Economy - overview:
Italy’s economy comprises 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 growth is projected to slow slightly in 2018.

GDP (purchasing power parity):
$2.317 trillion (2017 est.)
$2.282 trillion (2016 est.)
$2.263 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 12
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.939 trillion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2017 est.)
0.9% (2016 est.)
1% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 171
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$38,200 (2017 est.)
$37,600 (2016 est.)
$37,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 50
[see also: GDP - per capita country ranks ]

Gross national saving:
20.3% of GDP (2017 est.)
19.7% of GDP (2016 est.)
18.8% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 95
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 61% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.6% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.2% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 31.4% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -28.3% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.1% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.9% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
2.1% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 128
[see also: Industrial production growth rate country ranks ]

Labor force:
25.94 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 24
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 28.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 67.8% (2011)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11.3% (2017 est.)
11.7% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 153
[see also: Unemployment rate country ranks ]

Population below poverty line:
29.9% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 26.8% (2000)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
31.9 (2012 est.)
27.3 (1995)
country comparison to the world (CIA rank, may be based on non-current data): 121
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 903.3 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 948.1 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
46.6% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 20
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.3% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 111
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
131.8% of GDP (2017 est.)
132% 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 central, state, and local government and social security funds
country comparison to the world (CIA rank, may be based on non-current data): 5
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.3% (2017 est.)
-0.1% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 68
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.25% (31 December 2013)
0.75% (31 December 2012)
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 (CIA rank, may be based on non-current data): 139
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3% (31 December 2017 est.)
3.5% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 174
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.347 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 (CIA rank, may be based on non-current data): 6
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.347 trillion (31 December 2017 est.)
$1.101 trillion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 6
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.422 trillion (31 December 2017 est.)
$3.024 trillion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 6
[see also: Stock of domestic credit country ranks ]

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 (CIA rank, may be based on non-current data): 20
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$53.42 billion (2017 est.)
$47.64 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 9
[see also: Current account balance country ranks ]

Exports:
$496.3 billion (2017 est.)
$454.1 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 9
[see also: Exports country ranks ]

Exports - partners:
Germany 12.5%, France 10.3%, US 9%, Spain 5.2%, UK 5.2%, Switzerland 4.6% (2017)

Exports - commodities:
engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; foodstuffs, beverages, and tobacco; minerals, nonferrous metals

Imports:
$432.9 billion (2017 est.)
$389.8 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 13
[see also: Imports country ranks ]

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 8.8%, China 7.1%, Netherlands 5.6%, Spain 5.3%, Belgium 4.5% (2017)

Reserves of foreign exchange and gold:
$151.2 billion (31 December 2017 est.)
$130.6 billion (31 December 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 16
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.444 trillion (31 March 2016 est.)
$2.3 trillion (31 March 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 9
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$552.1 billion (31 December 2017 est.)
$471.7 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 17
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$671.8 billion (31 December 2017 est.)
$584.1 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)