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Country Economic Report - GDP Growth

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Added on  2021-02-16

Country Economic Report - GDP Growth

   Added on 2021-02-16

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* unable to find informationExecutive SummaryThis report was developed to identify the key strengths and weaknesses of Italy’s economy drawing attention to its background and economic growth.The research found points to Italy being one of the top ten economies in the worldwith a GDP per capita of 33,579 (US$) despite going through some of the worst recessions ever experienced in 2008, 2012 and 2013.Their labour market is highly dependent on consumer services as Italy have developed a luxury sector. As consumers are spending more this in turn has helped generate GDP for Italy giving them 1.1% GDP growth for 2017 generated mostly from the north due to split. Italy has an increasing dependent population which may start to put pressure on the working population. This is due to increased life expectancy and their HDI increasing.Strengths Large consumer service sector as Italians are interested in spending rather than saving, contributing to large growth in GDP worth 60%.The third largest national economy in the Eurozone with a GDP of $1849.97 billion USD, ranking above Spain ($1232.09 billion USD) and Russia ($1283.20 billion USD)Production of high-end products creating a luxury sector due to a highly industrialised northern and central Italy which struggle to keep up with the high demand for Italian products.A decreasing unemployment rate and increasing employment rate. Weaknesses Political instability is still a big problem in Italy especially since the resignation of prime minister Matteo Renzi after his defeat last year.Large budget deficit, public debt and weak institutions in Italy due to an inflexible labour market.Productivity is low and competitiveness is weak compared to France and Germany falling 20% behind. This also stems from the low education in Italy of 10.9 compared to 11.6 years of schooling in France. Divide between a rich, industrialised north and a weaker south Italy.Key economic variable forecasts(Annual percent change, unless otherwise stated)Variable2015201620172018GDP0.7%1%1%0.8%Consumption (annual variation %)1.6%1.3%**Exports (% GDP)30%30%**Imports (% GDP)27%27%**Gov’t debt (% GDP)157%132.60%134%*Inflation0-0.11.11.3Interest rate1.7%1.5%2.3%2.7%Employment*57.4%57.6%58.1%Unemployment (rate)11.5%11.5%11.3%*
Country Economic Report  - GDP Growth_1
Country Economic ReportItalySource:OECDSource: ILOCountry Economic ReportItaly
Country Economic Report  - GDP Growth_2

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