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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.
Downtown Milan in the 1960s. The Italian economic miracle or Italian economic boom (Italian: il miracolo economico italiano or il boom economico italiano) is the term used by historians, economists, and the mass media [1] to designate the prolonged period of strong economic growth in Italy after World War II to the late 1960s, and in particular the years from 1958 to 1963. [2]
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [1] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
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%.
Italy's economy contracted by 0.3 percent in the second quarter of 2008. [29] The unemployment rate rose from 5.7% in April 2007 to 8.6% in April 2010. Italy was mostly isolated from the effects of the Great Recession of 2008–2009 as their banking system did not engage in risky investment behavior and was sound.
The austerity policies implemented as a result of the crisis also produced a sharp rise in poverty levels and a significant increase in income inequality across Southern Europe. [8] It had a major political impact on the ruling governments in 10 out of 19 eurozone countries, contributing to power shifts in Greece, Ireland, France, Italy ...
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%. [28] In the same year, the social welfare expenditure of the European Union (EU) as a whole was 26.8% of its GDP ...
Public debt $ and %GDP (2010) for selected European countries Government debt of Eurozone, Germany and crisis countries compared to Eurozone GDP. The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s that made it difficult or ...