Economy - overview:
Italy has a diversified industrial economy with roughly the same total and per capita output as France and the UK. This capitalistic economy remains divided into a developed industrial north, dominated by private companies, and a less developed, welfare-dependent agricultural south, with 20% unemployment. Most raw materials needed by industry and more than 75% of energy requirements are imported. Over the past decade, Italy has pursued a tight fiscal policy in order to meet the requirements of the Economic and Monetary Unions and has benefited from lower interest and inflation rates. The current government has enacted numerous short-term reforms aimed at improving competitiveness and long-term growth. Italy has moved slowly, however, on implementing needed structural reforms, such as lightening the high tax burden and overhauling Italy's rigid labor market and over-generous pension system, because of the current economic slowdown and opposition from labor unions.
GDP:
purchasing power parity - $1.552 trillion (2003 est.)
GDP - real growth rate:
0.5% (2003 est.)
GDP - per capita:
purchasing power parity - $26,800 (2003 est.)
GDP - composition by sector:
agriculture: 2.4%
industry: 30%
services: 67.6% (2001 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 2.1%
highest 10%: 26.6% (2000)
Distribution of family income - Gini index:
27.3 (1995)
Inflation rate (consumer prices):
2.3% (2003 est.)
Labor force:
23.6 million (2001 est.)
Labor force - by occupation:
services 63%, industry 32%, agriculture 5% (2001)
Unemployment rate:
9.2% (2003 est.)
Budget:
revenues: $504 billion
expenditures: $517 billion, including capital expenditures of $NA (2001 est.)
Industries:
tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics
Industrial production growth rate:
-0.2% (2003)
Electricity - production:
258.8 billion kWh (2001)
Electricity - production by source:
fossil fuel: 78.6%
hydro: 18.4%
other: 3% (2001)
nuclear: 0%
Electricity - consumption:
289.1 billion kWh (2001)
Electricity - exports:
556 million kWh (2001)
Electricity - imports:
48.93 billion kWh (2001)
Oil - production:
79,460 bbl/day (2001 est.)
Oil - consumption:
1.866 million bbl/day (2001 est.)
Oil - exports:
456,600 bbl/day (2001)
Oil - imports:
2.158 million bbl/day (2001)
Oil - proved reserves:
586.6 million bbl (1 January 2002)
Natural gas - production:
15.49 billion cu m (2001 est.)
Natural gas - consumption:
71.18 billion cu m (2001 est.)
Natural gas - exports:
61 million cu m (2001 est.)
Natural gas - imports:
54.78 billion cu m (2001 est.)
Natural gas - proved reserves:
209.7 billion cu m (1 January 2002)
Agriculture - products:
fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish
Exports:
$278.1 billion f.o.b. (2003 est.)
Exports - commodities:
engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; food, beverages and tobacco; minerals and nonferrous metals
Exports - partners:
Germany 13.7%, France 12.2%, US 9.8%, UK 6.9%, Spain 6.4% (2002)
Imports:
$271.1 billion f.o.b. (2003 est.)
Imports - commodities:
engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages and tobacco
Imports - partners:
Germany 17.8%, France 11.3%, Netherlands 5.9%, UK 5%, US 4.9%, Spain 4.6%, Belgium 4.4% (2002)
Debt - external:
NA
Economic aid - donor:
ODA, $1 billion (2002 est.)
Currency:
euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries
Currency code:
EUR
Exchange rates:
euros per US dollar - 0.89 (2003), 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)
Fiscal year:
calendar year
