GDP of Italy 2010-2020

Italy's GDP amounted to about 1.65 trillion euros in 2020. The Italian economy was growing at low rates over the past years, but the country's GDP dropped during 2020. The consequences of the pandemic on the global economy have been enormous. As one of the most affected countries in the Europe and in the world, the impact of COVID-19 has touched all sectors and aspects of Italians' life.

Unexpected long impact

Many estimations on Italy's GDP growth have been published since the outbreak of the pandemic. Pre-pandemic forecasts show that, initially, a more positive approach was characterizing the economic outlooks for 2020. As a matter of fact, in December 2019, a growth of 0.6 percent was expected for the next year. Thereafter, later estimations took into account a different scenario. A study published in May 2021 reveals that the Italian GDP decreased by 8.9 percent during 2020.

Hard impact on a difficult ground

The pandemic has hit an already struggling economic situation. The slow growth of the Italian economy is believed to remove Italy from the giants of the global players. Indeed, by 2024, the ranking of the world's largest economies might appear quite different from the secular one. In addition to slow growth, Italy's economy is characterized by large internal disparities. After 160 years of national unity, the country is economically still very divided, as regional data on unemployment, GDP, and poverty might show.