Italy Business Resources

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. But the leadership faces a severe economic constraint: the budget has breached the 3% EU deficit ceiling.

Agriculture
fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish

Airlines
Airlines in Europe
Airlines Worldwide

Airports
Airports in Europe
Airports Worldwide

Chambers of Commerce
Italian Chamber of Commerce (in Italian)
Milan Chamber of Commerce (in Italian)
 
Country Budget
revenues: $768.9 billion
expenditures: $820.1 billion, including capital expenditures of NA (2004 est.)

Currency (code)
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 Exchange Rate
euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)

Fiscal Year
calendar year

GDP (Gross Domestic Product)
GDP (purchasing power parity): $1.609 trillion (2004 est.)
GDP - real growth rate: 1.3% (2004 est.)
GDP - per capita: purchasing power parity - $27,700 (2004 est.)
GDP - composition by sector:
agriculture: 2.3%
industry: 28.8%
services: 68.9% (2004 est.)

Imports / Exports
Exports: $336.4 billion f.o.b. (2004 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 13.6%, France 12.3%, US 8%, Spain 7.2%, UK 6.9%, Switzerland 4.2% (2004)

Imports: $329.3 billion f.o.b. (2004 est.)
Imports - commodities: engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages and tobacco
Imports - partners: Germany 18%, France 10.9%, Netherlands 5.9%, Spain 4.6%, Belgium 4.4%, UK 4.3%, China 4.2% (2004)

Industries
tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics

Investing
Forex, Foreign Exchange Market: Currency Trading

Labor Force & Unemployment Rate
Labor force: 24.27 million (2004 est.)
Labor force - by occupation: agriculture 5%, industry 32%, services 63% (2001)
Unemployment rate: 8.6% (2004 est.)