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Italy Economy 2010
https://workmall.com/wfb2010/italy/italy_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Italy Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 15, 2010

Economy - overview:
Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with high unemployment. 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 15% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy has moved slowly on implementing needed structural reforms, such as reducing graft, overhauling costly entitlement programs, and increasing employment opportunities for young workers, particularly women. These conditions will be exacerbated in the near-term by the global economic downturn, but in the longer-term Italy's low fertility rate and quota-driven immigration policies will increasingly strain its economy. The Italian government has struggled to limit government spending, but Italy's exceedingly high public debt remains above 115% of GDP, and its fiscal deficit - just 1.5% of GDP in 2007 - exceeded 5% in 2009 as the costs of servicing the country's debt rose. A tax amnesty program implemented in late 2009 to repatriate untaxed assets held abroad has netted the federal government more than $135 billion.

GDP (purchasing power parity):
$1.756 trillion (2009 est.)

$1.849 trillion (2008 est.)
$1.867 trillion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$2.09 trillion (2009 est.)

GDP - real growth rate:
-5% (2009 est.)

-1% (2008 est.)
1.5% (2007 est.)

GDP - per capita (PPP):
$30,200 (2009 est.)

$31,800 (2008 est.)
$32,100 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 2.1%
industry: 25%
services: 72.9% (2009 est.)

Labor force:
24.95 million (2009 est.)

Labor force - by occupation:
agriculture: 4.2%
industry: 30.7%
services: 65.1% (2005)

Unemployment rate:
7.5% (2009 est.)

6.775% (2008 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: 2.3%
highest 10%: 26.8% (2000)

Distribution of family income - Gini index:
32 (2006)

27.3 (1995)

Investment (gross fixed):
19.2% of GDP (2009 est.)

Budget:
revenues: $960.1 billion
expenditures: $1.068 trillion (2009 est.)

Public debt:
115.2% of GDP (2009 est.)

105.8% of GDP (2008 est.)

Inflation rate (consumer prices):
0.6% (2009 est.)

3.4% (2008 est.)

Central bank discount rate:
3% (31 December 2008)

5% (31 December 2007)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate:
11.34% (31 December 2008)

10.93% (31 December 2007)

Stock of domestic credit:
$3.046 trillion (31 December 2008)

$2.932 trillion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$1.073 trillion (31 December 2007)
$1.027 trillion (31 December 2006)

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:
-12% (2009 est.)

Electricity - production:
289.7 billion kWh (2007 est.)

Electricity - consumption:
315 billion kWh (2007 est.)

Electricity - exports:
3.431 billion kWh (2008 est.)

Electricity - imports:
43 billion kWh (2008 est.)

Oil - production:
162,200 bbl/day (2008 est.)

Oil - consumption:
1.639 million bbl/day (2008 est.)

Oil - exports:
667,100 bbl/day (2008 est.)

Oil - imports:
2.205 million bbl/day (2008 est.)

Oil - proved reserves:
406.5 million bbl (1 January 2009 est.)

Natural gas - production:
9.255 billion cu m (2008 est.)

Natural gas - consumption:
84.88 billion cu m (2008 est.)

Natural gas - exports:
210 million cu m (2008 est.)

Natural gas - imports:
76.86 billion cu m (2008 est.)

Natural gas - proved reserves:
94.15 billion cu m (1 January 2009 est.)

Current account balance:
$-55.44 billion (2009 est.)

$-78.03 billion (2008 est.)

Exports:
$369 billion (2009 est.)

$546.9 billion (2008 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 12.8%, France 11.2%, Spain 6.6%, US 6.3%, UK 5.3% (2008)

Imports:
$358.7 billion (2009 est.)

$546.9 billion (2008 est.)

Imports - commodities:
engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, and tobacco

Imports - partners:
Germany 16%, France 8.6%, China 6.2%, Netherlands 5.3%, Libya 4.6%, Russia 4.3% (2008)

Reserves of foreign exchange and gold:
$NA (31 December 2009 est.)

$105.3 billion (31 December 2008 est.)

Debt - external:
$NA (31 December 2009 est.)

$2.328 trillion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$386.7 billion (31 December 2009 est.)

$376.6 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$610.5 billion (31 December 2009 est.)

$565.3 billion (31 December 2008 est.)

Exchange rates:
euros (EUR) per US dollar - 0.7153 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005)


NOTE: The information regarding Italy on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Italy Economy 2010 information contained here. All suggestions for corrections of any errors about Italy Economy 2010 should be addressed to the CIA.






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