Country Economic Report.

Added on - 16 Feb 2021

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* unable to find informationExecutive SummaryThis report was developed to identify the key strengths and weaknesses of Italy’seconomy 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 worstrecessions ever experienced in 2008, 2012 and 2013.Their labour market is highly dependent on consumer services as Italy havedeveloped a luxury sector. As consumers are spending more this in turn hashelped generate GDP for Italy giving them 1.1% GDP growth for 2017 generatedmostly from the north due to split.Italy has an increasing dependent population which may start to put pressure onthe working population. This is due to increased life expectancy and their HDIincreasing.StrengthsLarge consumer service sector as Italians are interested in spending rather thansaving, contributing to large growth in GDP worth 60%.The third largest national economy in the Eurozone with a GDP of $1849.97billion USD, ranking above Spain ($1232.09 billion USD) and Russia ($1283.20billion USD)Production of high-end products creating a luxury sector due to a highlyindustrialised northern and central Italy which struggle to keep up with the highdemand for Italian products.A decreasing unemployment rate and increasing employment rate.WeaknessesPolitical instability is still a big problem in Italy especially since the resignation ofprime minister Matteo Renzi after his defeat last year.Large budget deficit, public debt and weak institutions in Italy due to an inflexiblelabour market.Productivity is low and competitiveness is weak compared to France andGermany falling 20% behind. This also stems from the low education in Italy of10.9 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 (annualvariation %)1.6%1.3%**Exports (% GDP)30%30%**Imports (% GDP)27%27%**Gov’t debt (% GDP)157%132.60%134%*Inflation0- 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 ReportItalySource:OECDSource: ILOCountry Economic ReportItaly
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