Key indicators of Italy's economy - Statistics & facts

Italy is the tenth largest economy in the world, the fourth largest in Europe, and one of the main export countries worldwide. Italy's gross domestic product (GDP) amounts to over two trillion U.S. dollars, while the GDP per capita reaches around 27,000 euros.

International trade

Italy is the seventh leading export country in the world. In 2022, the country registered an export value of approximately 556 billion U.S. dollars. Overall, countries of the European Union are among the main trading partners for Italy, regarding both imports and exports. Italy's largest exporting industry is machineries and equipment. Textiles, clothing, leather goods, and accessories represented the second largest exporting industry in the country. Indeed, the country is the first exporter of leather worldwide. However, Italy's industrial growth decreased significantly during 2020. Generally, all sectors experienced a drop, in particular during the first COVID-19 lockdown. Among the most affected sectors, there are those of machinery and equipment, transport equipment, leather and clothing, as well as coke and refined petroleum products.

Financial crises and inflation

In the last decades, Italy has ben hit by major crisis, including the financial crisis in 2008 and the pandemic in 2020. One factor to observe what these crisis meant for the consumers is the inflation. Between 2004 and 2022, the highest inflation was recorded during that last year. When the inflationary crisis hit Italy, the inflation in the country reached 8.2 percent. The main way to measure inflation is to observe the movement of the Consumer Price Index (CPI). The CPI analyzes the changes in the prices of goods and services that households consume. Thus, an increase in CPI figures means a devaluation of the purchasing power in a given currency. In 2020, the inflation rate in Italy stood at minus 0.1 percent. In the current COVID-19 crisis, Italy experienced a deflation. A deflation, instead, might bring to a decrease in prices due to a generally lower demand in comparison to the supply of goods and services. Nevertheless, the purchasing power is not necessarily going to rise due to other factors to taken into account such as the unemployment and the drop in salaries. When the unemployment rate rises, the salaries might drop, and so the purchasing power. In addition, people will likely tend to spend less in a situation of uncertainty.

Unemployment

The unemployment rate in Italy reached 8.2 percent in 2022, a decrease compared to previous years. Together with the general economic performance of the regions, also the employment reveals disparities within the country. The highest unemployment rate was registered in the South of Italy. In particular, in Calabria, Sicily, and Campania, the shares of people without a job ranged from 14.6 percent to 17.1 percent. In this dramatic scenario, young people suffer disproportionately. Nationwide, the share of young unemployed people is almost three times higher than the general one. In 2023, around 22 percent of individuals aged 15 to 24 years were unemployed. The labor market crisis became more significant after 2008, when figures started to increase, amounting to 42.7 percent in 2013. Nowadays, the situation for some areas of the country is still impressive: in Sicily, Calabria, and Campania, about one out of three the people aged 15 to 24 years are unemployed.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Aug 30, 2024

Key insights

Italy's GDP
1.95tn euros
Italian regions with the largest GDP per capita
Province of Bozen, Aosta Valley, Lombardy
GDP of the Northern region of Lombardy
405bn EUR
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Current statistics on this topic

Gross Domestic Product (GDP) of Italy from 2010 to 2023 (in million euros)

Key Economic Indicators

GDP of Italy 2010-2023

Gross domestic product (GDP) per capita of Italy in 2022, by region

Economy

Gross Domestic Product (GDP) per capita in Italy 2022, by region

Unemployment rate in Italy from 2020 to 2023, with a forecast for 2024 and 2025

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Forecasted unemployment rate in Italy 2020-2025

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GDP of the U.S.
GDP of the U.S.
Economy of the UK
Economy of the UK
E-commerce in Italy
E-commerce in Italy
Demographics of Italy
Demographics of Italy
Employment in Italy
Employment in Italy
Poverty in Italy
Poverty in Italy
Rail industry in Italy
Rail industry in Italy
Mafia in Italy
Mafia in Italy
Food retail in Italy
Food retail in Italy
Economy of Flanders (Belgium)
Economy of Flanders (Belgium)
Economy of the Benelux
Economy of the Benelux
Banking industry in Italy
Banking industry in Italy
Illicit drug use in Italy
Illicit drug use in Italy
Corruption in Italy
Corruption in Italy
Coronavirus (COVID-19) in Italy
Coronavirus (COVID-19) in Italy
Coronavirus: economic impact in Italy
Coronavirus: economic impact in Italy

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