Italy - Statistics & Facts

Italy is a republic situated in southern Europe, and bordering several countries and the Mediterranean Sea. Due to its unusual shape, it is often referred to as “The Boot”. Italy’s economy is well-off and boasts one of the largest GDPs worldwide. The country is a member of the euro area, the European Union and OECD, and has one of the highest living standards in the world. After a slight downturn in 2011, its population growth shot to its peak in 2013, but is now in the red, as population figures plateaued after a slight but steady increase. Another indicator underlining the high standard of living is the stable fertility rate and an unemployment rate which is predicted to decrease until the end of this decade.

Italy’s economy is heavily reliant on exports (e.g. wine) and tourism, and most of its workforce is employed in the services sector. As of 2012, its trade balance of goods is back in the black, which indicates that the value of exports is higher than the value of imports. For both import and export trade, Germany and France are Italy’s main trade partners.

Like many other countries, Italy was hit by the economic crisis of 2008/2009, causing national debt, unemployment and trade deficits to soar, to name only a few economic key figures. Nowadays, the country seems to be on the mend, and forecasts show a positive development on nearly all fronts. Its trade figures and GDP will surely help to make the country reach pre-crisis levels soon.

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Italy

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