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Key indicators of Italy's economy - Statistics & facts. Choose a region: Italy. Italy is the tenth largest economy in the world, the fourth largest in Europe, and one of the main export countries ...
- The name Italy comes from the word italia, meaning “calf land,” perhaps because the bull was a symbol of the Southern Italian tribes.
- Italy is approximately 116,400 square miles (including Sicily and Sardinia), which is slightly larger than Arizona.
- The official name of Italy is the Italian Republic (Repubblica Italiana).
- Italy is said to have more masterpieces per square mile than any other country in the world.
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Why does Italy have a bad economy?
- Italy is living below its means. ‘Italy is living beyond its means!’ This omnipresent claim is readily supported by pointing to Italy’s public debt, which amounts to 135 per cent of its economic output.
- Private debt is not a problem in Italy. If the Italian economy as a whole has not been living beyond its means, the problem of debt must be confined to the public sector.
- Public debt is high because of errors made 40 years ago. If the economy is not excessively indebted, why is the state so ailing? As disastrous as the performance of Italian domestic politicians from Silvio Berlusconi to Matteo Salvini has been, high public debt is primarily a legacy from the 1980s.
- Italy’s economy has suffered since joining the euro. Italy’s government debt is also marked because its economic growth has been so weak over the last 20 years—being presented as a ratio to GDP, if the economy stagnates a state cannot grow itself out of a pool of debt, which already stood at 120 per cent of GDP in 1995.
- Italy has been in debt for the greater part of its economic history. “Italy’s history after the unification of the country in 1861 is characterized by high levels of public debt.
- Northern Italy accounts for more than 90% of Italian exports. “The location of economic activity within a country is determined by three broad factors: (1) the location of natural advantages, such as mineral deposits, climate, or water supply; (2) domestic market access, meaning how well placed a location is to meet demand from the domestic market and also to obtain inputs from labor, capital, and intermediate goods markets; and (3) foreign market access, capturing access to international trade… Italy’s misfortune is that each, in the period when it was most important, has favored the North… As a consequence, the South of Italy now accounts for less than 10 percent of Italian exports.
- Despite the massive flux of migrants into the country, there is “little evidence of a negative effect on the wages and unemployment prospects of native workers.”
- Italian companies are struggling to keep up with new technological developments. “…For a significant part of the second half of the twentieth century, Italian firms’ innovative ability seems to be based more on creative adoption of foreign technologies and the systematic development of localized learning rather than on formal research (Antonelli and Barbiellini Amidei 2011)… In the era of new globalization the investment in local formalized innovative activity has become vital to capture and integrate with foreign sources of technologic knowledge, and the waning capacity to benefit from international knowledge flows has a critical role in the last decades’ Italian (underperforming) innovation.
The economy of Italy is a highly developed social market economy. [26] It is the third-largest national economy in the European Union, the second-largest manufacturing industry in Europe (7th-largest in the world), [27] the 9th-largest economy in the world by nominal GDP, and the 12th-largest by GDP (PPP).
- Calendar Year
- 58,850,717 (31 December 2022)
Italy - Manufacturing, Tourism, Agriculture: The Italian economy has progressed from being one of the weakest economies in Europe following World War II to being one of the most powerful. Its strengths are its metallurgical and engineering industries, and its weaknesses are a lack of raw materials and energy sources. More than four-fifths of Italy’s energy requirements are imported ...
Sep 22, 2021 · Agile recruitment and better assessing, rewarding and supporting the performance of public servants would fill growing skill gaps in the public workforce. Improving collaboration across Italy’s multiple layers of government would improve delivery of public services such as childcare and active labour market policies.
