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Italy Economy 1996
Since World War II the Italian economy has changed from one based on
agriculture into a ranking industrial economy, with approximately the same
total and per capita output as France and the UK. The country is still
divided into a developed industrial north, dominated by private companies,
and an undeveloped agricultural south, dominated by large public
enterprises. Services account for 48% of GDP, industry 35%, agriculture 4%,
and public administration 13%. Most raw materials needed by industry and
over 75% of energy requirements must be imported. After growing at an
average annual rate of 3% in 1983-90, growth slowed to about 1% in 1991 and
1992, fell by 0.7% in 1993, and recovered to 2% in 1994. In the second half
of 1992, Rome became unsettled by the prospect of not qualifying to
participate in EU plans for economic and monetary union later in the decade;
thus it finally began to address its huge fiscal imbalances. Subsequently,
the government has adopted fairly stringent budgets, abandoned its highly
inflationary wage indexation system, and started to scale back its extremely
generous social welfare programs, including pension and health care
benefits. Monetary officials were forced to withdraw the lira from the
European monetary system in September 1992 when it came under extreme
pressure in currency markets. For the 1990s, Italy faces the problems of
pushing ahead with fiscal reform, refurbishing a tottering communications
system, curbing pollution in major industrial centers, and adjusting to the
new competitive forces accompanying the ongoing expansion and economic
integration of the European Union.
GDP - purchasing power parity - $998.9 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$431 billion, including capital expenditures of $NA (1994 est.)
$190.8 billion (f.o.b., 1994)
metals, textiles and clothing, production machinery, motor vehicles,
transportation equipment, chemicals, other
EU 53.4%, US 7.8%, OPEC 3.8% (1994)
$168.7 billion (c.i.f., 1994)
industrial machinery, chemicals, transport equipment, petroleum, metals,
food, agricultural products
EU 56.3%, OPEC 5.3%, US 4.6% (1994)
growth rate 4.3% (1994 est.); accounts for 35% of GDP
machinery, iron and steel, chemicals, food processing, textiles, motor
vehicles, clothing, footwear, ceramics
accounts for about 4% of GDP; self-sufficient in foods other than meat,
dairy products, and cereals; principal crops - fruits, vegetables, grapes,
potatoes, sugar beets, soybeans, grain, olives; fish catch of 525,000 metric
tons in 1990
important gateway country for Latin American cocaine and Southwest Asian
heroin entering the European market
ODA and OOF commitments (1970-89), $25.9 billion
1 Italian lira (Lit) = 100 centesimi
Italian lire (Lit) per US$1 - 1,609.5 (January 1995), 1,612.4 (1994),
1,573.7 (1993), 1,232.4 (1992), 1,240.6 (1991), 1,198.1 (1990)
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