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. 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 numbers are even higher for the younger generations because their unemployment rate is over 40%. 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. Online tool for visualization and analysis. World … {"2005":207216645.05, "2006":211773181.18, "2007":215337456.69, "2008":212847657.21, "2009":201152939.96, "2010":204796627.95, "2011":205689295.04, "2012":199890913.81, "2013":196436798.82, "2014":196620713.01, "2015":198437488.40, "2016":200658003.89, "2017":203862512.22, "2018":205658540.95, "2019":206277573.16}, [{"1871":76.39, "1872":75.26, "1873":78.20, "1874":77.94, "1875":80.17, "1876":78.49, "1877":78.45, "1878":79.61, "1879":80.53, "1880":84.38, "1881":78.68, "1882":85.58, "1883":85.33, "1884":85.94, "1885":87.72, "1886":91.61, "1887":94.13, "1888":93.83, "1889":89.79, "1890":95.53, "1891":95.14, "1892":89.79, "1893":93.91, "1894":92.59, "1895":94.02, "1896":96.60, "1897":92.33, "1898":100.56, "1899":102.91, "1900":108.63, "1901":115.69, "1902":112.46, "1903":117.82, "1904":118.92, "1905":125.56, "1906":130.27, "1907":144.96, "1908":148.46, "1909":159.92, "1910":154.12, "1911":164.16, "1912":165.49, "1913":172.56, "1914":172.43, "1915":192.88, "1916":216.40, "1917":226.59, "1918":229.96, "1919":191.52, "1920":174.86, "1921":172.20, "1922":181.10, "1923":192.04, "1924":193.93, "1925":206.73, "1926":208.90, "1927":204.38, "1928":219.00, "1929":226.22, "1930":215.08, "1931":213.83, "1932":220.73, "1933":219.24, "1934":220.16, "1935":241.36, "1936":241.78, "1937":258.34, "1938":260.20, "1939":279.15, "1940":280.87, "1941":277.43, "1942":273.98, "1943":248.13, "1944":201.61, "1945":157.84, "1946":206.78, "1947":242.96, "1948":256.75, "1949":275.70, "1950":298.10, "1951":320.36, "1952":344.34, "1953":369.18, "1954":388.33, "1955":410.93, "1956":429.56, "1957":454.92, "1958":479.24, "1959":509.09, "1960":545.28, "1961":591.10, "1962":628.94, "1963":665.54, "1964":680.03, "1965":699.79, "1966":743.05, "1967":795.24, "1968":848.38, "1969":901.43, "1970":950.96, "1971":963.75, "1972":965.05, "1973":1033.82, "1974":1090.68, "1975":1067.88, "1976":1143.97, "1977":1173.26, "1978":1211.28, "1979":1283.46, "1980":1327.48, "1981":1338.69, "1982":1344.23, "1983":1359.94, "1984":1403.81, "1985":1443.09, "1986":1484.36, "1987":1531.74, "1988":1595.99, "1989":1650.07, "1990":1683.94, "1991":1709.77, "1992":1722.98, "1993":1708.29, "1994":1745.03, "1995":1795.41, "1996":1815.78, "1997":1849.66, "1998":1876.45, "1999":1903.68, "2000":1973.23, "2001":2009.99, "2002":2019.06, "2003":2018.12, "2004":2053.05, "2005":2072.17, "2006":2117.73, "2007":2153.37, "2008":2128.48, "2009":2011.53, "2010":2047.97, "2011":2056.89, "2012":1998.91, "2013":1964.37, "2014":1966.21, "2015":1984.37, "2016":2006.58, "2017":2038.63, "2018":2056.59, "2019":2062.78}], {"1971":1.3, "1972":0.1, "1973":7.1, "1974":5.5, "1975":-2.1, "1976":7.1, "1977":2.6, "1978":3.2, "1979":6.0, "1980":3.4, "1981":0.8, "1982":0.4, "1983":1.2, "1984":3.2, "1985":2.8, "1986":2.9, "1987":3.2, "1988":4.2, "1989":3.4, "1990":2.1, "1991":1.5, "1992":0.8, "1993":-0.9, "1994":2.2, "1995":2.9, "1996":1.1, "1997":1.9, "1998":1.4, "1999":1.5, "2000":3.7, "2001":1.9, "2002":0.5, "2003":0.0, "2004":1.7, "2005":0.9, "2006":2.2, "2007":1.7, "2008":-1.2, "2009":-5.5, "2010":1.8, "2011":0.4, "2012":-2.8, "2013":-1.7, "2014":0.1, "2015":0.9, "2016":1.1, "2017":1.6, "2018":0.9, "2019":0.3}.

First among the countries of Europe to be affected by the COVID-19 pandemic[71], which in the months since February 2020 will expand to the rest of the world. [72][73] The economy suffers a very severe shock as a result of the lockdown of most of the country's economic activity. 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. [87] According to the Credit Suisse's Global Wealth Databook 2013, the median wealth per adult is $138,653 (5th in the world),[87] while according to the Allianz's Global Wealth Report 2013, the net financial wealth per capita is €45,770 (13th in the world). [116][117] Due to its reliance on imports, Italians pay approximately 45% more than the EU average for electricity. GDP Growth Rate in 2017 was 1.50%, representing a change of 32,786,789,627 US$ over 2016, when Real GDP was $2,085,992,358,269. The Italian government has issued special BTP Futura[74] to compensate for the rising costs of health care costs to deal with the COVID-19 pandemic in Italy, waiting for Europe to proceed with a unitary support through the European Recovery Fund. By the end of the 1930s, over 400 kilometers of multi- and dual-single-lane motorways were constructed throughout Italy, linking cities and rural towns. ... 1961 - 2019 GDP (constant 2010 US$) ... GDP per capita growth (annual %) Download. GDP growth (annual %) - Italy from The World Bank: Data. [93], 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. 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. 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. The government responded by closing existing nuclear power plants and stopping work on projects underway, continuing to work to the nuclear energy program abroad. [118] 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. Italy GDP (Gross Domestic Product) was INT$2,062.78billion for 2019 in PPP terms. [98], 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. Italy is the largest hub for luxury goods in Europe and the third luxury hub globally. [115] By the beginning of the 1990s, however, it had lost all its world-ranking positions and was no longer self-sufficient in those resources. Publish your articles and forecasts in our website. Italy Consumer Prices Fall the Least in 4 Months, Italian Shares Little Changed, on Track for Biggest Monthly Drop in 7 Months, Italian Economy Rebounds More than Expected, Italy September Jobless Rate Below Forecasts, Italy Bond Yields Drop After Rating Outlook Update, Italy Current Account Surplus Widens in August, Italy Construction Output Climbs 12.8% YoY in August, Colombia Exports Continue to Drop in September, Canada Government Budget Deficit Widens Sharply in August, Chile Retail Sales Rise the Most in 7 Years, Brazilian Real Hovers at Over 5-Month Lows, Spain Current Account Surplus Falls by Near 300%, US Consumer Sentiment Reamins Strongest Since March, Loonie Rises from 1-Month Low on GDP Data, Mexican Peso Rises from 2-Week Low on Upbeat Data. 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. The remainder is primarily dedicated to pastures (25.9%) and feed grains (11.6%). The national inland waterway network comprises 1,477 km of navigable rivers and channels. 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. The GDP value of Italy represents 1.67 percent of the world economy. 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. The Allied invasion of Italy in 1943 eventually caused the Italian political structure – and the economy – to rapidly collapse. The lira fell steadily, from 560 lira to the U.S. dollar in 1973 to 1,400 lira in 1982. In 2007 Italy maintained a civilian air fleet of about 389,000 units and a merchant fleet of 581 ships. By 1939, Italy had the highest percentage of state-owned enterprises after the Soviet Union. [98] 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. © World Economics Limited. The Gross Domestic Product (GDP) in Italy was worth 2001.24 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. [47], 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. [83] The country's major companies by sector are:[84] 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, Telespazio (space); Beretta, Benelli (firearms); Armani, Versace, Dolce & Gabbana, Gucci, Benetton, Diesel, Prada, Luxottica, YOOX (fashion); Ferrero, Barilla, Autogrill, Lavazza, Perfetti Van Melle, 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).

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