Economic Profile

 

comparison
 Sources: 1. ITA elaborations on ISTAT data, 2. Fondazione Edison on data from the WTO and UNCTAD/WTO Nation Brands Ranking; 4. Farminustria; 5. Blumine on data UN-Comtrade  

With a GDP of over € 1,7 tn and a population of over 60 mn, Italy is the world’s 9th largest economyItaly is one of only five countries in the world whose manufactured products have an export trade surplus (over € 47 mln).

Italy’s control over public finance has been among the most solid in the Eurozone in the last 7 years. Since 2012 the deficit has been consistently below the 3% ceiling, and Italy had the highest primary surplus on average (1,1%) during the 2009-2016 period.

Italy is the 9th largest exporter in the world, selling goods for around € 448 bn (2,9% of worldwide market share in October 2017) and maintaining one of the few export trade surpluses for goods (€ 47,8 bn in 2017) among developed countries. In the first half of 2018 exports contributed to GDP by over 31%.

Italy is the 2nd largest manufacturer in Europe and the 5th top manufacturer in the world. Also, Italy is the 1st European producer of pharmaceutical goods. 

Furthermore, the country presents a hourly labor cost below the Eurozone average (source: Eurostat, 2017). Last year, in fact, excluding agriculture and public administration, it has slightly exceeded 28 euros, while the Eurozone average was 30.3 euros. Particularly, there is a significant gap with hourly labor cost in Germany (34.1 euros) and France (36 euros).

labour cost