Overview: Since World War II the 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 small private companies, and an undeveloped agricultural south, dominated by large public enterprises. Services account for 48% of GDP, industry 34%, agriculture 4%, and public administration 13%. Most raw materials needed by industry and over 75% of energy requirements must be imported. The economic recovery that began in mid-1983 has continued through 1990, with the economy growing at an annual average rate of 3%. For the 1990s, Italy faces the problems of refurbishing a tottering communications system, curbing pollution in major industrial centers, and adjusting to the new competitive forces accompanying the ongoing economic integration of the European Community.

GDP: $844.7 billion, per capita $14,600; real growth rate 2.0% (1990)

Inflation rate (consumer prices): 6% (1990)

Unemployment rate: 11.0% (1990 est.)

Budget: revenues $355 billion; expenditures $448 billion, including capital expenditures of $NA (1989)

Exports: $170.4 billion (f.o.b., 1990); commodities--textiles, wearing apparel, metals, transportation equipment, chemicals; partners--EC 57%, US 8%, OPEC 4%

Imports: $182.0 billion (c.i.f., 1990); commodities--petroleum, industrial machinery, chemicals, metals, food, agricultural products; partners--EC 58%, OPEC 6%, US 5%

External debt: NA

Industrial production: growth rate - 0.1% (1990); accounts for almost 35% of GDP

Electricity: 56,800,000 kW capacity; 225,000 million kWh produced, 3,900 kWh per capita (1990)

Industries: machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics

Agriculture: accounts for about 4% of GDP and 10% of the work force; self-sufficient in foods other than meat and dairy products; principal crops--fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; fish catch of 388,200 metric tons in 1988

Economic aid: donor--ODA and OOF commitments (1970-89), $25.9 billion

Currency: Italian lira (plural--lire); 1 Italian lira (Lit) = 100 centesimi

Exchange rates: Italian lire (Lit) per US$1--1,134.4 (January 1991), 1,198.1 (1990), 1,372.1 (1989), 1,301.6 (1988), 1,296.1 (1987), 1,490.8 (1986), 1,909.4 (1985)

Fiscal year: calendar year

NOTE: The information regarding Italy on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Italy Economy 1991 information contained here. All suggestions for corrections of any errors about Italy Economy 1991 should be addressed to the CIA.