ITALY economy :
According to GDP calculations, Italy was ranked as the seventh largest economy in the world in 2006, behind the United States, Japan, Germany, China, UK, and France, and the fourth largest in Europe.
According to World Bank data, Italy has high levels of freedom to invest, do business, and trade. On the other hand, Italy has inefficient bureaucracy, relatively low property rights and high levels of corruption (compared to other European countries), heavy taxes, and heavy public consumption at around half of GDP.
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 Union and has benefited from lower interest and inflation rates. Italy joined the Euro from its introduction in 1999.
Italy's economic performance has at times lagged behind that of its EU partners, and the current government has enacted numerous short-term reforms aimed at improving competitiveness and long-term growth.
Italy's major exports are motor vehicles (Fiat Group, Aprilia, Ducati, Piaggio), chemicals, petrochemicals (Eni), electricity (Enel, Edison), home appliances (Merloni, Candy), aerospace and defense tech (Alenia, Agusta, Finmeccanica), firearms (Beretta); but the country's more famous exports are in the fields of fashion (Armani, Valentino, Versace, Dolce & Gabbana, Benetton, Prada, Luxottica), food industry (Ferrero, Barilla Group, Martini & Rossi, Campari, Parmalat), luxury vehicles (Ferrari, Maserati, Lamborghini, Pagani) and motoryachts (Ferretti, Azimut).
Italy Tourism very important to the Italian economy: with over 37 million tourists a year, Italy is ranked as the fifth major tourist destination in the world.
According to GDP calculations, Italy was ranked as the seventh largest economy in the world in 2006, behind the United States, Japan, Germany, China, UK, and France, and the fourth largest in Europe.According to World Bank data, Italy has high levels of freedom to invest, do business, and trade. On the other hand, Italy has inefficient bureaucracy, relatively low property rights and high levels of corruption (compared to other European countries), heavy taxes, and heavy public consumption at around half of GDP.
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 Union and has benefited from lower interest and inflation rates. Italy joined the Euro from its introduction in 1999.
Italy's economic performance has at times lagged behind that of its EU partners, and the current government has enacted numerous short-term reforms aimed at improving competitiveness and long-term growth.
Italy's major exports are motor vehicles (Fiat Group, Aprilia, Ducati, Piaggio), chemicals, petrochemicals (Eni), electricity (Enel, Edison), home appliances (Merloni, Candy), aerospace and defense tech (Alenia, Agusta, Finmeccanica), firearms (Beretta); but the country's more famous exports are in the fields of fashion (Armani, Valentino, Versace, Dolce & Gabbana, Benetton, Prada, Luxottica), food industry (Ferrero, Barilla Group, Martini & Rossi, Campari, Parmalat), luxury vehicles (Ferrari, Maserati, Lamborghini, Pagani) and motoryachts (Ferretti, Azimut).
Italy Tourism very important to the Italian economy: with over 37 million tourists a year, Italy is ranked as the fifth major tourist destination in the world.
