Italy’s natural resources include coal, mercury, zinc, potash, marble, barite, asbestos, pumice, fluorspar, feldspar, pyrite (sulfur), natural gas and crudeoil reserves, fish and arable land.
The Italian economy is one of the worlds most developed, the country has a high standard of living with per capita GDP higher than the EU average.
The Italian economy is also further boosted by high public literacy and efficieny in the labor force. Italy is also the world’s fifth most visited country in the world. Due to its rich history and culture, thecountry is a major tourist hub throughout the year.
Italy’s population as of 2010 was 60.206 million, 8.7 percent of which are unemployed.
Italy’s unemployment rate has been on the rise in the past few years. The unemployment rate has gone up from 6.8 percent in 2008 and 7.5 percent in 2009.
4.2 percent of the workforce is employed in agriculture, 30.7 percent in industries and 65.1 percent inservices.
Italy Economy: Overview
According to the World Bank, Italy has been categorized as a country with high standards for business, investment and trade. In addition, the Italian economy is well developed and surpasses that of the UK, Germany and Greece.
In 2010, Italy’s GDP was US$ 1,771.14 billion; down from US$ 1,813.23 billion in 2008 before the recession. However, the Italian economyremained the 11th biggest economy in the world during the financial crisis. However Italy's growth rate shrank 5 percent in 2010 and 1 percent in 2008.
The per capita income remained high as well with the 2010 data confirming it at $30,200, slightly lower than $31,800 in 2008.
Italy Economy: Diversified and Strong
The Italian economy is highly diversified and many Italian brands and productsare world famous. Ferrari is one such example. The industrial sector is well divided, based on its geography. Northern Italy is dominated by private companies whereas the South, with its fertile soil is dominated by agriculture.
The Italian economy features a strong budget that is in consonance with global standards.
In 2010, the country’s revenues were $960.1 billion and expenditures were$1.068 trillion. The Italian government has been very active in implementing new structural reforms overhauling costly entitlement programs and increasing opportunities for employment.
Economic Indicators For: Italy › Change country
National or Regional Currency: Euro, EUR
Year of data: 2010 › Change year
Number of Indicators Listed: 44
Full Dataset: From Year 1980 to 2016
Date of Last Update:1st August 2011
Population: 61,016,804 (July 2011 est.)
Area: total: 301,340 sq km land: 294,140 sq km water: 7,200 sq km note: includes Sardinia and Sicily
Natural Resources: coal, mercury, zinc, potash, marble, barite, asbestos, pumice, fluorspar, feldspar, pyrite (sulfur), natural gas and crude oil reserves, fish, arable land
Capital: name: Rome geographic coordinates: 41 54 N, 12 29 Etime difference: UTC+1 (6 hours ahead of Washington, DC during Standard Time) daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International
Italy has one of the biggest economies in Europe. Its diversified industrial economy is dividedinto a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural, agrarian, fisheries and farming south, with high unemployment. The Italian economy is driven in large part by the manufacture of high-quality consumer and manufactured products produced by small and medium-sized enterprises.
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