa, and US; satellite earth stations - 3 Intelsat (with a total of 5 antennas - 3 for Atlantic Ocean and 2 for Indian Ocean), 1 Inmarsat (Atlantic Ocean region), and NA Eutelsat (2015)
Broadcast media:
two Italian media giants dominate - the publicly owned Radiotelevisione Italiana (RAI) with 3 national terrestrial stations and privately owned Mediaset with 3 national terrestrial stations; a large number of private stations and Sky Italia - a satellite TV network; RAI operates 3 AM/FM nationwide radio stations; about 1,300 commercial radio stations (2007)
Internet country code:
.it
Internet users:
total: 38,025,661
percent of population: 61.3% (July 2016 est.)
country comparison to the world: 19

Transportation

National air transport system:
number of registered air carriers: 9
inventory of registered aircraft operated by air carriers: 382
annual passenger traffic on registered air carriers: 26,036,010
annual freight traffic on registered air carriers: 945,433,732 mt-km (2015)
Civil aircraft registration country code prefix:
I (2016)
Airports:
129 (2013)
country comparison to the world: 45
Airports - with paved runways:
total: 98
over 3,047 m: 9
2,438 to 3,047 m: 31
1,524 to 2,437 m: 18
914 to 1,523 m: 29
under 914 m: 11 (2017)
Airports - with unpaved runways:
total: 31
1,524 to 2,437 m: 1
914 to 1,523 m: 10
under 914 m: 20 (2013)
Heliports:
5 (2013)
Pipelines:
gas 20,223 km; oil 1,393 km; refined products 1,574 km (2013)
Railways:
total: 20,181.7 km
standard gauge: 18,770.1 km 1.435-m gauge (12,893.6 km electrified)
narrow gauge: 122.3 km 1.000-m gauge (122.3 km electrified); 1,289.3 km 0.950-m gauge (151.3 km electrified) (2014)
country comparison to the world: 14
Roadways:
total: 487,700 km
paved: 487,700 km (includes 6,700 km of expressways) (2007)
country comparison to the world: 15
Waterways:
2,400 km (used for commercial traffic; of limited overall value compared to road and rail) (2012)
country comparison to the world: 36
Merchant marine:
total: 1,430
by type: bulk carrier 65, container ship 10, general cargo 145, oil tanker 135, other 1,075 (2017)
country comparison to the world: 20
Ports and terminals:
major seaport(s): Augusta, Cagliari, Genoa, Livorno, Taranto, Trieste, Venice
oil terminal(s): Melilli (Santa Panagia) oil terminal, Sarroch oil terminal
container port(s) (TEUs): Genoa (2,243,000), Gioia Tauro (3,512,000), La Spezia (1,300,000) (2015)
LNG terminal(s) (import): La Spezia, Panigaglia, Porto Levante

Military & Security

Military expenditures:
1.12% of GDP (2017)
1.51% of GDP (2016)
1.39% of GDP (2015)
1.47% of GDP (2014)
1.59% of GDP (2013)
country comparison to the world: 72
Military branches:
Italian Armed Forces: Army (Esercito Italiano, EI), Navy (Marina Militare Italiana, MMI), Italian Air Force (Aeronautica Militare Italiana, AMI), Carabinieri Corps (Arma dei Carabinieri, CC), Financial Guard (Guardia di Finanza) (2015)
Military service age and obligation:
18-25 years of age for voluntary military service; women may serve in any military branch; Italian citizenship required; 1-year service obligation (2013)

Transnational Issues

Disputes - international:
Italy's long coastline and developed economy entices tens of thousands of illegal immigrants from southeastern Europe and northern Africa
Refugees and internally displaced persons:
refugees (country of origin): 16,033 (Afghanistan); 14,336 (Somalia); 14,247 (Nigeria); 13,412 (Pakistan); 11,327 (Mali); 10,049 (Eritrea); 7,723 (Gambia); 5,805 (Cote d'Ivoire) (2016); 10,410 (Ukraine) (2017); note: estimate represents asylum applicants since Ukraine crisis began in 2014 until September 2017
stateless persons: 701 (2016)
note: 465,306 estimated refugee and migrant arrivals by sea (January 2015 - May 2018); 119,369 arrivals in 2017
Illicit drugs:
important gateway for and consumer of Latin American cocaine and Southwest Asian heroin entering the European market; money laundering by organized crime and from smuggling

Economic Indicators for Italy including actual values, historical data, and latest data updates for the Italy economy.