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The economy of Italy is a highly developed social market economy. [31] It is the third-largest national economy in the European Union, the 8th-largest economy in the world by nominal GDP, and the 11th-largest by PPP-adjusted GDP. The country has the second-largest manufacturing industry in Europe, which is also the 7th-largest in the world. [32]
In the recent decades, however, Italy's economic growth has been particularly stagnant, with an average of 1.23% compared to an EU average of 2.28%. Previously, Italy's economy had accelerated from 0.7% growth in 1996 to 1.4% in 1999 and continued to rise to about 2.90% in 2000, which was closer to the EU projected growth rate of 3.10%.
Italian regions by GDP per capita (in euros, at current market prices) [2] Rank Region 2017 % of nationwide average 1 Trentino-Alto Adige/Südtirol 39,750 137.54 2 Lombardy ...
Italy will probably balance its primary budget this year, excluding interest payments on government debt, the economy minister said on Friday, as Rome prepares a medium-term fiscal plan for ...
In 2016, southern Italy's GDP and economy was growing twice as much as northern Italy's. [53] According to Eurostat figures published in 2019, southern Italy is the European area with the lowest percentages of employment: in Apulia, Sicily, Campania and Calabria, less than 50% of the people aged between 20 and 64 had a job in 2018. That is ...
Milan is the economic capital of Italy, [250] and a global financial centre and fashion capital of the world. Banca Monte dei Paschi di Siena, founded in 1472, is the world's oldest or second oldest bank in continuous operation. Eni is considered one of the world's oil and gas supermajors. [251]
Tough choices ahead for Rome
In 2023, Germany, France and Italy were the three largest economies in the European Union, accounting for approximately 53.1% of the EU's total GDP. Germany contributed 24.3%, while France accounted for 16.4 and Italy for 12.4%. [29] In the same year, the social welfare expenditure of the European Union (EU) as a whole was 26.8% of its GDP. [30 ...