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.
GDP:
purchasing power parity - $1.455 trillion (2002 est.)
GDP - real growth rate:
0.4% (2002 est.)
GDP - per capita:
purchasing power parity - $25,100 (2002 est.)
GDP - composition by sector:
agriculture: 2.4%
industry: 30%
services: 67.6% (2001 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 2.1%
highest 10%: 26.6% (2000)
Distribution of family income - Gini index:
27.3 (1995)
Inflation rate (consumer prices):
2.4% (2002 est.)
Labor force:
23.6 million (2001 est.)
Labor force - by occupation:
services 63%, industry 32%, agriculture 5% (2001)
Unemployment rate:
9.1% (2002 est.)
Budget:
revenues: $504 billion
expenditures: $517 billion, including capital expenditures of $NA
(2001 est.)
Industries:
tourism, machinery, iron and steel, chemicals, food processing,
textiles, motor vehicles, clothing, footwear, ceramics
Industrial production growth rate:
-2.8% (2002)
Electricity - production:
258.8 billion kWh (2001)
Electricity - production by source:
fossil fuel: 78.6%
hydro: 18.4%
other: 3% (2001)
nuclear: 0%
Electricity - consumption:
289.1 billion kWh (2001)
Electricity - exports:
556 million kWh (2001)
Electricity - imports:
48.93 billion kWh (2001)
Oil - production:
79,460 bbl/day (2001 est.)
Oil - consumption:
1.866 million bbl/day (2001 est.)
Oil - exports:
456,600 bbl/day (2001)
Oil - imports:
2.158 million bbl/day (2001)
Oil - proved reserves:
586.6 million bbl (37257)
Natural gas - production:
15.49 billion cu m (2001 est.)
Natural gas - consumption:
71.18 billion cu m (2001 est.)
Natural gas - exports:
61 million cu m (2001 est.)
Natural gas - imports:
54.78 billion cu m (2001 est.)
Natural gas - proved reserves:
209.7 billion cu m (37257)
Agriculture - products:
fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain,
olives; beef, dairy products; fish
Exports:
$259.2 billion f.o.b. (2002 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 13.7%, France 12.2%, US 9.8%, UK 6.9%, Spain 6.4% (2002)
Imports:
$238.2 billion f.o.b. (2002 est.)
Imports - commodities:
engineering products, chemicals, transport equipment, energy
products, minerals and nonferrous metals, textiles and clothing;
food, beverages and tobacco
Imports - partners:
Germany 17.8%, France 11.3%, Netherlands 5.9%, UK 5%, US 4.9%,
Spain 4.6%, Belgium 4.4% (2002)
Debt - external:
NA
Economic aid - donor:
ODA, $1 billion (2002 est.)
Currency:
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 code:
EUR
Exchange rates:
euros per US dollar - 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94
(1999)
Fiscal year:
calendar year