Italy Economy - 2024

Economic overview

core EU economy; strong services, manufacturing, and tourism sectors; hard hit by COVID-19 disruptions but starting to recover; large EU exporter but data skews due to inflated port entry valuation; corruption somewhat stymies foreign direct investment

Real GDP (purchasing power parity)

$2.478 trillion (2021 est.)
$2.322 trillion (2020 est.)
$2.553 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.74% (2021 est.)
-9.04% (2020 est.)
0.48% (2019 est.)

Real GDP per capita

$41,900 (2021 est.)
$39,100 (2020 est.)
$42,700 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$2,002,763,000,000 (2019 est.)

Inflation rate (consumer prices)

1.87% (2021 est.)
-0.14% (2020 est.)
0.61% (2019 est.)

Credit ratings

Fitch rating: BBB- (2020)

Moody's rating: Baa3 (2018)

Standard & Poors rating: BBB (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.1% (2017 est.)

industry: 23.9% (2017 est.)

services: 73.9% (2017 est.)

GDP - composition, by end use

household consumption: 61% (2017 est.)

government consumption: 18.6% (2017 est.)

investment in fixed capital: 17.5% (2017 est.)

investment in inventories: -0.2% (2017 est.)

exports of goods and services: 31.4% (2017 est.)

imports of goods and services: -28.3% (2017 est.)

Agricultural products

milk, grapes, wheat, maize, tomatoes, apples, olives, sugar beets, oranges, rice

Industries

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

Industrial production growth rate

13.46% (2021 est.)

Labor force

25.012 million (2021 est.)

Unemployment rate

9.83% (2021 est.)
9.16% (2020 est.)
9.95% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 30.9% (2021 est.)

male: 29.1%

female: 33.8%

Population below poverty line

20.1% (2018 est.)

Gini Index coefficient - distribution of family income

35.2 (2018 est.)

Average household expenditures

on food: 14.2% of household expenditures (2018 est.)

on alcohol and tobacco: 4.1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.3%

highest 10%: 26.8% (2000)

Remittances

0.49% of GDP (2021 est.)
0.51% of GDP (2020 est.)
0.52% of GDP (2019 est.)

Budget

revenues: $901.494 billion (2020 est.)

expenditures: $1.08 trillion (2020 est.)

Budget surplus (+) or deficit (-)

-2.3% (of GDP) (2017 est.)

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

Taxes and other revenues

24.77% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$64.719 billion (2021 est.)
$74.509 billion (2020 est.)
$66.321 billion (2019 est.)

Exports

$687.948 billion (2021 est.) note: data are in current year dollars
$559.952 billion (2020 est.) note: data are in current year dollars
$636.153 billion (2019 est.) note: data are in current year dollars

Exports - partners

Germany 12%, France 11%, United States 10%, United Kingdom 5%, Spain 5%, Switzerland 5% (2019)

Exports - commodities

packaged medicines, cars and vehicle parts, refined petroleum, vaccines and cultures, jewelry, valves (2021)

Imports

$637.934 billion (2021 est.) note: data are in current year dollars
$490.684 billion (2020 est.) note: data are in current year dollars
$568.796 billion (2019 est.) note: data are in current year dollars

Imports - partners

Germany 16%, France 9%, China 7%, Spain 5%, Netherlands 5%, Belgium 5% (2019)

Imports - commodities

crude petroleum, cars, packaged medicines, natural gas, refined petroleum (2019)

Reserves of foreign exchange and gold

$227.478 billion (31 December 2021 est.)
$210.687 billion (31 December 2020 est.)
$175.398 billion (31 December 2019 est.)

Debt - external

$2,463,208,000,000 (2019 est.)
$2,533,153,000,000 (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)