Italy - Economy
How is the economy of Italy? Based on the information we have, Italy has a core EU economy; strong services, manufacturing, and tourism sectors; sustained recovery in post-COVID inflationary environment; high public debt levels; increasing poverty levels particularly in poorer south; strong exports to EU and US partners. Key agricultural products in this country include: milk, grapes, wheat, tomatoes, maize, apples, olives, oranges, potatoes, pork (2022).
More about the economy of Italy
| Labor force | 25.669 million (2023 est.) |
|---|---|
| Industrial production growth rate | -0.02% (2023 est.) |
| Industries | tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics |
| Population below poverty line | 20.1% (2021 est.) |
| Taxes and other revenues | 24.92% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $247.396 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $224.581 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $227.478 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $11.552 billion (2023 est.) |
| Current account balance 2022 | -$32.783 billion (2022 est.) |
| Current account balance 2021 | $51.549 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 131.8% of GDP (2017 est.) |
| Budget | |
| Revenues | $857.336 billion (2022 est.) |
| Expenditures | $1.015 trillion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.47% of GDP (2023 est.) |
| Remittances 2022 | 0.51% of GDP (2022 est.) |
| Remittances 2021 | 0.49% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.3% (2021 est.) |
| Highest 10% | 26.2% (2021 est.) |
| Average household expenditures | |
| On food | 14.6% of household expenditures (2022 est.) |
| On alcohol and tobacco | 4.2% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $756.154 billion (2023 est.) |
| Imports 2022 | $785.549 billion (2022 est.) |
| Imports 2021 | $644.93 billion (2021 est.) |
| Imports (partners) | Germany 14%, France 8%, China 8%, Netherlands 5%, Spain 5% (2022) |
| Comodities Imports force | natural gas, crude petroleum, cars, packaged medicine, garments (2022) |
| Exports | |
| Imports 2023 | $756.154 billion (2023 est.) |
| Imports 2022 | $785.549 billion (2022 est.) |
| Imports 2021 | $644.93 billion (2021 est.) |
| Exports (partners) | Germany 12%, US 11%, France 10%, Spain 5%, UK 4% (2022) |
| Comodities Exports force | packaged medicine, refined petroleum, garments, cars, vehicle parts/accessories (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $3.097 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $3.068 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $2.951 trillion (2021 est.) |
| GDP (official exchange rate) | $2.255 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $52,700 (2023 est.) |
| Real GDP per capita 2022 | $52,100 (2022 est.) |
| Real GDP per capita 2021 | $49,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.9% (2023 est.) |
| Industry | 23.1% (2023 est.) |
| Services | 64.9% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 59.6% (2023 est.) |
| Government consumption | 18.1% (2023 est.) |
| Investment in fixed capital | 21.2% (2023 est.) |
| Investment in inventories | -0.3% (2023 est.) |
| Exports of goods and services | 35.1% (2023 est.) |
| Imports of goods and services | -33.7% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 7.62% (2023 est.) |
| Unemployment rate 2022 | 8.07% (2022 est.) |
| Unemployment rate 2021 | 9.5% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 22.7% (2023 est.) |
| Male | 21.2% (2023 est.) |
| Female | 25.2% (2023 est.) |
All Important Facts about Italy
Want to know more about Italy? Check all different factbooks for Italy below.
