Economy of Italy

Economy of Italy

Milan, the financial centre of Italy

ency Euro (EUR, €) (Except in Campione d'Italia – CHF)
al year 1 January – 31 December
e European Union, WTO, OECD, AIIB
nisations
ntry group Developed/Advanced[1]
High-income economy[2]
Statistics
lation 60,244,639 (1 January 2020, provisional)[3]
$2.014 trillion (nominal, 2020 est.)[4]
$2.245 trillion (PPP, 2020 est.)[5]
rank 8th (nominal, 2019)
14th (PPP, 2020)
growth +0.8% (2018)
+0.3% (2019)
−12.8% (2020e)
+6.3% (2021e)[6]
per capita $33,431 (nominal, 2020 est.)[4]
$41,582 (PPP, 2020 est.)[4]
per capita 26th (nominal, 2019)
33rd (PPP, 2019)
by sector agriculture: 2.1%
industry: 23.9%
services: 73.9%
 (2017 est.)[7]
ion (CPI) 0.2% (2020 est.)[5]
0.6% (2019)[5]
1.2% (2018)[5]
lation 5.7% in poverty, 2014;[8]
w
rty line 27.3% at risk of poverty or social exclusion (2018)[9]

coefficient 33.4 medium (2018, Eurostat)[10]

an 0.883 very high (2018)[11] (29th)
lopment
x 0.776 high IHDI (2018)[12]

ur force 23.398 million (Q3, 2019)[13]

59.2% employment rate (Q3, 2019)[13]
ur force agriculture: 3.9%
ccupation
industry: 28.3%
services: 67.8%
(2011)[7]
mployment 7.8% (May 2020)[14]
27.2% youth unemployment (Q4-2019)[15]
2.536 million unemployed (Q3, 2019)[13]
age gross €2,595 / $2,916 monthly (2018)
y
age net €1,878 / $2,110 monthly (2018) (without considering social and private benefits)
y
Tourism · machinery · iron and steel · chemicals · food processing · textiles · motor vehicles ·
stries clothing · footwear · ceramics
-of-doing- 58th (easy, 2020)[16]
ness rank
External
rts $475.8 billion (2019)[17]
rt goods Engineering products, textiles and clothing, production machinery, motor vehicles, transport
equipment, chemicals; foodstuffs, beverages, and tobacco; minerals, nonferrous metals
export Germany 12.5%
ers
France 10.3%
United States 9%
Spain 5.2%
United Kingdom 5.2%
Switzerland 4.6%
(2019)[17]
rts $422.9 billion (2019 )[7]
rt goods Engineering products, chemicals, transport equipment, energy products, minerals and
 nonferrous metals, textiles and clothing; food, beverages, tobacco
import Germany 16.3%
ers
France 8.8%
China 7.1%
Netherlands 5.6%
Spain 5.3%
Belgium 4.5%
(2017)[7]
tock $552.1 billion (31 December 2017 est.)[7]
Abroad: $671.8 billion (31 December 2017 est.)[7]
ent $53.42 billion (2017 est.)[7]
unt
s external $2.324 trillion (June 2017)[18]

Public finances
c debt 134.8% of GDP (2019)[19]
€2.410 trillion (2019)[19]
get €29.3 billion deficit (2019)[19]
nce
−1.6% of GDP (2019)[19]
nues 47.1% of GDP (2019)[19]
nses 48.7% of GDP (2019)[19]
omic aid donor: ODA, $4.86 billion (2016)[20]
t rating Standard & Poor's:[21] BBB
Outlook: Stable
Moody's:[22] Baa2
Outlook: Negative
Fitch:[23] BBB
Outlook: Stable
Scope:[24] BBB+
Outlook: Negative
gn $151.2 billion (31 December 2017 est.)[7]
ves
Main data source:
World Fact Book (https://www.cia.gov/library/publications/resources/the-world-factbook/geos/it.html)
All values, unless otherwise stated, are in US dollars.

The economy of Italy is the third-largest national economy in the European Union, the eighth-largest by
nominal GDP in the world, and the 12th-largest by GDP (PPP). Italy is a founding member of the European
Union, the Eurozone, the OECD, the G7 and the G20;[25] it is the eighth-largest exporter in the world, with
$514 billion exported in 2016. Its closest trade ties are with the other countries of the European Union, with
whom it conducts about 59% of its total trade. The largest trading partners, in order of market share, are
Germany (12.6%), France (11.1%), the United States (6.8%), Switzerland (5.7%), the United Kingdom (4.7%)
and Spain (4.4%).[26]

In the post-World War II period, Italy was transformed from an agricultural based economy which had been
severely affected by the consequences of the World Wars, into one of the world's most advanced nations,[27]
and a leading country in world trade and exports. According to the Human Development Index, the country
enjoys a very high standard of living, and has the world's 8th highest quality of life according to The
Economist.[28] Italy owns the world's third-largest gold reserve,[29] and is the third-largest net contributor to
the budget of the European Union. Furthermore, the advanced country private wealth is one of the largest in
the world.[30]

Italy is a large manufacturer (overall the second in EU behind Germany)[31] and exporter[32] of a significant
variety of products including machinery, vehicles, pharmaceuticals, furniture, food, clothing, and robots.[33]
Italy has therefore a significant trade surplus. The country is also well known for its influential and innovative
business economic sector, an industrious and competitive agricultural sector (Italy is the world's largest wine
producer),[34] and for its creative and high-quality automobile, naval, industrial, appliance and fashion design.
Italy is the largest hub for luxury goods in Europe and the third luxury hub globally.[35][36]

Despite these important achievements, the country's economy today suffers from structural and non-structural
problems. Annual growth rates have often been below the EU average with Italy being hit particularly hard by
the late-2000s recession. Massive government spending from the 1980s onwards has produced a severe rise in
public debt. In addition, Italian living standards have a considerable North–South divide: the average GDP per
capita in Northern and Central Italy significantly exceeds the EU average, while some regions and provinces
in Southern Italy are dramatically below.[37] In recent years, Italy's GDP per capita growth slowly caught-up
with the Eurozone average[38] while its employment rate still lags behind; however, economists dispute the
official figures because of the large number of informal jobs (estimated between 10% and 20% of the labour
force) that lift the inactivity or unemployment rates.[39]

Contents
History
Age of Industrialization
Fascist regime
Post-war economic miracle
The 1970s and 1980s: from stagflation to "il sorpasso"
Great Recession
Economic recovery
Resilience to the Covid-19 pandemic
Overview
Data
Companies
Wealth
Regional data
North–South divide
Economic sectors
Primary
Secondary
 Tertiary
Infrastructure
Energy and natural resources
Transport
Poverty
References
Notes
External links

History
The economic history of Italy can be divided in three main phases:[40] an initial period of struggle after the
unification of the country, characterised by high emigration and stagnant growth; a central period of robust
catch-up from the 1890s to the 1980s, interrupted by the Great Depression of the 1930s and the two world
wars; and a final period of sluggish growth that has been exacerbated by a double-dip recession following the
2008 global financial crush, and from which the country is slowly reemerging only in recent years.

Age of Industrialization

Prior to unification, the economy of the many Italian statelets was

overwhelmingly agrarian; however, the agricultural surplus produced
what historians call a "pre-industrial" transformation in North-western
Italy starting from the 1820s,[41] that led to a diffuse, if mostly
artisanal, concentration of manufacturing activities, especially in
Piedmont-Sardinia under the liberal rule of the Count of Cavour.[42]

After the birth of the unified Kingdom of Italy in 1861, there was a
Terni steel mills in 1912.
deep consciousness in the ruling class of the new country's
backwardness, given that the per capita GDP expressed in PPS terms
was roughly half of that of Britain and about 25% less than that of
France and Germany. [40] During the 1860s and 1870s, the manufacturing activity was backward and small-
scale, while the oversized agrarian sector was the backbone of the national economy. The country lacked large
coal and iron deposits[43] and the population was largely illiterate. In the 1880s, a severe farm crisis led to the
introduction of more modern farming techniques in the Po valley,[44] while from 1878 to 1887 protectionist
policies were introduced with the aim to establish a heavy industry base.[45] Some large steel and iron works
soon clustered around areas of high hydropower potential, notably the Alpine foothills and Umbria in central
Italy, while Turin and Milan led a textile, chemical, engineering and banking boom and Genoa captured civil
and military shipbuilding.[46]

However, the diffusion of industrialisation that characterised the northwestern area of the country largely
excluded Venetia and, especially, the South. The resulting Italian diaspora concerned up to 26 million Italians,
the most part in the years between 1880 and 1914; by many scholars it is considered the biggest mass
migration of contemporary times.[47] During the Great War, the still frail Italian state successfully fought a
modern war, being able of arming and training some 5 million recruits.[48] But this result came at a terrible
cost: by the end of the war, Italy had lost 700,000 soldiers and had a ballooning sovereign debt amounting to
billions of lira.
Fascist regime

Italy emerged from World War I in a poor and weakened condition.

The National Fascist Party of Benito Mussolini came to power in
1922, at the end of a period of social unrest. However, once Mussolini
acquired a firmer hold of power, laissez-faire and free trade were
progressively abandoned in favour of government intervention and
protectionism.[49]

In 1929, Italy was hit hard by the Great Depression.[50] Trying to

handle the crisis, the Fascist government nationalized the holdings of
large banks which had accrued significant industrial securities,
Benito Mussolini giving a speech at
the Fiat Lingotto factory in Turin,
establishing the Istituto per la Ricostruzione Industriale.[51] A number
1932. of mixed entities were formed, whose purpose was to bring together
representatives of the government and of the major businesses. These
representatives discussed economic policy and manipulated prices and
wages so as to satisfy both the wishes of the government and the wishes of business.[49]

This economic model based on a partnership between government and business was soon extended to the
political sphere, in what came to be known as corporatism. At the same time, the aggressive foreign policy of
Mussolini led to an increasing military expenditure. After the invasion of Ethiopia, Italy intervened to support
Franco's nationalists in the Spanish Civil War. By 1939, Italy had the highest percentage of state-owned
enterprises after the Soviet Union.[49]

Italy's involvement in World War II as a member of the Axis powers required the establishment of a war
economy. The Allied invasion of Italy in 1943 eventually caused the Italian political structure – and the
economy – to rapidly collapse. The Allies, on the one hand, and the Germans on the other, took over the
administration of the areas of Italy under their control. By the end of the war, Italian per capita income was at
its lowest point since the beginning of the 20th century.[52]

Post-war economic miracle

After the end of World War II, Italy was in rubble and occupied by
foreign armies, a condition that worsened the chronic development
gap towards the more advanced European economies. However, the
new geopolitical logic of the Cold War made possible that the former
enemy Italy, a hinge-country between Western Europe and the
Mediterranean, and now a new, fragile democracy threatened by the
NATO occupation forces, the proximity of the Iron Curtain and the
presence of a strong Communist party,[54] was considered by the
United States as an important ally for the Free World, and received
The Fiat 500, launched in 1957, is
under the Marshall Plan over US$1.2 billion from 1947-51.
considered a symbol of Italy's
postwar economic miracle.[53]
The end of aid through the Plan could have stopped the recovery but
it coincided with a crucial point in the Korean War whose demand for
metal and manufactured products was a further stimulus of Italian
industrial production. In addition, the creation in 1957 of the European Common Market, with Italy as a
founding member, provided more investment and eased exports.[55]

These favorable developments, combined with the presence of a large labour force, laid the foundation for
spectacular economic growth that lasted almost uninterrupted until the "Hot Autumn's" massive strikes and
social unrest of 1969–70, which then combined with the later 1973 oil crisis and put an abrupt end to the
prolonged boom. It has been calculated that the Italian economy experienced an average rate of growth of
GDP of 5.8% per year between 1951 and 1963, and 5% per year between 1964 and 1973.[55] Italian rates of
growth were second only, but very close, to the German rates, in Europe, and among the OEEC countries only
Japan had been doing better.[56]

The 1970s and 1980s: from stagflation to "il sorpasso"

The 1970s were a period of economic, political turmoil and social

unrest in Italy, known as Years of lead. Unemployment rose sharply,
especially among the young, and by 1977 there were one million
unemployed people under age 24. Inflation continued, aggravated by
the increases in the price of oil in 1973 and 1979. The budget deficit
became permanent and intractable, averaging about 10 percent of the
gross domestic product (GDP), higher than any other industrial
country. The lira fell steadily, from 560 lira to the U.S. dollar in 1973
to 1,400 lira in 1982.[57] Prime Minister Giulio Andreotti (far
left) with G7 leaders in Bonn, 1978.
The economic recession went on into the mid-1980s until a set of
reforms led to the independence of the Bank of Italy[58] and a big
reduction of the indexation of wages[59] that strongly reduced inflation rates, from 20.6% in 1980 to 4.7% in
1987.[60] The new macroeconomic and political stability resulted in a second, export-led "economic miracle",
based on small and medium-sized enterprises, producing clothing, leather products, shoes, furniture, textiles,
jewelry, and machine tools. As a result of this rapid expansion, in 1987 Italy overtook the UK's economy (an
event known as il sorpasso), becoming the fourth richest nation in the world, after the US, Japan and West
Germany.[61] The Milan stock exchange increased its market capitalization more than fivefold in the space of a
few years.[62]

However, the Italian economy of the 1980s presented a problem: it was booming, thanks to increased
productivity and surging exports, but unsustainable fiscal deficits drove the growth.[61] In the 1990s, the new
Maastricht criteria boosted the urge to curb the public debt, already at 104% of GDP in 1992.[63] The
consequent restrictive economic policies worsened the impact of the global recession already underway. After
a brief recover at the end of the 1990s, high tax rates and red tape caused the country to stagnate between 2000
and 2008.[64][65]

Great Recession

Italy was among the countries hit hardest by the Great Recession of
2008–2009 and the subsequent European debt crisis. The national
economy shrunk by 6.76% during the whole period, totaling seven-
quarters of recession.[66] In November 2011 the Italian bond yield
was 6.74 percent for 10-year bonds, nearing a 7 percent level where
Italy is thought to lose access to financial markets.[67] According to
Eurostat, in 2015 the Italian government debt stood at 128% of GDP,
ranking as the second biggest debt ratio after Greece (with 175%).[68]
GDP per capita of Italy, France,
However, the biggest chunk of Italian public debt is owned by Italian
Germany and Britain from 1970 to
nationals and relatively high levels of private savings and low levels
2008.
of private indebtedness are seen as making it the safest among
Europe's struggling economies.[69][70] As a shock therapy to avoid
the debt crisis and kick-start growth, the national unity government
led by the economist Mario Monti launched a program of massive austerity measures, that brought down the
deficit but precipitated the country in a double-dip recession in 2012 and 2013, receiving criticism from
numerous economists.[71][72]

Economic recovery

From 2014 to 2019 the economy had almost fully recovered from the
Great Recession of 2008. Despite not having growth rates like the rest
of the countries in the Euro area.

Resilience to the Covid-19 pandemic

First among the countries of Europe to be affected by the COVID-19

pandemic[73], which in the months since February 2020 will expand The Ferrari Portofino represents the
to the rest of the world. The economy suffers a very severe shock as a synergy of "Made in Italy" brands
result of the lockdown of most of the country's economic activity. that strengthens the Italian economy.
After three months at the end of May 2020, the epidemic is under
control, and the economy is starting up again, especially the
manufacturing sector. The economy remains resilient although far below the values prior to the COVID 19
pandemic.[74][75] The Italian government has issued special BTP Futura[76] to compensate for the rising costs
of health care costs to deal with the COVID-19 pandemic in Italy, waiting for Europe to proceed with a
unitary support through the European Recovery Fund.[77]

Overview

Data

The following table shows the main economic indicators in 1980–2019. Inflation under 2% is in green.[78]
 GDP GDP per capita GDP growth Inflation rate Unemployment Government debt
Year
(in bn. Euro) (in Euro) (real) (in Percent) (in Percent) (in % of GDP)

1980 213.0 3,777 3.4% 21.8% 7.4% n/a

1981 255.2 4,517 0.8% 19.5% 7.6% n/a
1982 301.2 5,328 0.4% 16.5% 8.3% n/a
1983 350.7 6,200 1.2% 14.7% 7.4% n/a
1984 400.9 7,088 3.2% 10.7% 7.8% n/a
1985 450.0 7,952 2.8% 9.0% 8.2% n/a
1986 497.5 8,790 2.9% 5.8% 8.9% n/a
1987 544.2 9,617 3.2% 4.7% 9.6% n/a
1988 604.8 10,683 4.2% 5.1% 9.7% 93.0%
1989 664.0 11,721 3.4% 6.2% 9.7% 95.5%
1990 722.8 12,749 2.1% 6.4% 8.9% 98.8%
1991 789.6 13,915 1.5% 6.2% 8.5% 102.3%
1992 830.9 14,636 0.8% 5.0% 8.8% 109.7%
1993 855.9 15,062 −0.9% 4.5% 9.8% 120.5%
1994 905.2 15,926 2.2% 4.2% 10.6% 127.1%
1995 985.0 17,328 2.3% 5.4% 11.1% 116.9%
1996 1,043.1 18,350 1.3% 4.0% 11.2% 116.3%
1997 1,089.9 19,162 1.8% 1.8% 11.2% 113.8%
1998 1,135.5 19,954 1.6% 2.0% 11.3% 110.8%
1999 1,171.9 20,593 1.6% 1.7% 10.9% 109.7%
2000 1,239.3 21,771 3.7% 2.6% 10.1% 105.1%
2001 1,298.9 22,803 1.7% 2.3% 9.1% 104.7%
2002 1,345.8 23,610 0.2% 2.6% 8.6% 101.9%
2003 1,390.7 24,313 0.2% 2.8% 8.5% 100.5%
2004 1,448.4 25,134 1.6% 2.3% 8.0% 100.0%
2005 1,489.7 25,656 1.0% 2.2% 7.7% 101.9%
2006 1,548.5 26,553 2.0% 2.2% 6.8% 102.6%
2007 1,609.6 27,495 1.5% 2.0% 6.1% 99.8%
2008 1,632.2 27,647 −1.1% 3.5% 6.7% 102.4%
2009 1,572.9 26,457 −5.5% 0.7% 7.7% 112.5%
2010 1,604.5 26,873 1.7% 1.6% 8.3% 115.4%
2011 1,637.5 27,313 0.6% 2.9% 8.4% 116.5%
2012 1,613.3 26,813 −2.8% 3.3% 10.7% 123.4%
2013 1,604.6 26,518 −1.7% 1.2% 12.1% 129.0%
2014 1,621.9 26,682 0.1% 0.1% 12.6% 131.8%
2015 1,652.1 27,174 0.9% 0.1% 11.9% 131.6%
2016 1,689.8 27,855 1.1% −0.1% 11.7% 131.4%
 2017 1,727.3 28,510 1.5% 1.3% 11.3% 131.4%

2018[79] 1,757.0 29,049 0.9% 1.2% 10.6% 132.2%

2019[80] 1,771.5 29,166 0.1% 0.7% 10.7% 133.4%

2020[81] 0.2% 12.7%

2021

Companies

Of the world's 500 largest stock-market-listed companies measured by

revenue in 2016, the Fortune Global 500, nine are headquartered in
Italy.[84] The country's major companies by sector are:[85] Fiat
Chrysler Automobiles, CNH Industrial, Ducati, Piaggio (motor
vehicles); Pirelli (tyre manufacturing); Enel, Edison, A2A, Terna
(energy); Eni (petrochemicals); Candy, Indesit, De'Longhi (home
appliances); Leonardo that has absorbed its subsidiary companies
Alenia Aermacchi, AgustaWestland and Oto Melara (defence); Avio,
Ferrari is the world's most powerful
Telespazio (space); Beretta, Benelli (firearms); Armani, Versace,
brand according to the Global 500
Dolce & Gabbana, Gucci, Benetton, Diesel, Prada, Luxottica, YOOX
annual study published by Brand
(fashion); Ferrero, Barilla, Autogrill, Lavazza, Perfetti Van Melle,
Finance in 2014.[82]
Campari, Parmalat (food&beverages); Techint, Lucchini, Gruppo
Riva, Danieli (steel); Prysmian, Salini Impregilo, Italcementi, Buzzi
Unicem, Astaldi (construction); STMicroelectronics (electronics);
Telecom Italia, Mediaset (communications); Assicurazioni Generali,
Unipol (insurance); UniCredit, Intesa Sanpaolo (banking); Ferrari,
Maserati, Lamborghini (luxury vehicles); Fincantieri, Ferretti, Azimut
(shipbuilding).

The labour productivity level of Italy.

OECD, 2015[83]
 Rank Rank Revenue Profit Employees
Company Headquarters Main sector
(World) (Italy) (€bn) (€bn) (World)
19 1 Fiat Turin 152.6 0.83 225,587 Automotive
Generali
49 2 Trieste 102.6 2.25 74,000 Insurance
Group

65 3 Eni Rome 93.0 1.33[86] 80,911 Petroleum

78 4 Enel Rome 83.9 2.44 62,080 Electric utility

Intesa
224 5 Turin 42.2 3.04 90,807 Banking
Sanpaolo
300 6 UniCredit Milan 34.6 1.88 117,659 Banking
Poste
305 7 Rome 34.1 0.61 142,268 Postal services
italiane
Telecom
404 8 Milan 26.6 0.44[87] 66,025 Telecommunications
Italia
491 9 Unipol Bologna 21.5 0.30 14,223 Insurance

Figures are for 2016. Figures in italic = Q3 2017

Wealth

Italy has over 1.4 million people with a net wealth greater than
$1 million, a total national wealth of $11.857 trillion, and represents
the 5th largest cumulative net wealth globally (it accounts for 4.92%
of the net wealth in the world).[88] According to the Credit Suisse's
Global Wealth Databook 2013, the median wealth per adult is
$138,653 (5th in the world),[88] while according to the Allianz's
Global Wealth Report 2013, the net financial wealth per capita is
€45,770 (13th in the world).[89]

The following top 10 list of Italian billionaires is based on an annual

assessment of wealth and assets compiled and published by Forbes in
2017.[90]
Leonardo Del Vecchio.
 Rank Rank Net Worth
Name Main source Main sector
(World) (Italy) ($bn)
Maria Franca Fissolo Ferrero &
29 1 25.2 Ferrero SpA Food
family
50 2 Leonardo Del Vecchio 17.9 Luxottica Eyewear
Walgreens Pharmaceutical
80 3 Stefano Pessina 13.9
Boots retail
133 4 Massimiliana Landini Aleotti 9.5 Menarini Pharmaceutical
199 5 Silvio Berlusconi 7.0 Fininvest Financial services
215 6 Giorgio Armani 6.6 Armani Fashion
Perfetti Van
250 7 Augusto & Giorgio Perfetti 5.8 Confectionery
Melle
385 8 Paolo & Gianfelice Rocca 3.4 Techint Conglomerate
474 9 Giuseppe De'Longhi 3.8 De'Longhi Small appliance
603 10 Patrizio Bertelli 3.3 Prada Apparels

Regional data

Map of Italian regions by GDP per

capita in 2015.
 2015 Gross Domestic Product in Italy (2015 data)[91][92]
Rank Region GDP €m % of Nation € per capita

– Italy 1,645,439 100.00 27,045

1 Lombardy 357,200 21.71 35,885

2 Lazio 192,642 11.09 30,967

3 Veneto 151,634 9.21 30,843

4 Emilia-Romagna 149,525 9.08 33,558

5 Piedmont 127,365 7.74 28,870

6 Tuscany 110,332 6.70 29,446

7 Campania 100,544 6.11 17,187

8 Sicily 87,383 5.31 17,068

9 Apulia 72,135 4.38 17,166

10 Liguria 47,663 2.90 30,438

11 Marche 40,593 2.47 25,971

12 Trentino-Alto Adige 40,096 2.44 37,813

13 Friuli-Venezia Giulia 35,669 2.17 29,147

14 Calabria 32,795 1.99 16,467

15 Abruzzo 32,592 1.98 24,160

16 Sardinia 32,481 1.97 19,306

17 Umbria 21,438 1.30 23,735

18 Basilicata 11,449 0.69 19,473

19 Molise 6,042 0.36 18,891

20 Aosta Valley 4,374 0.27 34,301

North–South divide

Since the unification of Italy in 1861, a wide and increasing economic divide has been growing between the
northern provinces and the southern half of the Italian state. This gap was mainly induced by the region-
specific policies selected by the Piedmontese elite, who dominated the first post-unitary governments,[93] and
that more heavily penalized the regions farther away from the rulers’ fiercer enemies, as recently confirmed by
Guilherme de Oliveira and Carmine Guerriero.[94] To illustrate, the 1887 protectionist reform, instead of
safeguarding the arboriculture sectors crushed by 1880s fall in prices, shielded the Po Valley wheat breeding
and those Northern textile and manufacturing industries that had survived the liberal years thanks to state
intervention.[95] While indeed the former dominated the allocation of military clothing contracts, the latter
monopolized both coal mining permits and public contracts.[96] A similar logic guided the assignment of
monopoly rights in the steamboat construction and navigation sectors and, above all, the public spending in the
railway sector, which represented 53% of the 1861-1911 total.[97] To make things worse, the resources
necessary to finance this public spending effort were obtained through highly unbalanced land property taxes,
which affected the key source of savings available for investment in the growth sectors absent a developed
banking system.[98] To elaborate, the 1864 reform fixed a 125 million target revenue to be raised from 9
districts resembling the pre-unitary states.[99] Given the inability of the government to estimate the land
profitability, especially because of the huge differences among the regional cadasters, this policy irreparably
induced large regional discrepancies.[99] To illustrate, the ex-Papal State (central Italy) took on the 10%, the
ex-Kingdom of Two Sicilies (Southern Italy) the 40%, and the rest of the state (ex-Kingdom of Sardinia,
Northern Italy) the 21%.[99] To weigh this burden down, a 20% surcharge was added by 1868.[99]

The 1886 cadastral reform opened the way to more egalitarian policies and, after the First World War, to the
harmonization of the tax-rates, but the impact of extraction on the economies of the two blocks was at that
point irreversible.[94] While indeed a flourishing manufacturing sector was established in the North, the mix of
low public spending and heavy taxation squeezed the Southern investment to the point that the local industry
and export-oriented farming were wiped out.[100] Moreover, extraction destroyed the relationship between the
central state and the Southern population by unchaining first a civil war called Brigandage, which brought
about 20,000 victims by 1864 and the militarization of the area, and then favoring emigration, especially from
1892 to 1921.[101] To elaborate, extractive policies induced a dramatic fall in the accumulation of both social
and human capital in the Southern regions and favored the rise of organized crime.[94]

After the rise of Benito Mussolini, the "Iron Prefect" Cesare Mori tried to defeat the already powerful criminal
organizations flourishing in the South with some degree of success. Fascist policy aimed at the creation of an
Italian empire and Southern Italian ports were strategic for all commerce towards the colonies. With the
invasion of Southern Italy, the Allies restored the authority of the mafia families, lost during the Fascist period,
and used their influence to maintain public order.[102]

In the 1950s the Cassa per il Mezzogiorno was set up as a huge public master plan to help industrialize the
South, aiming to do this in two ways: through land reforms creating 120,000 new smallholdings, and through
the "Growth Pole Strategy" whereby 60% of all government investment would go to the South, thus boosting
the Southern economy by attracting new capital, stimulating local firms, and providing employment. However,
the objectives were largely missed, and as a result the South became increasingly subsidized and state
dependent, incapable of generating private growth itself.[103]

Even at present, huge regional disparities persist. Problems in Southern Italy still include widespread political
corruption, pervasive organized crime, and very high unemployment rates.[104] In 2007, it was estimated that
about 80% of the businesses in the Sicilian cities of Catania and Palermo paid protection money;[105] thanks to
grassroots movement like Addiopizzo, the mafia racket is slowly but constantly losing its verve.[106][107] The
Italian Ministry of Interior reported that organized crime generated an estimated annual profit of
€13 billion.[108]

Economic sectors

Primary

According to the last national agricultural census, there

were 1.6 million farms in 2010 (−32.4% since 2000)
covering 12.7 million hectares (63% of which are
located in Southern Italy).[109] The vast majority (99%)
are family-operated and small, averaging only 8
hectares in size.[109] Of the total surface area in Vineyards near Certaldo, Tuscany. Italy is the
agricultural use (forestry excluded), grain fields take up world's top wine producer (22% of global market).[34]
31%, olive tree orchards 8.2%, vineyards 5.4%, citrus
orchards 3.8%, sugar beets 1.7%, and horticulture
2.4%. The remainder is primarily dedicated to pastures (25.9%) and feed grains (11.6%).[109] The northern
part of Italy produces primarily Maize corn, rice, sugar beets, soybeans, meat, fruits and dairy products, while
the South specializes in wheat and citrus fruits. Livestock includes 6 million head of cattle, 8.6 million head of
swine, 6.8 million head of sheep, and 0.9 million head of goats.[109] The total annual production of the fishing
industry in Italy from capture and aquaculture, including crustaceans and molluscs, is around 480,000 tons.

Italy is the largest producer of wine in the world, and one of the leading producers of olive oil, fruits (apples,
olives, grapes, oranges, lemons, pears, apricots, hazelnuts, peaches, cherries, plums, strawberries, and
kiwifruits), and vegetables (especially artichokes and tomatoes). The most famous Italian wines are probably
the Tuscan Chianti and the Piedmontese Barolo. Other famous wines are Barbaresco, Barbera d'Asti, Brunello
di Montalcino, Frascati, Montepulciano d'Abruzzo, Morellino di Scansano, Amarone della Valpolicella
DOCG and the sparkling wines Franciacorta and Prosecco. Quality goods in which Italy specialises,
particularly the already mentioned wines and regional cheeses, are often protected under the quality assurance
labels DOC/DOP. This geographical indication certificate, which is attributed by the European Union, is
considered important to avoid confusion with low-quality mass-produced ersatz products.

Secondary

Italy has a smaller number of global multinational corporations than other economies of comparable size, but
there is a large number of small and medium-sized enterprises, many of them grouped in clusters, which are
the backbone of the Italian industry.[110] This has produced a manufacturing sector often focused on the export
of niche market and luxury products, that on one side is less capable of competing on quantity, but on the other
side is more capable of facing the competition from emerging economies based on lower labor costs, with
higher quality products.[111] The industrial districts are regionalized: in the Northwest there is a large modern
group of industries, as in the so-called "Industrial Triangle" (Milan-Turin-Genoa), where there is an area of
intense machinery, automotive, aerospace production and shipbuilding; in the Northeast and the Center,
previously rural areas that experienced social and economic development around family-based firms, there are
small enterprises of low technology but high craftsmanship, specialized in clothing, leather products, footwear,
furniture, textiles, machine tools, spare parts, home appliances, and jewellery; finally, in the less-developed
South, the two forms exist side by side.[110][112]

Tertiary

The origins of modern banking can be traced to medieval and early Renaissance Italy, to the rich cities like
Florence, Lucca, Siena, Venice and Genoa. The Bardi and Peruzzi families dominated banking in 14th-century
Florence, establishing branches in many other parts of Europe.[113] One of the most famous Italian banks was
the Medici Bank, set up by Giovanni di Bicci de' Medici in 1397.[114] The earliest known state deposit bank,
the Bank of Saint George, was founded in 1407 in Genoa,[115] while Banca Monte dei Paschi di Siena,
founded in 1472, is the oldest surviving bank in the world. Today, among the financial services companies,
UniCredit is one of the largest bank in Europe by capitalization and Assicurazioni Generali is second largest
insurance group in the world by revenue after AXA.

The following is a list of the main Italian banks and insurance groups ranked by total assets and gross
premiums written.

As of 31 December 2013
 Banks[85] Insurance groups[85]
Assets Premiums
Rank Company Headquarter Rank Company Headquarter
(€ mil.) (€ mil.)
1 UniCredit Milan 982,151 Assicurazioni
1 Trieste 70,323
Generali
2 Intesa Sanpaolo Turin 676,798
2 Poste Vita Rome 18,238
Banca Monte dei
3 Siena 197,943
Paschi di Siena 3 Unipol Bologna 15,564
4 Banco Popolare Verona 123,743 Intesa
4 Turin 12,464
Sanpaolo
5 UBI Banca Bergamo 121,323
Cattolica
Banca Nazionale del 5 Verona 5,208
6 Rome 84,892 Assicurazioni
Lavoro
Reale Mutua
7 Mediobanca Milan 72,428 6 Turin 3,847
Assicurazioni
Banca Popolare Vittoria
8 Modena 61,266 7 Milan 1,281
dell'Emilia Romagna Assicurazioni
Banca Popolare di
9 Milan 49,257
Milano
10 Cariparma Parma 48,235

Infrastructure

Energy and natural resources

In the early 1970s Italy was a major producer of pyrites (from the Tuscan Maremma), asbestos (from the
Balangero mines), fluorite (found in Sicily), and salt. At the same time, it was self-sufficient in aluminum (from
Gargano), sulphur (from Sicily), lead, and zinc (from Sardinia).[116] By the beginning of the 1990s, however,
it had lost all its world-ranking positions and was no longer self-sufficient in those resources. There are no
substantial deposits of iron, coal, or oil. Moderate natural gas reserves, mainly in the Po Valley and offshore
Adriatic Sea, have been discovered in recent years and constitute the country's most important mineral
resource. Italy is one of the world's leading producers of pumice, pozzolana, and feldspar.[116] Another
mineral resource for which Italy is well-known is marble, especially the world-famous white Carrara marble
from the Massa and Carrara quarries in Tuscany. Most raw materials needed for manufacturing and more than
80% of the country's energy sources are imported (99.7% of the solid fuels demand, 92.5% of oil, 91.2% of
natural gas and 13% of electricity).[117][118] Due to its reliance on imports, Italians pay approximately 45%
more than the EU average for electricity.[119]

Italy has managed four nuclear reactors until the 1980s, but in 1987, after the Chernobyl disaster, a large
majority of Italians passed a referendum opting for phasing out nuclear power in Italy. The government
responded by closing existing nuclear power plants and stopping work on projects underway, continuing to
work to the nuclear energy program abroad. The national power company Enel operates seven nuclear
reactors in Spain (through Endesa) and four in Slovakia (through Slovenské elektrárne),[120] and in 2005
made an agreement with Électricité de France for a nuclear reactor in France.[119] With these agreements, Italy
has managed to access nuclear power and direct involvement in design, construction, and operation of the
plants without placing reactors on Italian territory.[119]
In the last decade, Italy has become one of the world's
largest producers of renewable energy, ranking as the
second largest producer in the European Union after
Germany and the ninth in the world. The country is
also the world's fifth largest producer of energy from
solar power. Renewable sources account for the 27.5%
of all electricity produced in Italy, with hydro alone
reaching 12.6%, followed by solar at 5.7%, wind at
4.1%, bioenergy at 3.5%, and geothermal at 1.6%.[121]
The rest of the national demand is covered by fossil
fuels (38.2% natural gas, 13% coal, 8.4% oil) and by
imports.[121]

Transport

Italy was the first country in the world to build

motorways, the so-called "autostrade", reserved for
motor vehicles. The Milano-Laghi motorway,
connecting Milan to Varese and now parts of the A8
and A9 motorways, was devised by Piero Puricelli, a
civil engineer and entrepreneur. He received the first Natural resources of Italy. Metals are in blue (Al –
authorization to build a public-utility fast road in 1921, aluminium ore, Mn — manganese, Fe – iron ore, Hg
and completed the construction between 1924 and — mercury, PM – polymetallic ores (Cu, Zn, Ag,
1926. By the end of the 1930s, over 400 kilometers of Pb), PY — pyrite). Fossil fuels are in red (C – coal,
multi- and dual-single-lane motorways were G – natural gas, L — lignite, P – petroleum). Non-
constructed throughout Italy, linking cities and rural metallic minerals are in green (ASB — asbestos, F
— fluorite, K — potash, MAR — marble, S —
towns. Today there are 668,721 km of serviceable
sulfur).
roads in Italy, including 6,661 km of motorways
(mostly toll roads, national and local roads), state-
owned but
privately operated
mainly by Atlantia
company.

Rome Fiumicino Airport in 2014 was the

eighth-busiest airport in Europe.

The railway network is also extensive, especially in the north,

totalizing 16,862 km of which 69% are electrified and on which 4,937
locomotives and railcars circulate. It is the 12th largest in the world,
and is operated by state-owned Ferrovie dello Stato, while the rail
tracks and infrastructure are managed by Rete Ferroviaria Italiana.
While a number of private railroads exist and provide mostly
commuter-type services, the national railway also provides Wind turbines in Varese Ligure.
sophisticated high-speed rail service that joins the major cities. The
Florence–Rome high-speed railway was the first high-speed line
opened in Europe when more than half of it opened in 1977. In 1991 the TAV was created for the planning
and construction of high-speed rail lines along Italy's most important and saturated transport routes (Milan-
Rome-Naples and Turin-Milan-Venice). High-speed trains include ETR-class trains, with the Frecciarossa
1000 reaching 400 km/h.

There are approximately 130 airports in Italy, of which 99 have paved runways (including the two hubs of
Leonardo Da Vinci International in Rome and Malpensa International in Milan), and 43 major seaports
including the Port of Genoa, the country's largest and the third busiest by cargo tonnage in the Mediterranean
Sea. The national inland waterway network comprises 1,477 km of navigable rivers and channels. In 2007
Italy maintained a civilian air fleet of about 389,000 units and a merchant fleet of 581 ships.[122]

Poverty
In 2015, poverty in Italy hit the highest levels in the previous 10 years. The level of absolute poverty for a two-
person family was €1050.95/month. The poverty line per capita changed by region from €552.39/month to
€819.13/month.The numbers of those in absolute poverty rose nearly an entire percent in 2015, from 6.8% in
2014, to 7.6% in 2015.[123] In the south of Italy the numbers are even higher, with 10% living in absolute
poverty, up from 9 percent in 2014. The north is better off at 6.7%, but this is still an increase from 5.7% in
2014.[123] The national statistics reporting agency, ISTAT, defines absolute poverty as those who can not buy
goods and services which they need to survive. In 2015, the proportion of poor households in relative poverty
also increased to 13.7 from 12.9 in 2014. ISTAT defines relative poverty as people whose disposable income
is less than around half the national average. The unemployment rate in February 2016 remained at 11.7%,
which has been the same for almost a year, but even having a job does not guarantee freedom from
poverty.[124] Those who have at least one family member employed still suffer from 6.1% to 11.7% poverty,
the higher number being for those who have factory jobs. The numbers are even higher for the younger
generations because their unemployment rate is over 40%. Also, children are hit hard. In 2014, 32% of those
aged 0–17 are at risk of poverty or social exclusion, which is one child out of three. In the last ISTAT report,
poverty is in decline.[125]

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Notes

External links
Italian National Institute of Statistic (ISTAT) (http://www.istat.it/en/)
Italy – OECD (http://www.oecd.org/italy/)
Italy profile (http://www.worldbank.org/en/country/italy) at The World Bank
The leading international footwear exhibition (MICAM) (http://milanshoesmicam.com)

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