Italy - Economy
How is the economy of Italy? Based on the information we have, Italy has a
high-income, core EU economy; strong services, manufacturing, and tourism sectors; modest growth supported by net exports, low inflation, and public investments via EU funds; tight labor market with aging workforce and shortages in specialized skills; high public debt levels
. Key agricultural products in this country include: milk, wheat, grapes, tomatoes, maize, olives, apples, oranges, sugar beets, rice (2023).More about the economy of Italy
| Labor force | 25.828 million (2024 est.) |
|---|---|
| Industrial production growth rate | 0.2% (2024 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 | 24.8% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2024 | 0.924 (2024 est.) |
| 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.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $290.547 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $247.396 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $224.581 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $26.76 billion (2024 est.) |
| Current account balance 2023 | $3.261 billion (2023 est.) |
| Current account balance 2022 | -$36.325 billion (2022 est.) |
| Public debt | |
| Public debt 2017 | 131.8% of GDP (2017 est.) |
| Budget | |
| Revenues | $935.038 billion (2023 est.) |
| Expenditures | $1.104 trillion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 0.5% of GDP (2024 est.) |
| Remittances 2023 | 0.5% of GDP (2023 est.) |
| Remittances 2022 | 0.5% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.5% (2022 est.) |
| Highest 10% | 25.3% (2022 est.) |
| Average household expenditures | |
| On food | 14.7% of household expenditures (2023 est.) |
| On alcohol and tobacco | 3.8% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $717.278 billion (2024 est.) |
| Imports 2023 | $739.646 billion (2023 est.) |
| Imports 2022 | $775.518 billion (2022 est.) |
| Imports (partners) | Germany 15%, France 9%, China 8%, Netherlands 6%, Spain 5% (2023) |
| Comodities Imports force | natural gas, crude petroleum, cars, packaged medicine, garments (2023) |
| Exports | |
| Imports 2024 | $717.278 billion (2024 est.) |
| Imports 2023 | $739.646 billion (2023 est.) |
| Imports 2022 | $775.518 billion (2022 est.) |
| Exports (partners) | Germany 11%, USA 11%, France 10%, Spain 5%, UK 5% (2023) |
| Comodities Exports force | packaged medicine, garments, cars, refined petroleum, vehicle parts/accessories (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $3.133 trillion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $3.11 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $3.088 trillion (2022 est.) |
| GDP (official exchange rate) | $2.373 trillion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $53,100 (2024 est.) |
| Real GDP per capita 2023 | $52,700 (2023 est.) |
| Real GDP per capita 2022 | $52,300 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2% (2024 est.) |
| Industry | 21.7% (2024 est.) |
| Services | 65.6% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 58.3% (2023 est.) |
| Government consumption | 17.8% (2023 est.) |
| Investment in fixed capital | 22.5% (2023 est.) |
| Investment in inventories | 0.4% (2023 est.) |
| Exports of goods and services | 33.5% (2023 est.) |
| Imports of goods and services | -32.1% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 6.8% (2024 est.) |
| Unemployment rate 2023 | 7.7% (2023 est.) |
| Unemployment rate 2022 | 8.1% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 21.8% (2024 est.) |
| Male | 19.9% (2024 est.) |
| Female | 24.8% (2024 est.) |
All Important Facts about Italy
Want to know more about Italy? Check all different factbooks for Italy below.
