Editing Economy of Italy

{{Short description|None}}
{{Use dmy dates|date=May 2022}}
{{Infobox economy
| country = Italy
| image = Milan skyline skyscrapers of Porta Nuova business district.jpg
| image_size = 300px
| caption = [[Milan]] is the economic capital of Italy,<ref>{{cite web|url=https://www.prologis.it/en/industrial-logistics-warehouse-space/europe/italy/milan-italys-industrial-and-financial-capital|title=Milan, Italy's Industrial and Financial Capital|date=18 May 2018|access-date=27 May 2022|archive-date=7 July 2022|archive-url=https://web.archive.org/web/20220707141649/https://www.prologis.it/en/industrial-logistics-warehouse-space/europe/italy/milan-italys-industrial-and-financial-capital|url-status=live}}</ref> and is a global [[financial centre]] and a [[fashion capital]] of the world.
| currency = [[Euro]] (EUR, €) (Except in [[Campione d'Italia]] – [[Swiss franc|CHF]])
| year = [[Calendar year]]
| organs = [[European Union|EU]], [[World Trade Organization|WTO]], [[G-20 major economies|G-20]], [[Group of Seven|G7]], [[Organisation for Economic Co-operation and Development|OECD]], [[AIIB]]
| group = {{plainlist|
*[[Developed country|Advanced economy]]<ref>{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/groups-and-aggregates |title=Groups and Aggregates Information |publisher=[[International Monetary Fund]] |website=IMF.org}}</ref>
*[[World Bank high-income economy|High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019 |archive-date=28 October 2019 |archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |url-status=live }}</ref>
* [[Welfare state]]<ref name="Italy_welfare"/><ref name="Kenworthy"/> }} 
| population = {{Decrease}} 58,934,177<ref>{{Cite web|title=ISTAT – Demography, Statistics, Demographic Balance, Resident Population|url= https://esploradati.istat.it/databrowser/#/en/dw/categories/IT1,POP,1.0/POP_POPULATION/DCIS_POPRES1/IT1,22_289_DF_DCIS_POPRES1_1,1.0 | date=1 January 2025}}</ref>
| gdp = {{plainlist|
*{{increase}} $2.460  trillion ([[GDP (nominal)|nominal]]; 2025)<ref name="IMFWEOIT">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=111,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2022&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=Report for Selected Countries and Subjects: October 2024|publisher=[[International Monetary Fund]]|website=imf.org}}</ref>
*{{increase}} $3.690 trillion ([[Purchasing power parity|PPP]]; 2025)<ref name="IMFWEOIT"/>
}}
| gdp rank = {{plainlist|
*[[List of countries by GDP (nominal)|8th (nominal; 2024-2025)]]
*[[List of countries by GDP (PPP)|11th (PPP; 2024)]]
}}
| growth = {{plainlist|   
* 3.9%&nbsp;(2022)<ref name="IMFWEOIT"/>
* 0.9%&nbsp;(2023)<ref name="IMFWEOIT"/>
* 0.7%&nbsp;(2024)<ref name="ISTAT">{{cite web |url=https://www.istat.it/comunicato-stampa/pil-e-indebitamento-delle-ap-2022-2024/#:~:text=Nel%202024%20l'economia%20italiana,pari%20a%20quella%20del%202023./ |title=Pil e indebitamento delle AP - Anni 2022-2024|publisher=[[Italian National Institute of Statistics]]|website=istat.it}}</ref>
}}
| per capita = {{plainlist|
*{{increase}} $41,710 (nominal; 2025)<ref name="IMFWEOIT"/>
*{{increase}} $62,600 (PPP; 2025)<ref name="IMFWEOIT"/>
}}
| per capita rank = {{plainlist|
*[[List of countries by GDP (nominal) per capita|26th (nominal; 2024)]]
*[[List of countries by GDP (PPP) per capita|29th (PPP; 2024)]]
}}
| cpi = {{decrease}} 56 out of 100 points (2023)<ref name="ti_2023">{{cite web |url=https://www.transparency.org/en/cpi/2023 |date=30 January 2024 |title=Corruption Perceptions Index |website=[[Transparency International]] |access-date=15 July 2024 |archive-date=30 January 2024 |archive-url=https://web.archive.org/web/20240130062042/https://www.transparency.org/en/cpi/2023 |url-status=live }}</ref> ([[Corruption Perceptions Index#Ranking over Time|42nd]])
| sectors = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 2.0%
*[[Secondary sector of the economy|industry]]: 23.8%
*[[Tertiary sector of the economy|services]]: 73.8% 
*(2017 est.)<ref name="CIA World Factbook Italy">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/italy/ |title=CIA World Factbook |publisher=[[Central Intelligence Agency]] |website=CIA.gov |access-date=13 December 2022 |archive-date=1 July 2021 |archive-url=https://web.archive.org/web/20210701235642/https://www.cia.gov/the-world-factbook/countries/italy/ |url-status=live }}</ref>
}}
| inflation = 4.5% (2023)<ref name="IMFWEOIT"/>
| poverty = {{plainlist|
*{{steady}} 9.4% (2021)<ref>{{Cite web|url=https://www.istat.it/en/archivio/272759|title=Poverty in Italy|date=5 September 2022|website=ISTAT|access-date=5 September 2022|archive-date=5 September 2022|archive-url=https://web.archive.org/web/20220905095939/https://www.istat.it/en/archivio/272759|url-status=live}}</ref>
*22.8% at risk of poverty or social exclusion (AROPE 2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/databrowser/view/tepsr_lm410/default/table?lang=en |title=People at risk of poverty or social exclusion by sex |publisher=[[Eurostat]] |website=ec.europa.eu |access-date=10 June 2024}}</ref>}}
| gini = 31.5 {{color|darkorange|medium}} (2023)<ref>{{cite web |title=Gini coefficient of equivalised disposable income - EU-SILC survey |url=https://ec.europa.eu/eurostat/databrowser/view/tessi190/default/table?lang=en |website=ec.europa.eu |publisher=[[Eurostat]] |access-date=10 June 2024}}</ref>
| hdi = {{plainlist|
*{{increase}} 0.906 {{color|darkgreen|very high}} (2022)<ref name="ithdi">{{Cite web |date=13 March 2024 |title=Human Development Report 2023/2024 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf|url-status=live |archive-url=https://web.archive.org/web/20240313164319/https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf |archive-date=13 March 2024 |access-date=26 April 2024 |publisher=[[United Nations Development Programme]] |language=en}}</ref> ([[List of countries by Human Development Index|30th]])
*{{increase}} 0.802 {{color|darkgreen|very high}} [[List of countries by inequality-adjusted HDI|IHDI (34th)]] (2022)<ref name="ithdi" />}}
| labor = {{plainlist|
*{{decrease}} 44.4&nbsp;million (2021)<ref>{{cite web |title=Population, aged 15-74 - EU labour force survey |url=https://ec.europa.eu/eurostat/databrowser/view/tipslm16/default/table?lang=en |website=ec.europa.eu |publisher=Eurostat |access-date=5 September 2022 |archive-date=5 September 2022 |archive-url=https://web.archive.org/web/20220905101949/https://ec.europa.eu/eurostat/databrowser/view/tipslm16/default/table?lang=en |url-status=live }}</ref>
*{{increasePositive}} 66.3% employment rate (2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Employment_-_annual_statistics |title=Employment rate by sex, age group 20-64 |publisher=[[Eurostat]] |website=ec.europa.eu/eurostat |access-date=20 July 2024}}</ref>}}
| occupations = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 3.9%
*[[Secondary sector of the economy|industry]]: 28.3%
*[[Tertiary sector of the economy|services]]: 67.8% 
*(2011)<ref name="CIA World Factbook Italy"/>}}
| unemployment = {{plainlist|
*{{steady}} 6.8% (May 2024)<ref name="auto">{{cite web |title=Euro area unemployment |url=https://ec.europa.eu/eurostat/web/products-euro-indicators/w/3-02072024-bp#:~:text=In%20May%202024%2C%20the%20euro,well%20as%20with%20May%202023. |website=ec.europa.eu/eurostat |date=May 2024 |publisher=[[Eurostat]] |access-date=23 July 2024 }}</ref>
*{{increaseNegative}} 20.5% youth unemployment (15 to 24 year-olds; May 2024)<ref name="auto"/>
*{{decreasePositive}} 1.753 million unemployed (May 2024)<ref name="auto"/>}}
| average gross salary = [[List of European countries by average wage|€2,968 / $3,360 monthly]]<ref>[https://www.oecd.org/content/dam/oecd/en/publications/reports/2025/04/taxing-wages-2025_20d1a01d/b3a95829-en.pdf#page176 Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | READ online.]</ref><ref>[https://www.oecd.org/en/publications/taxing-wages-2025_b3a95829-en.html Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | OECD iLibrary.]</ref> (2024)
| average net salary = [[List of European countries by average wage|€2,066 / $2,339 monthly]]<ref>[https://www.oecd.org/content/dam/oecd/en/publications/reports/2025/04/taxing-wages-2025_20d1a01d/b3a95829-en.pdf#page176 Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | READ online.]</ref><ref>[https://www.oecd.org/en/publications/taxing-wages-2025_b3a95829-en.html Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | OECD iLibrary.]</ref> (2024)
| industries = {{hlist| [[tourism]]| [[machinery]]|[[robots]]|[[aircraft]]|[[aerospace]]|[[electronics]]|[[defense systems]]|[[iron and steel]]| [[chemicals]]| [[food processing]]|[[agribusiness]]|[[pharmaceutical]]|[[textiles]]| [[motor vehicles]]| [[clothing]]| [[footwear]]| [[furniture]]| [[ceramics]]| [[luxury goods]]| [[fashion]]| [[shipbuilding]]| [[cruise ship]]| [[electric power]]}}
| exports = {{increase}} $777.594&nbsp;billion ([[List of countries by exports|9th]]) (2023)<ref name="CIA World Factbook Italy"/>
| export-goods = Engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; foodstuffs, beverages, and tobacco; minerals, nonferrous metals
| export-partners = {{plainlist|
*{{flag|Germany}} 11.9%
*{{flag|France}} 11.7%
*{{flag|United States}} 10.1%
*{{flag|Spain}} 5.3%
*{{flag|Switzerland}} 4.9%
*{{flag|United Kingdom}} 4.0% 
*(2023)<ref name="InfoMercatiEsteri">{{Cite web|url=https://www.infomercatiesteri.it/osservatorio-economico-interscambio-commerciale-italiano-mondo.php|title=Interscambio commerciale italiano con il resto del mondo infoMercatiEsteri - www.infomercatiesteri.it - infoMercatiEsteri - www.infomercatiesteri.it|website=www.infomercatiesteri.it|access-date=25 June 2022|archive-date=22 April 2022|archive-url=https://web.archive.org/web/20220422155949/https://www.infomercatiesteri.it/osservatorio-economico-interscambio-commerciale-italiano-mondo.php|url-status=live}}</ref>}}
| imports = {{decrease}} $591&nbsp;billion (2021)<ref name="CIA World Factbook Italy"/>
| import-goods = Engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, tobacco
| import-partners = {{plainlist|
*{{flag|Germany}} 15.2%
*{{flag|France}} 8.5% 
*{{flag|China}} 7.9%
*{{flag|Netherlands}} 6.2%
*{{flag|Spain}} 5.5%
*{{flag|Belgium}} 4.5%
*(2023)<ref name="InfoMercatiEsteri"/>}}
| current account = {{increase}} $59.52&nbsp;billion (2019 est.)<ref name="CIA World Factbook Italy"/>
| FDI = {{plainlist|
*{{increase}} $552.1&nbsp;billion (31 December 2017 est.)<ref name="CIA World Factbook Italy"/>
*{{increase}} Abroad: $671.8 billion (31 December 2017 est.)<ref name="CIA World Factbook Italy"/>}}
| gross external debt = $3.024&nbsp;trillion (31 December 2020)<ref>{{cite web|title=Euromoney Institutional Investor Company|url=https://www.ceicdata.com/en/indicator/italy/external-debt|access-date=30 September 2017|archive-date=3 May 2019|archive-url=https://web.archive.org/web/20190503071554/https://www.ceicdata.com/en/indicator/italy/external-debt|url-status=live}}</ref>
| debt = {{plainlist|
*{{decreasePositive}} 134.8% of GDP (2023)<ref>{{cite news |title=Italy's debt-to-GDP ratio 134.8 in 2023 - Istat |url=https://www.ansa.it/english/news/general_news/2024/10/22/italys-debt-to-gdp-ratio-134.8-in-2023-istat_704197ab-ad06-4a8b-8e1a-4b10b870500e.html |access-date=22 October 2024 |agency=ansa.it |publisher=ansa.it |date=23 September 2024}}</ref>
*{{increaseNegative}} €2.410&nbsp;trillion (2019)<ref name="1st Notif">{{cite web |title=Euro area and EU27 government deficit both at 0.6% of GDP |url=https://ec.europa.eu/eurostat/documents/2995521/10294648/2-22042020-AP-EN.pdf |website=ec.europa.eu/eurostat |publisher=Eurostat |access-date=28 April 2020 |archive-date=9 October 2022 |archive-url=https://ghostarchive.org/archive/20221009/https://ec.europa.eu/eurostat/documents/2995521/10294648/2-22042020-AP-EN.pdf |url-status=live }}</ref>}}
| revenue = 47.1% of GDP (2019)<ref name="1st Notif"/>
| expenses = 48.7% of GDP (2019)<ref name="1st Notif"/>
| balance = {{plainlist|
*€29.3&nbsp;billion deficit (2019)<ref name="1st Notif"/>
*−1.6% of GDP (2019)<ref name="1st Notif"/>}}
| aid = {{plainlist|
*€28.8 billion from [[European Structural and Investment Funds]] (2007–2013)<ref>{{Cite web |url=http://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/it_en.pdf |title=European Cohesion Policy in Italy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20171225203037/http://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/it_en.pdf |archive-date=25 December 2017 |url-status=live }}</ref>
*€42.77 billion from [[European Structural and Investment Funds]] (2014–2020)<ref>{{Cite web |url=http://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_it_en.pdf |title=European Structural and Investment Funds |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20170420135423/http://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_it_en.pdf |archive-date=20 April 2017 |url-status=live }}</ref>}}
| reserves = {{increase}} $211.3&nbsp;billion (November 2022 est.)<ref name="CIA World Factbook Italy"/>
| credit = {{plainlist|
*[[Standard & Poor's]]:<ref>{{cite web |title=Sovereigns Rating List |publisher=[[Standard & Poor's]] |url=http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |access-date=26 May 2011 |archive-date=28 September 2011 |archive-url=https://web.archive.org/web/20110928234500/http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |url-status=live }}</ref> BBB+<ref>{{cite news |title=S&P alza il rating dell’Italia. Giorgetti: premiata la serietà del governo nell’approccio alla politica di bilancio |url=https://www.milanofinanza.it/news/s-p-alza-il-rating-dell-italia-giorgetti-premiata-la-serieta-del-governo-nell-approccio-alla-politica-202504112323195303 |access-date=15 April 2025 |agency=milanofinanza.it |publisher=milanofinanza.it |date=11 April 2025}}</ref> 
*Outlook: Stable
*[[Moody's]]:<ref>{{cite news |last=Bufacchi |first=Isabella |date=16 October 2014 |title=Moody's confirms stable outlook on Italy's "Baa2" sovereign rating |url=http://www.italy24.ilsole24ore.com/art/markets/2014-10-15/moody-s-confirms-stable-outlook-on-italy-s-baa2-sovereign-rating-120823.php?uuid=ABw00M3B |newspaper=[[Il Sole 24 Ore]] |access-date=8 February 2015 |archive-date=6 February 2015 |archive-url=https://web.archive.org/web/20150206054545/http://www.italy24.ilsole24ore.com/art/markets/2014-10-15/moody-s-confirms-stable-outlook-on-italy-s-baa2-sovereign-rating-120823.php?uuid=ABw00M3B |url-status=dead }}</ref> Baa3
*Outlook: Stable
*[[Fitch Group|Fitch]]: BBB
*Outlook: {{increase}} Positive<ref>{{cite web |title=Italy |url=https://www.fitchratings.com/entity/italy-80442199#ratings |website=fitchratings.com |access-date=25 October 2024}}</ref>
*Scope:<ref>{{cite web |title=Scope affirms Italy's BBB+/Stable long-term credit ratings |url=https://www.scoperatings.com/ratings-and-research/rating/EN/177458 |publisher=[[Scope Ratings]] |access-date=13 July 2024 }}</ref> BBB+
*Outlook: Stable}}
}}
The '''economy of Italy''' is a [[Developed country|highly developed]] [[social market economy]].<ref name=":0">{{cite book |last1=Hall |first1=Peter A. |last2=Soskice |first2=David |date=2001 |title=Varieties of Capitalism: The Institutional Foundations of Comparative Advantage |url=https://books.google.com/books?id=EU02HzYJeFsC&q=canada+a+market+economy |publisher=[[Oxford University Press]] |page=131 |isbn=978-0-191-64770-3 |access-date=18 March 2022 |archive-date=23 July 2023 |archive-url=https://web.archive.org/web/20230723222356/https://books.google.com/books?id=EU02HzYJeFsC&q=canada+a+market+economy |url-status=live }}</ref> It is the third-largest national economy in the [[European Union]], the [[List of countries by GDP (nominal)|8th-largest economy in the world by nominal GDP]], and the [[List of countries by GDP (PPP)|11th-largest by PPP-adjusted GDP]]. The country has the second-largest manufacturing industry in [[Europe]], which is also the [[List of countries by manufacturing output|7th-largest in the world]]. Italy has a [[diversified economy]] which is dominated by the [[Tertiary sector of the economy|tertiary service sector]]. The country is a [[great power]], and is a [[Founding members of the European Union|founding member of the European Union]], the [[eurozone]], the [[Schengen Area]], the [[Organisation for Economic Co-operation and Development|OECD]], the [[G7]] and the [[G20]];<ref>{{Cite web|title=Report for Selected Countries and Subjects|url=https://www.imf.org/external/pubs/ft/weo/2017/02/weodata/weorept.aspx?pr.x=37&pr.y=12&sy=2015&ey=2022&scsm=1&ssd=1&sort=country&ds=.&br=1&c=136&s=NGDPD,PPPGDP,NGDPDPC,PPPPC&grp=0&a=|website=www.imf.org|access-date=13 March 2019|archive-date=25 April 2018|archive-url=https://web.archive.org/web/20180425183840/https://www.imf.org/external/pubs/ft/weo/2017/02/weodata/weorept.aspx?pr.x=37&pr.y=12&sy=2015&ey=2022&scsm=1&ssd=1&sort=country&ds=.&br=1&c=136&s=NGDPD,PPPGDP,NGDPDPC,PPPPC&grp=0&a=|url-status=live}}</ref> it is the [[List of countries by exports|eighth-largest exporter in the world]], with $611&nbsp;billion exported in 2021. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. [[List of the largest trading partners of Italy|Its largest trading partners]] are [[Germany]] (12.5%) and [[France]] (10.3%), followed by the [[United States]] (9%), [[Spain]] (5.2%), the [[United Kingdom]] (5.2%) and [[Switzerland]] (4.6%).<ref>{{cite web | title=CIA World Factbook: Italy | url=https://www.cia.gov/the-world-factbook/countries/italy/ | publisher=[[Central Intelligence Agency|CIA]] | access-date=8 February 2015 | archive-date=1 July 2021 | archive-url=https://web.archive.org/web/20210701235642/https://www.cia.gov/the-world-factbook/countries/italy/ | url-status=live }}</ref>

In the post-World War II period, Italy saw a transformation from an agricultural-based economy which had been severely affected by the consequences of the [[World War]]s, into one of the world's most advanced nations,<ref>{{Cite web|url=https://www.imf.org/external/pubs/ft/weo/2017/02/weodata/weoselgr.aspx|title=Select Country or Country Groups|website=www.imf.org|access-date=26 November 2017|archive-date=22 October 2017|archive-url=https://web.archive.org/web/20171022143402/https://www.imf.org/external/pubs/ft/weo/2017/02/weodata/weoselgr.aspx|url-status=live}}</ref> and a leading country in [[international trade|world trade and exports]]. According to the [[Human Development Index]], the country enjoys a [[List of countries by Human Development Index|very high standard of living]]. According to ''[[The Economist]]'', Italy has the world's 8th highest [[quality of life]].<ref name="economist">{{cite news |url=http://www.economist.com/media/pdf/QUALITY_OF_LIFE.pdf |title=The Economist Intelligence Unit's quality-of-life index |newspaper=[[The Economist]] |access-date=8 February 2015 |archive-date=2 August 2012 |archive-url=https://web.archive.org/web/20120802135752/http://www.economist.com/media/pdf/QUALITY_OF_LIFE.pdf |url-status=live }}</ref> Italy owns the world's third-largest [[gold reserve]],<ref>{{cite news |url=http://archiviostorico.corriere.it/2013/gennaio/05/Italia_terza_mondo_per_riserve_co_0_20130105_da090ba2-5701-11e2-b61e-ffe012b3f492.shtml |last=Stringa |first=Giovanni |title=Italia terza al mondo per riserve d'oro, per ogni cittadino dote di 1.650 euro |date=5 January 2013 |newspaper=[[Corriere della Sera]] |access-date=6 February 2015 |archive-date=20 September 2015 |archive-url=https://web.archive.org/web/20150920131445/http://archiviostorico.corriere.it/2013/gennaio/05/Italia_terza_mondo_per_riserve_co_0_20130105_da090ba2-5701-11e2-b61e-ffe012b3f492.shtml |url-status=live }}</ref> and is the third-largest net contributor to the [[budget of the European Union]]. Furthermore, the advanced country [[National wealth|private wealth]] is one of the largest in the world.<ref>{{cite news |url=http://www.ilsole24ore.com/art/commenti-e-idee/2013-02-01/quel-bilancio-poco-equilibrato-063847.shtml?uuid=Abdy48PH |title=Quel bilancio Ue poco equilibrato |newspaper=[[Il Sole 24 Ore]] |date=1 February 2013 |access-date=8 February 2015 |archive-date=19 July 2018 |archive-url=https://web.archive.org/web/20180719115404/http://www.ilsole24ore.com/art/commenti-e-idee/2013-02-01/quel-bilancio-poco-equilibrato-063847.shtml?uuid=Abdy48PH |url-status=live }}</ref> In terms of private wealth, Italy ranks second, after [[Hong Kong]], in [[List of countries by total wealth|private wealth to GDP ratio]]. Among [[OECD]] members, Italy has a highly efficient and strong [[Italian welfare state|social security system]], which comprises [[Welfare state#Effects|roughly 24.4% of GDP]].<ref name="Kenworthy">{{Cite journal |jstor = 3005973|title = Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment|journal = Social Forces|volume = 77|issue = 3|pages = 1119–1139|last1 = Kenworthy|first1 = Lane|year = 1999|doi = 10.2307/3005973|url = http://www.lisdatacenter.org/wps/liswps/188.pdf|archive-url = https://web.archive.org/web/20130810134045/http://www.lisdatacenter.org/wps/liswps/188.pdf|archive-date = 10 August 2013|url-status = live}}</ref><ref name="Bradley et al.">{{Cite journal |jstor = 3088901|title = Determinants of Relative Poverty in Advanced Capitalist Democracies|journal = American Sociological Review|volume = 68|issue = 1|pages = 22–51|last1 = Moller|first1 = Stephanie|last2 = Huber|first2 = Evelyne|last3 = Stephens|first3 = John D.|last4 = Bradley|first4 = David|last5 = Nielsen|first5 = François|year = 2003|doi = 10.2307/3088901}}</ref><ref name="Italy_welfare">{{Cite web | url=http://stats.oecd.org/Index.aspx?DataSetCode=SOCX_AGG | title=Social Expenditure – Aggregated data | work=[[OECD]] | access-date=23 April 2024 | archive-date=19 April 2021 | archive-url=https://web.archive.org/web/20210419221301/https://stats.oecd.org/Index.aspx?DataSetCode=SOCX_AGG | url-status=live }}</ref>     

Italy is the world's [[List of countries by manufacturing output|seventh-largest manufacturing country]],<ref name="databank">"[http://databank.worldbank.org/data/reports.aspx?source=2&series=NV.IND.MANF.KD&country= Manufacturing, value added (current US$)] {{webarchive|url=https://web.archive.org/web/20171010152014/http://databank.worldbank.org/data/reports.aspx?source=2&series=NV.IND.MANF.KD&country= |date=10 October 2017 }}". accessed on 17 May 2017.</ref> characterised by a smaller number of global multinational corporations than other economies of comparable size and many dynamic [[small and medium-sized enterprises]], notoriously clustered in several [[industrial district]]s, which are the backbone of the Italian economy. Italy is a large manufacturer<ref>{{cite web |url=http://ec.europa.eu/eurostat/statistics-explained/index.php/Manufacturing_statistics_-_NACE_Rev._2 |title=Manufacturing statistics |publisher=[[Eurostat]] |date=November 2015 |access-date=8 February 2015 |archive-date=3 June 2019 |archive-url=https://web.archive.org/web/20190603011234/https://ec.europa.eu/eurostat/statistics-explained/index.php/Manufacturing_statistics_-_NACE_Rev._2 |url-status=live }}</ref> and exporter<ref>{{Cite web|url=http://www.worldstopexports.com/italys-top-10-exports/|title=Italy's Top 10 Exports|first=Daniel|last=Workman|date=27 December 2018|website=World's Top Exports|access-date=2 December 2018|archive-date=21 April 2019|archive-url=https://web.archive.org/web/20190421191000/http://www.worldstopexports.com/italys-top-10-exports/|url-status=live}}</ref> of a significant variety of products. Its products include [[machinery]], [[vehicles]], [[pharmaceuticals]], furniture, food and clothing.<ref>{{Cite web|url=http://www.worldstopexports.com/top-industrial-robots-exporters/|title=Top Industrial Robots Exporters|first=Daniel|last=Workman|date=2 March 2019|website=World's Top Exports|access-date=2 December 2018|archive-date=4 May 2019|archive-url=https://web.archive.org/web/20190504212157/http://www.worldstopexports.com/top-industrial-robots-exporters/|url-status=live}}</ref> Italy has 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),<ref name="wine">{{cite magazine |last=Woodard |first=Richard |url=http://www.decanter.com/news/wine-news/529822/italian-wine-now-22-of-global-market |title=Italian wine now 22% of global market |magazine=Decanter |date=19 March 2013 |access-date=8 February 2015 |archive-date=27 January 2015 |archive-url=https://web.archive.org/web/20150127071009/http://www.decanter.com/news/wine-news/529822/italian-wine-now-22-of-global-market |url-status=live }}</ref> and [[manufacturer]]s of creatively [[industrial design|designed]], high-quality products: including [[automobile]]s, [[ship]]s, [[home appliance]]s, and [[designer clothing]]. Italy is the largest hub for [[luxury goods]] in Europe and the third-largest luxury hub globally.<ref>{{Cite web|url=https://www.cnbc.com/2015/12/31/the-worlds-biggest-luxury-markets-in-2015.html|title=The world's biggest luxury markets in 2015|first=Krystina|last=Gustafson|date=31 December 2015|website=[[CNBC]]|access-date=9 September 2017|archive-date=9 November 2019|archive-url=https://web.archive.org/web/20191109223425/https://www.cnbc.com/2015/12/31/the-worlds-biggest-luxury-markets-in-2015.html|url-status=live}}</ref><ref>{{Cite web|url=http://www.italy24.ilsole24ore.com/art/business-and-economy/2014-10-14/italy-remains-the-third-market-for-luxury-goods-151145.php?uuid=ABJKh52B.|title=Italy remains the third market for luxury goods|access-date=26 March 2016|archive-date=10 March 2020|archive-url=https://web.archive.org/web/20200310030559/http://www.italy24.ilsole24ore.com/art/business-and-economy/2014-10-14/italy-remains-the-third-market-for-luxury-goods-151145.php?uuid=ABJKh52B.|url-status=dead}}</ref> Italy has a strong [[cooperative]] sector, with the largest share of the population (4.5%) employed by a cooperative in the EU.<ref>{{Cite web|date=April 2016|title=The Power of Cooperation – Cooperatives Europe key statistics 2015|url=https://coopseurope.coop/sites/default/files/The%20power%20of%20Cooperation%20-%20Cooperatives%20Europe%20key%20statistics%202015.pdf|access-date=28 May 2021|website=[[Cooperatives Europe]]|archive-date=12 November 2020|archive-url=https://web.archive.org/web/20201112034412/https://coopseurope.coop/sites/default/files/The%20power%20of%20Cooperation%20-%20Cooperatives%20Europe%20key%20statistics%202015.pdf|url-status=live}}</ref>

Despite these important achievements, the country's economy today suffers from few structural and non-structural problems. [[Annual growth rate]]s have often been below the EU average. Italy was somewhat hit 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 are extremely high on average, but have a considerable [[#Southern question|North–South divide]]: the average GDP per capita in the much richer [[Northern Italy]] significantly exceeds the EU average, while some regions and provinces in [[Southern Italy]] are significantly below the average. In [[Central Italy]], GDP per capita is instead average.<ref>{{cite web |url=https://www.istat.it/it/files//2021/01/Regional_accounts_2019.pdf |title=REGIONAL ACCOUNTS YEARS 2017-2019 |publisher=[[National Institute of Statistics (Italy)|ISTAT]] |date=22 December 2020 |access-date= |archive-date=8 February 2023 |archive-url=https://web.archive.org/web/20230208131649/https://www.istat.it/it/files//2021/01/Regional_accounts_2019.pdf |url-status=live }}</ref><ref name="fon">{{cite web |url=https://www.istat.it/it/files/2018/12/Report_Conti-regionali_2017.pdf |title=Anno 2017 CONTI ECONOMICI TERRITORIALI |publisher=[[National Institute of Statistics (Italy)|ISTAT]] |date=13 December 2018 |language=it |access-date=18 January 2021 |archive-date=15 May 2022 |archive-url=https://web.archive.org/web/20220515082604/https://www.istat.it/it/files/2018/12/Report_Conti-regionali_2017.pdf |url-status=live }}</ref> In recent years, Italy's GDP per capita growth slowly caught-up with the eurozone average,<ref>{{Cite web|url=https://data.worldbank.org/indicator/NY.GDP.PCAP.KD.ZG|title=GDP per capita growth (annual %) &#124; Data|website=data.worldbank.org|access-date=13 March 2019|archive-date=10 August 2019|archive-url=https://web.archive.org/web/20190810233015/https://data.worldbank.org/indicator/NY.GDP.PCAP.KD.ZG|url-status=live}}</ref> while its employment rate also did. However, economists dispute the official figures because of the large number of [[Informal sector|informal jobs]] (estimated to be between 10% and 20% of the [[labour force]]) that lift the inactivity or [[unemployment rates]].<ref>{{Cite web|url=http://www.lastampa.it/2016/10/14/economia/in-italia-milioni-di-lavoratori-in-nero-WAD7AYBVqvKL4azFpBLRsL/pagina.html|title=In Italia 3,7 milioni di lavoratori in nero|website=LaStampa.it|date=14 October 2016|access-date=7 July 2017|archive-date=1 November 2018|archive-url=https://web.archive.org/web/20181101140213/https://www.lastampa.it/2016/10/14/economia/in-italia-milioni-di-lavoratori-in-nero-WAD7AYBVqvKL4azFpBLRsL/pagina.html|url-status=live}}</ref> The [[shadow economy]] is highly represented in Southern Italy, while it becomes less intense as one moves north. In real economic conditions, Southern Italy almost matches Central Italy's level.<ref name=":202bgs">{{cite news|url=https://www.infodata.ilsole24ore.com/2019/08/29/sud-ditalia-settori-evadono-piu/|title=Il Sud d'Italia e i settori che evadono di più|newspaper=[[Il Sole 24 Ore]]|date=August 29, 2019|language=it|format=|access-date=22 January 2021|archive-date=29 March 2023|archive-url=https://web.archive.org/web/20230329132727/https://www.infodata.ilsole24ore.com/2019/08/29/sud-ditalia-settori-evadono-piu/|url-status=live}}</ref>

== History ==
{{Main|Economic history of Italy|Economic history of pre-unitarian Italy}}
[[File:Motore a combustione interna Barsanti - Matteucci - Museo scienza tecnologia Milano 08149 2012.jpg|thumb|upright|left|The [[Barsanti-Matteucci engine]], the first proper internal combustion engine]]
The Italian Renaissance was remarkable in economic development. [[Venice]] and [[Genoa]] were the trade pioneers, first as [[maritime republics]] and then as regional states, followed by [[Milan]], [[Florence]], and the rest of northern Italy. Reasons for their early development are for example the relative military safety of Venetian lagoons, the high population density and the institutional structure which inspired entrepreneurs.<ref>{{cite book|author=Baten, Jörg |title=A History of the Global Economy. From 1500 to the Present.|date=2016|publisher=Cambridge University Press|page=44|isbn=9781107507180}}</ref> The Republic of [[Venice]] was the first real [[international financial center]], which slowly emerged from the 9th century to its peak in the 15th century.<ref name=Coispeau2016>{{Cite book|url=https://books.google.com/books?id=Yor4DAAAQBAJ|title=Finance Masters: A Brief History of International Financial Centers in the Last Millennium|last=Coispeau|first=Olivier|date=2016-08-10|publisher=World Scientific|isbn=9789813108844|language=en|access-date=14 December 2022|archive-date=20 February 2024|archive-url=https://web.archive.org/web/20240220065210/https://books.google.com/books?id=Yor4DAAAQBAJ|url-status=live}}</ref> Tradeable [[Bond (finance)|bonds]] as a commonly used type of security, were invented by the [[Italian city-states]] (such as Venice and [[Genoa]]) of the late [[medieval]] and early [[Renaissance]] periods.

After 1600 Italy experienced an economic catastrophe. In 1600 Northern and Central Italy comprised one of the most advanced industrial areas of Europe. There was an exceptionally high standard of living.<ref>{{Cite journal |last1=Rota |first1=Mauro |last2=Weisdorf |first2=Jacob |date=December 2020 |title=Italy and the Little Divergence in Wages and Prices: New Data, New Results |journal=The Journal of Economic History |language=en |volume=80 |issue=4 |pages=931–960 |doi=10.1017/S0022050720000467 |s2cid=219359647 |issn=0022-0507|doi-access=free }}</ref> By 1870 Italy was an economically backward and depressed area; its industrial structure had almost collapsed, its population was too high for its resources, its economy had become primarily agricultural. Wars, political fractionalization, limited fiscal capacity and the shift of world trade to north-western Europe and the Americas were key factors.<ref>Carlo M. Cipolla, "The Decline of Italy: The Case of a Fully Matured Economy." abFZxxxx ''Economic History Review'' 5#2 1952, pp. 178–187. [https://www.jstor.org/stable/2591055 online] {{Webarchive|url=https://web.archive.org/web/20220920180823/https://www.jstor.org/stable/2591055 |date=20 September 2022 }}</ref><ref>{{cite book|author=Baten, Jörg |title=A History of the Global Economy. From 1500 to the Present.|date=2016|publisher=Cambridge University Press|page=45|isbn=9781107507180}}</ref>

The economic history of Italy after 1861 can be divided in three main phases:<ref name="toniolo">{{cite book|editor-last1=Toniolo|editor-first1=Gianni|title=The Oxford handbook of the Italian economy since unification|date=2013|publisher=Oxford University Press|location=New York, NY|isbn=9780199936694}}</ref> 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 ===

[[File:Terni - le Acciaierie 1912.jpg|thumb|left|[[Terni]] steel mills in 1912]]

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,<ref>{{cite book|last1=Riall|first1=Lucy|title=The Italian risorgimento : state, society, and national unification|url=https://archive.org/details/italianrisorgime00rial|url-access=limited|date=1999|publisher=Routledge|location=London [u.a.]|isbn=978-0415057752|page=[https://archive.org/details/italianrisorgime00rial/page/n71 53]|edition=Repr.}}</ref> 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]].<ref>{{cite book|last1=Killinger|first1=Charles L.|title=The history of Italy|date=2002|publisher=Greenwood Press|location=Westport, Conn. [u.a.]|isbn=978-0313314834|page=[https://archive.org/details/historyofitaly00kill/page/112 112]|edition=[Online-Ausg.]|url=https://archive.org/details/historyofitaly00kill/page/112}}</ref>
[[File:Alessandro Cruto Museo Scienza e Tecnologia Milano.tif|thumb|[[Alessandro Cruto]], creator of the first practical long-lasting incandescent [[Light Bulb|light bulb]]<ref>{{Cite web|url=https://ilglobo.com.au/news/33135/alessandro-crutos-incandescent-light-bulb/|title=Alessandro Cruto's incandescent light bulb — Italianmedia|website=ilglobo.com.au|access-date=2019-12-16}}</ref>|224x224px]]

After the [[Proclamation of the Kingdom of Italy|birth of the unified Kingdom of Italy]] in 1861, there was a 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.<ref name="toniolo"/> 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<ref>{{cite book|last1=Hildebrand|first1=George Herbert|title=Growth and Structure in the Economy of Modern Italy|url=https://archive.org/details/growthstructurei0000hild|url-access=registration|date=1965|publisher=Harvard University Press|location=Cambridge, Massachusetts|pages=[https://archive.org/details/growthstructurei0000hild/page/307 307–309]}}</ref> and the population was largely illiterate. In the 1880s, a severe [[Italian farm crisis|farm crisis]] led to the introduction of more modern farming techniques in the [[Po valley]],<ref>{{cite book|last1=Zamagni|first1=Vera|title=The economic history of Italy, 1860–1990: from the periphery to the centre|date=1993|publisher=Clarendon Press|location=[New York]|isbn=978-0198287735|page=64|edition=Repr.}}</ref> while from 1878 to 1887 [[protectionist]] policies were introduced with the aim to establish a heavy industry base.<ref>{{cite book|last1=Kemp|first1=Tom|title=Industrialization in nineteenth-century Europe|date=1985|publisher=Longman|location=London|isbn=978-0582493841|edition=2nd|url-access=registration|url=https://archive.org/details/industrializatio0000kemp}}</ref> 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]].<ref>{{cite web |url=https://www.bancaditalia.it/pubblicazioni/quaderni-storia/2010-0004/en_Qua_Storia_eco_n4.pdf?language_id=1 |title=Through the Magnifying Glass: Provincial Aspects of Industrial Growth in Post-Unification Italy |last1=Ciccarelli |first1=Carlo |last2=Fenoaltea |first2=Stefano |date=July 2010 |publisher=[[Banca d'Italia]] |page=4 |format=PDF |access-date=9 February 2015 |archive-date=9 February 2015 |archive-url=https://web.archive.org/web/20150209031459/https://www.bancaditalia.it/pubblicazioni/quaderni-storia/2010-0004/en_Qua_Storia_eco_n4.pdf?language_id=1 |url-status=live }}</ref>

However, the diffusion of industrialisation that characterised the northwestern area of the country largely excluded Venetia and, especially, the [[Southern Italy|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.<ref>{{cite book |last1=Cohen |first1=Robin |year=1995 |title=The Cambridge Survey of World Migration |url=https://archive.org/details/cambridgesurveyo00robi |url-access=registration |location=[[Cambridge]] |publisher=[[Cambridge University Press]] |page=[https://archive.org/details/cambridgesurveyo00robi/page/114 114] |isbn=978-0-521-44405-7 |access-date=8 February 2015}}</ref> During the [[World War I|Great War]], the still frail Italian state successfully fought a modern war, being able of arming and training some 5 million recruits.<ref>{{cite book |last1=Clark |first1=Martin |year=1984 |title=Modern Italy, 1871–1982 |url=https://books.google.com/books?id=aXpoAAAAMAAJ&pg=PA186 |location=New York City |publisher=[[Longman]] |page=186 |isbn=978-0-582-48361-3 |access-date=8 February 2015}}</ref> 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 [[Italian lira|lira]].

=== Fascist regime ===
{{Main|Economy of Italy under fascism}}

[[File:Mussolini visiting Fiat, 1932.jpg|thumb|left|[[Benito Mussolini]] giving a speech at the [[Fiat]] [[Lingotto]] factory in Turin, 1932]]

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]].<ref name="knight2003">{{cite book |last=Knight |first=Patricia |year=2003 |title=Mussolini and Fascism |url=https://books.google.com/books?id=LrPb77YGb9gC&pg=PA64 |location=New York City |publisher=[[Routledge]] |pages=64–65 |isbn=978-0-415-27921-5 |access-date=8 February 2015}}</ref>

In 1929, Italy was hit hard by the [[Great Depression]].<ref>{{cite book |last=Welk |first=William G.|year=1938 |title=Fascist Economy Policy: An Analysis of Italy's Economic Experiment |url=https://books.google.com/books?id=hqcrAQAAMAAJ&pg=PA166 |location=[[Cambridge]] |publisher=[[Harvard University Press]] |page=166 |access-date=8 February 2015}}</ref> In order to deal with the crisis, the Fascist government nationalized the holdings of large banks which had accrued significant industrial securities, establishing the [[Istituto per la Ricostruzione Industriale]].<ref>{{cite book |last=Morgan |first=Philip |year=2003 |title=Italian Fascism, 1915–1945 |url=https://books.google.com/books?id=D9gcBQAAQBAJ&pg=PA160 |location=[[Basingstoke]] |publisher=[[Macmillan Publishers]] |page=160 |isbn=978-0-333-94998-6 |access-date=8 February 2015 }}{{Dead link|date=February 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> A number 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.<ref name="knight2003"/>

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 increasing military expenditure. After the invasion of [[Second Italo-Abyssinian War|Ethiopia]], Italy intervened to support [[Francisco Franco|Franco]]'s nationalists in the [[Spanish Civil War]]. By 1939, Italy had the highest percentage of state-owned enterprises after the [[Soviet Union]].<ref name="knight2003"/>

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.<ref>{{cite book |last=Lyttelton |first=Adrian |year=2002 |title=Liberal and Fascist Italy, 1900–1945 |url=https://books.google.com/books?id=D9gcBQAAQBAJ&pg=PA160 |location=[[Oxford]] |publisher=[[Oxford University Press]] |page=13 |isbn=978-0-198-73198-6 |access-date=8 February 2015 }}{{Dead link|date=February 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

=== Post-war economic miracle ===
{{Main|Italian economic miracle}}
[[File:1962 Fiat 500 -- 2012 DC 2.JPG|thumbnail|The [[Fiat 500]], launched in 1957, is considered a symbol of Italy's postwar economic miracle.<ref>{{cite news |last=Tagliabue |first=John |date=11 August 2007 |url=https://www.nytimes.com/2007/08/11/business/worldbusiness/11fiat.html |title=Italian Pride Is Revived in a Tiny Fiat |newspaper=[[The New York Times]] |access-date=8 February 2015 }}</ref>]]
[[File:Olivetti Programma 101 - Museo scienza e tecnologia Milano.jpg|thumbnail|[[Programma 101]], developed in 1965 by [[Olivetti]] is considered one of the first [[Programmable calculator|programmable calculators]] ever and was an economic success internationally.<ref>{{Cite web
 | title= 2008/107/1 Computer, Programma 101, and documents (3), plastic / metal / paper / electronic components, hardware architect Pier Giorgio Perotto, designed by Mario Bellini, made by Olivetti, Italy, 1965–1971
 | website= www.powerhousemuseum.com
 | language= en
 | url= http://www.powerhousemuseum.com/collection/database/?irn=378406
 | access-date= 2016-03-20
}}
</ref><ref name=CyberHeroes>
{{cite web
 | title= Cyber Heroes: Camillo Olivetti
 | publisher= Hive Mind
 | url= http://wvegter.hivemind.net/abacus/CyberHeroes/Olivetti.htm
 | access-date= 2010-11-07
}}
</ref>]]

After the end of World War II, Italy was in rubble and occupied by foreign armies, a condition that worsened the chronic development gap among 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 [[Italian Communist Party|Communist party]],<ref>{{cite book |last=Hogan |first=Michael J.| title=The Marshall Plan: America, Britain, and the reconstruction of Western Europe, 1947–1952 |url=https://archive.org/details/marshallplanamer00hoga_388 |url-access=limited |publisher=[[Cambridge University Press]] |year=1987 | location=[[Cambridge]] | pages=[https://archive.org/details/marshallplanamer00hoga_388/page/n57 44]–45 |isbn=978-0-521-37840-6}}</ref> was considered by the United States as an important ally for the [[Free World]], and received under the [[Marshall Plan]] over US$1.2&nbsp;billion from 1947 to 1951.

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.<ref name="CraftsToniolo">{{cite book| last1=Crafts |first1=Nicholas |last2=Toniolo |first2=Gianni |title=Economic Growth in Europe Since 1945| url=https://archive.org/details/economicgrowtheu1945craf_729 | url-access=limited | publisher = [[Cambridge University Press]]| year=  1996| location =[[Cambridge]] | page=[https://archive.org/details/economicgrowtheu1945craf_729/page/n452 428]| isbn = 978-0-521-49627-8}}</ref>

These favourable 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.<ref name="CraftsToniolo"/> Italian rates of growth were second only, but very close, to the [[West Germany|West German]] rates, in Europe, and among the [[OEEC]] countries only Japan had been doing better.<ref>{{cite book| last=Di Nolfo |first=Ennio | title = Power in Europe? Great Britain, France, Germany, and Italy, and the Origins of the EEC, 1952–57| publisher=[[Walter de Gruyter]]| year=1992| location=[[Berlin]]| page=198| isbn=978-3-11-012158-2}}</ref>

=== The 1970s and 1980s: from stagflation to "il sorpasso" ===
[[File:G7 leaders 1978.jpg|thumb|Prime Minister [[Giulio Andreotti]] (far left) with [[G7]] leaders in [[Bonn]], 1978]]

The 1970s were a period of economic, political turmoil and social unrest in Italy, known as [[Years of Lead (Italy)|Years of lead]]. Unemployment rose sharply, especially among the young, and by 1977 there were one million unemployed people under the age of 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 per cent of the gross domestic product (GDP), higher than any other industrial country. The lira fell steadily, from [[Italian lira|Lire&nbsp;]]560 to the U.S. dollar in 1973 to Lire&nbsp;1,400 in 1982.<ref>{{cite encyclopedia |url=https://www.britannica.com/EBchecked/topic/297474/Italy/27780/Demographic-and-social-change |title=Italy since 1945: Demographic and social change |encyclopedia=[[Encyclopædia Britannica Online]] |access-date=8 February 2015 |archive-date=9 February 2015 |archive-url=https://web.archive.org/web/20150209055816/http://www.britannica.com/EBchecked/topic/297474/Italy/27780/Demographic-and-social-change |url-status=live }}</ref>

The economic recession went on into the mid-1980s until a set of reforms led to the independence of the [[Banca d'Italia|Bank of Italy]]<ref>{{cite book|last1=Vicarelli|first1=Fausto|last2=Sylla|first2=Richard|last3=Cairncross|first3=Alec|title=Central banks' independence in historical perspective|date=1988|publisher=[[Walter de Gruyter]]|location=[[Berlin]]|page=180|isbn=978-3110114409}}</ref> and a big reduction of the indexation of wages<ref>{{cite encyclopedia |title=Italy since 1945: The economy in the 1980s |url=https://www.britannica.com/EBchecked/topic/297474/Italy/27784/The-economy-in-the-1980s |encyclopedia=[[Encyclopædia Britannica Online]] |access-date=8 February 2015 |archive-date=7 January 2015 |archive-url=https://web.archive.org/web/20150107133053/http://www.britannica.com/EBchecked/topic/297474/Italy/27784/The-economy-in-the-1980s |url-status=live }}</ref> that strongly reduced inflation rates, from 20.6% in 1980 to 4.7% in 1987.<ref>{{cite web|title=L'Italia in 150 anni. Sommario di statistiche storiche 1861–2010|url=http://www3.istat.it/dati/catalogo/20120118_00/|publisher=[[National Institute of Statistics (Italy)|ISTAT]]|access-date=8 February 2015|archive-url=https://web.archive.org/web/20150209072207/http://www3.istat.it/dati/catalogo/20120118_00/|archive-date=9 February 2015|url-status=dead}}</ref> 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, jewellery, and machine tools. As a result of this rapid expansion, in 1987 Italy overtook the UK's economy (an event known as ''[[Il sorpasso (economics)|il sorpasso]]''), becoming the fourth richest nation in the world, after the US, Japan and [[West Germany]].<ref name="Vietor2001">{{cite web|first=Richard|last=Vietor|title=Italy's Economic Half-Miracle|url=http://www.strategy-business.com/article/17213?gko=2b421|date=1 April 2001|publisher=[[Strategy&]]|access-date=8 October 2014|archive-date=20 November 2017|archive-url=https://web.archive.org/web/20171120074606/https://www.strategy-business.com/article/17213?gko=2b421|url-status=live}}</ref> The [[Milan stock exchange]] increased its market capitalization more than fivefold in the space of a few years.<ref>{{cite web|title=Italian Stock Exchange: Main Indicators (1975–2012)|url=http://www.borsaitaliana.it/borsaitaliana/ufficio-stampa/dati-storici/principaliindicatori2012_pdf.htm|publisher=[[Borsa Italiana]]|access-date=8 February 2015|archive-date=6 November 2018|archive-url=https://web.archive.org/web/20181106211102/https://www.borsaitaliana.it/borsaitaliana/ufficio-stampa/dati-storici/principaliindicatori2012_pdf.htm|url-status=live}}</ref>

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.<ref name="Vietor2001"/> In the 1990s, the new [[Maastricht criteria]] boosted the urge to curb the public debt, already at 104% of GDP in 1992.<ref>{{cite web|title=Italy: General government gross debt (Percent of GDP)|url=http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/weorept.aspx?pr.x=46&pr.y=19&sy=1988&ey=2019&scsm=1&ssd=1&sort=country&ds=.&br=1&c=136&s=GGXWDG_NGDP&grp=0&a=|publisher=[[International Monetary Fund]]|access-date=8 October 2014|archive-date=3 March 2016|archive-url=https://web.archive.org/web/20160303235854/http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/weorept.aspx?pr.x=46&pr.y=19&sy=1988&ey=2019&scsm=1&ssd=1&sort=country&ds=.&br=1&c=136&s=GGXWDG_NGDP&grp=0&a=|url-status=live}}</ref> The consequent restrictive economic policies worsened the impact of the [[early 1990s recession|global recession]] already underway. After a brief recovery at the end of the 1990s, high tax rates and [[red tape]] caused the country to stagnate between 2000 and 2008.<ref>{{cite book |last=Balcerowicz |first=Leszek |year=2013 |title=Economic Growth in the European Union |url=http://www.lisboncouncil.net/growth/documents/LISBON_COUNCIL_Economic_Growth_in_the_EU%20(1).pdf |location=[[Brussels]] |publisher=Lisbon Council |page=13 |isbn=978-9-0902-7915-2 |access-date=8 October 2014 |archive-date=14 July 2014 |archive-url=https://web.archive.org/web/20140714205108/http://www.lisboncouncil.net/growth/documents/LISBON_COUNCIL_Economic_Growth_in_the_EU%20(1).pdf |url-status=dead }}</ref><ref>{{cite news|title="Secular stagnation" in graphics|url=https://www.economist.com/blogs/graphicdetail/2014/11/secular-stagnation-graphics|newspaper=[[The Economist]]|date=19 November 2014|access-date=8 February 2015|archive-date=23 November 2014|archive-url=https://web.archive.org/web/20141123234145/http://www.economist.com/blogs/graphicdetail/2014/11/secular-stagnation-graphics|url-status=live}}</ref>

=== Great Recession ===
[[File:Italy GDP.webp|thumb|300px|Italy real quarterly GDP]]
[[File:GDP per capita big four Western Europe.PNG|thumb|right|GDP per capita of Italy, France, Germany and Britain from 1970 to 2008]]
[[File:Italy bonds.webp|thumb|300px|{{center|Italy bonds}}
[[European debt crisis]] in 2011 <br> [[Negative interest on excess reserves|negative interest rates]] 2015-2022
{{legend-line|#73FDEA solid 3px|50 year}}
{{legend-line|#FFD932 solid 3px|20 year}}
{{legend-line|#008C45 solid 3px|10 year}}
{{legend-line|#CD212A solid 3px|2 year}}
{{legend-line|#929292 solid 3px|1 year}}
{{legend-line|#FF95CA solid 3px|3 month}}
]]
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.<ref name="OECD">{{cite web |url=http://stats.oecd.org/index.aspx?queryid=350 |title=Quarterly Growth Rates of real GDP, change over previous quarter |publisher=[[Organisation for Economic Co-operation and Development|OECD]] |access-date=8 February 2015 |archive-date=5 April 2019 |archive-url=https://web.archive.org/web/20190405042217/https://stats.oecd.org/index.aspx?queryid=350 |url-status=live }}</ref> In November 2011 the Italian bond yield was 6.74 per cent for 10-year bonds, nearing a 7 per cent level where Italy is thought to lose access to financial markets.<ref>{{cite news|first1=Barry|last1=Moody|first2=James|last2=Mackenzie|url=https://www.reuters.com/article/2011/11/08/us-italy-idUSTRE7A72NG20111108|title=Berlusconi to resign after parliamentary setback|date=8 November 2011|work=[[Reuters]]|access-date=8 February 2015|archive-date=18 September 2012|archive-url=https://web.archive.org/web/20120918220156/http://www.reuters.com/article/2011/11/08/us-italy-idUSTRE7A72NG20111108|url-status=live}}</ref> 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%).<ref>{{cite web |url=http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=teina225&plugin=1 |title=General government gross debt |publisher=[[Eurostat]] |access-date=8 February 2015 |archive-date=6 February 2020 |archive-url=https://web.archive.org/web/20200206104737/http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=teina225&plugin=1 |url-status=live }}</ref> However, the biggest chunk of Italian public debt is owned by Italian nationals and relatively high levels of private savings and low levels of private indebtedness are seen as making it the safest among Europe's struggling economies.<ref>{{cite web |first=Lisa |last=Auret |url=https://www.cnbc.com/2010/05/18/could-italy-be-better-off-than-its-peers.html |title=Could Italy Be Better Off than its Peers? |publisher=[[CNBC]] |date=18 May 2010 |access-date=30 May 2011 |url-status=live |archive-url=https://web.archive.org/web/20110430030613/http://www.cnbc.com/id/37207942/Could_Italy_Be_Better_Off_than_its_Peers |archive-date=30 April 2011  }}</ref><ref>{{cite news|first=Rachel|last=Sanderson|url=http://www.ft.com/intl/cms/s/0/7756acd4-1cdf-11e0-8c86-00144feab49a.html#axzz1SIwD9iir |archive-url=https://ghostarchive.org/archive/fFr0o |archive-date=10 December 2022 |url-access=subscription |url-status=live |title=Italian deficit narrows in third quarter| newspaper=[[Financial Times]] |date=10 January 2011 |access-date=16 July 2011}}</ref> As a shock therapy to avoid the debt crisis and kick-start growth, the [[national unity government]] led by the economist [[Monti Cabinet|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.<ref>{{cite news|last1=Krugman|first1=Paul|title=Austerity, Italian-Style|url=https://www.nytimes.com/2013/02/25/opinion/krugman-austerity-italian-style.html |archive-url=https://ghostarchive.org/archive/20220103/https://www.nytimes.com/2013/02/25/opinion/krugman-austerity-italian-style.html |archive-date=2022-01-03 |url-access=subscription |url-status=live|access-date=26 November 2017|work=The New York Times|date=24 February 2013}}{{cbignore}}</ref><ref>{{cite news|last1=Orsi|first1=Roberto|title=The Demise of Italy and the Rise of Chaos|newspaper=Euro Crisis in the Press |date=8 October 2013|url=http://blogs.lse.ac.uk/eurocrisispress/2013/10/08/the-demise-of-italy-and-the-rise-of-chaos/|publisher=[[London School of Economics]]|access-date=26 November 2017|archive-date=12 April 2019|archive-url=https://web.archive.org/web/20190412122838/https://blogs.lse.ac.uk/eurocrisispress/2013/10/08/the-demise-of-italy-and-the-rise-of-chaos/|url-status=live}}</ref>

=== Economic recovery ===
In the period 2014-2019, the economy partially recovered from the disastrous losses incurred during the [[Great Recession]], primarily thanks to strong exports, but nonetheless, growth rates remained well below the [[Euro area]] average, meaning that Italy's GDP in 2019 was still 5 per cent below its level in 2008.<ref>{{cite news |title=Italy exits recession as exports boost growth |url=https://www.ft.com/content/5715b188-6b35-11e9-80c7-60ee53e6681d |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/5715b188-6b35-11e9-80c7-60ee53e6681d |archive-date=10 December 2022 |url-access=subscription |access-date=6 December 2020 |publisher=[[Financial Times]] |date=30 April 2019}}</ref>

==== Economic impact of COVID-19 pandemic (2020-2021) ====
Starting from February 2020, Italy was the first country of Europe to be severely affected by the [[COVID-19 pandemic]],<ref>{{cite web |title=Coronavirus in Italia, i dati e la mappa |url=https://lab24.ilsole24ore.com/coronavirus/?utm_source=fasciahp |website=ilsole24ore.com |access-date=18 July 2020}}</ref> that eventually expanded to the rest of the world.
The economy suffered a massive shock as a result of the [[COVID-19 pandemic lockdown in Italy|lockdown]] of most of the country's economic activity. After three months, at the end of May 2020, the pandemic was put under control, and the economy started to recover, especially, the manufacturing sector. Overall, it remained surprisingly resilient, although GDP plummeted like in most western countries.<ref>{{cite web |title=L'Italia che riparte |url=https://www.ilsole24ore.com/dossier/20200603-italia-riparte-ADuNiCV |website=ilsole24ore.com |access-date=18 July 2020 |archive-date=18 July 2020 |archive-url=https://web.archive.org/web/20200718055834/https://www.ilsole24ore.com/dossier/20200603-italia-riparte-ADuNiCV |url-status=live }}</ref><ref>{{cite news |title=Why Can't Trump's America Be Like Italy? |url=https://www.nytimes.com/2020/07/23/opinion/us-italy-coronavirus.html |work=[[The New York Times]] |date=23 July 2020 |access-date=27 July 2020 |last1=Krugman |first1=Paul |archive-date=26 July 2020 |archive-url=https://web.archive.org/web/20200726215804/https://www.nytimes.com/2020/07/23/opinion/us-italy-coronavirus.html |url-status=live }}</ref>
The Italian government issued special treasury bills, known as BTP Futura<ref>{{cite web |title=BTP Futura – Prima Emissione |url=https://www.borsaitaliana.it/obbligazioni/bpt-italia/btpfutura.htm |website=borsaitaliana.it |access-date=18 July 2020 |archive-date=18 October 2020 |archive-url=https://web.archive.org/web/20201018202714/https://www.borsaitaliana.it/obbligazioni/bpt-italia/btpfutura.htm |url-status=dead }}</ref> as a COVID-19 emergency funding, waiting for the approval of the [[European Union response to the COVID-19 pandemic|E.U. response to the outbreak]].<ref>{{cite web |title=Recovery Fund e bilancio: ecco le poste in gioco al Consiglio europeo |url=https://www.ilsole24ore.com/art/recovery-fund-e-bilancio-ecco-poste-gioco-consiglio-europeo-ADxrbte |website=ilsole24ore.com |date=17 July 2020 |access-date=18 July 2020 |archive-date=18 July 2020 |archive-url=https://web.archive.org/web/20200718042521/https://www.ilsole24ore.com/art/recovery-fund-e-bilancio-ecco-poste-gioco-consiglio-europeo-ADxrbte |url-status=live }}</ref> Eventually, in July 2020, the [[European Council]] approved the 750 billion € [[Next Generation EU]] fund,<ref>[https://www.consilium.europa.eu/en/meetings/european-council/2020/07/17-21/ Special European Council, 17-21 July 2020] {{Webarchive|url=https://web.archive.org/web/20200718205218/https://www.consilium.europa.eu/en/meetings/european-council/2020/07/17-18/ |date=18 July 2020 }} Retrieved 15 November 2020.</ref> of which €209 billion will go to Italy.<ref>{{cite news |title=EU recovery fund gives chance to 'change the face' of Italy |url=https://www.reuters.com/article/us-eu-summit-conte/conte-eu-recovery-fund-gives-chance-to-change-the-face-of-italy-idUSKCN24M0JF |access-date=2 September 2020 |work=Reuters |date=21 July 2020 |language=en |archive-date=3 August 2020 |archive-url=https://web.archive.org/web/20200803231817/https://www.reuters.com/article/us-eu-summit-conte/conte-eu-recovery-fund-gives-chance-to-change-the-face-of-italy-idUSKCN24M0JF |url-status=live }}</ref>

=== Economic resilience ===
[[File:Ferrari_Portofino_IMG_0532.jpg|thumb|The [[Ferrari Portofino]] represents the synergy of "[[Made in Italy]]" [[List of Italian brands|brands]] that strengthens the Italian economy.]]
Beginning in 2022, after the COVID-19 pandemic, Italy restarted with a resilient economy<ref>{{cite news |title=Pil, continua il trend positivo: la produzione cresce di quasi 100 miliardi rispetto al 2021 |url=https://www.ilgiornale.it/news/politica-economica/pil-italiano-cresce-100-miliardi-2372138.html |access-date=24 September 2024 |agency=ilgiornale.it |publisher=ilgiornale.it |date=23 September 2024}}</ref> which nonetheless had to face the [[Global energy crisis (2021–2023)|global energy crisis of 2021-2023]], involving an increase in gas and other energy prices due to the [[Russian invasion of Ukraine]] on 24 February 2022. This crisis created the need to find an alternative supplier to Russia, subject to [[International_sanctions_during_the_Russian_invasion_of_Ukraine#EU_sanctions|European Union sanctions]].
With rising energy prices, inflation [[2021–2023_inflation_surge#Europe|rose in Europe]], which was addressed by the [[European Central Bank]] with a progressive increase in interest rates.
Furthermore, the PNRR ({{Interlanguage link|Piano Nazionale di Ripresa e Resilienza|it}}) had to be re-calibrated and re-agreed with the [[European Union]], to address the new geopolitical situation which led to the [[Economic_impact_of_the_Russian_invasion_of_Ukraine|energy crisis and damage to supply chains]], causing shortages in raw materials.<ref>{{cite news |title=Prezzi del gas e impatto sull'economia. Un monito per il Governo che verrà |url=https://www.econopoly.ilsole24ore.com/2022/09/12/gas-economia-impatto/ |access-date=23 September 2024 |agency=ilsole24ore.com |publisher=ilsole24ore.com |date=12 September 2022}}</ref> 
In March 2023, the [[2023 United States banking crisis|United States banking crisis]] occurred with some bankruptcies and restructuring of American banks, however it was soon understood that it was a short-lived economic-financial phenomenon limited to the United States, although with some concern, it has not had an impact in the European area, with the exception of the collapse of [[Credit Suisse]], in [[Switzerland]]. As a consequence, Italy is witnessing a tightening of its credit policies. 

For Italian banks, there was an opportunity to strengthen themselves, thanks to the high rates imposed by the [[European Central Bank]]. The new BTP Valore bonds were released, which were very successful among the private operators to whom they were marketed due to the high interest rates.<ref>{{cite web |title=BTP Valore, il titolo di Stato per i piccoli risparmiatori |url=https://www.mef.gov.it/focus/BTP-Valore-il-titolo-di-Stato-per-i-piccoli-risparmiatori/ |website=mef.gov.it |access-date=24 September 2024}}</ref><ref>{{cite news |title=BTp Valore, raccolti 14,6 miliardi in tre giorni. Borse chiudono deboli, bitcoin oltre 61mila $ |url=https://www.ilsole24ore.com/art/borsa-country-garden-richiesta-liquidazione-domanda-forte-btp-valore-AFY2PisC |access-date=24 September 2024 |agency=ilsole24ore.com |publisher=ilsole24ore.com |date=28 February 2024}}</ref> From October 7, 2023, geopolitical tensions are becoming more intense, related to the [[Gaza war|conflict in the Middle East]]. In 2024, however, the Italian economy continues to maintain its resilient strength, thanks to the reduction in energy prices, and the maintenance or reduction of oil prices, this stability allows a reduction in inflation. In September 2024, the European Central Bank has decreased interest rates by 0.25 percentage points. The Italian economy copes with a geopolitical scenario that was significantly deteriorating with the exacerbation of ongoing war conflicts. Strategic assets are better protected, in particular the [[Defense Sector|defense sector]]. Furthermore, the implementation of the PNRR plan, which must be completed by 2026, has brought benefits to many economic sectors.<ref>{{cite news |title=Con la spinta del Pnrr fino a 3,9 milioni di assunzioni nei prossimi 5 anni: finanza, commercio e turismo in pole |url=https://www.ilsole24ore.com/art/con-spinta-pnrr-fino-39-milioni-assunzioni-prossimi-5-anni-finanza-commercio-e-turismo-pole-AFjq06kD |access-date=24 September 2024 |agency=ilsole24ore.com |publisher=ilsole24ore.com |date=6 September 2024}}</ref><ref>{{cite news |title=Perché dopo il Covid il Pil italiano cresce più di Germania e Francia |url=https://24plus.ilsole24ore.com/art/perche-il-covid-pil-italiano-cresce-piu-germania-e-francia-AGONuxB |access-date=25 September 2024 |agency=ilsole24ore.com |publisher=ilsole24ore.com |date=25 September 2024}}</ref>

===Currency===
{{main|History of coins in Italy}}
[[File:100 lire Repubblica Italiana 1956.jpg|thumb|right|100&nbsp;lire coin, 1956, with goddess [[Minerva]] holding an olive tree and a long spear depicted on the reverse]]

[[History of coins in Italy|Italy has a long history of different coinage types]], which spans thousands of years. Italy has been influential at a coinage point of view: the medieval [[Florin (Italian coin)|Florentine florin]], one of the most used coinage types in European history and one of the most important coins in Western history,<ref>{{cite web|url=http://www.ilgiornaledellanumismatica.it/dossier-speciale-il-fiorino-di-firenze-breve-storia-del-dollaro-del-medioevo/|title=IL FIORINO DI FIRENZE, STORIA DEL "DOLLARO DEL MEDIOEVO"|date=19 January 2017|access-date=4 October 2023|language=it|archive-date=5 October 2023|archive-url=https://web.archive.org/web/20231005095053/http://www.ilgiornaledellanumismatica.it/dossier-speciale-il-fiorino-di-firenze-breve-storia-del-dollaro-del-medioevo/|url-status=live}}</ref> was struck in [[Florence]] in the [[13th century]], while the [[Sequin (coin)|Venetian sequin]], minted from 1284 to 1797, was the most prestigious gold coin in circulation in the commercial centers of the [[Mediterranean Sea]].<ref>{{Cite book|author=Nicolò Papadopoli Aldobrandini|title=Le monete di Venezia descritte ed illustrate da Nicolò Papadopoli Aldobrandini|year=2009|publisher="Progetto Gutenberg Piero Vianelli|page=136|language=it}}</ref> 

Despite the fact that the first Italian coinage systems were used in the [[Magna Graecia]] and [[Etruscan civilization]], the [[Roman people|Romans]] introduced [[Roman currency|a widespread currency]] throughout Italy. Unlike most modern coins, Roman coins had intrinsic value.<ref>{{cite web|url=https://www.homolaicus.com/storia/antica/roma/monete.htm|title=IL VALORE DELLE MONETE ROMANE|access-date=4 October 2023|language=it|archive-date=10 June 2023|archive-url=https://web.archive.org/web/20230610112256/http://www.homolaicus.com/storia/antica/roma/monete.htm|url-status=live}}</ref>  The early modern Italian coins were very similar in style to French francs, especially in decimals, since it was ruled by the country in the [[Napoleonic Kingdom of Italy]]. They corresponded to a value of 0.29 grams of gold or 4.5&nbsp;grams of silver.<ref>{{cite web|url=http://www.ilmarengo.com/italia/welcome.htm|title=Italian coins|website=ilmarengo.com|access-date=14 April 2018|archive-date=8 August 2017|archive-url=https://web.archive.org/web/20170808023109/http://www.ilmarengo.com/italia/welcome.htm|url-status=live}}</ref>

Since Italy has been for centuries divided into many [[List of historic states of Italy|historic states]], they all had different coinage systems, but when the country became [[Italian unification|unified]] in 1861, the [[Italian lira]] came into place, and was used until 2002. The term originates from ''libra'', the largest unit of the [[Carolingian monetary system]] used in Western Europe and elsewhere from the 8th to the 20th century.<ref>The last country to abandon the Carolingian system was [[Nigeria]] in 1973, when the [[Nigerian pound|pound]] was replaced by the [[Nigerian naira|naira]].</ref> In 1999, the [[euro]] became Italy's [[unit of account]] and the lira became a national subunit of the euro at a rate of 1&nbsp;euro = 1,936.27&nbsp;lire, before being replaced as cash in 2002.

== Overview ==
=== Data ===
The following table shows the main economic indicators in 1980–2023 (with IMF staff estimates in 2024–2029). Inflation below 5% is in green.<ref>{{cite web | url = https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=136,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP,&sy=2022&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 | title=Report for Selected Countries and Subjects | access-date=19 December 2024 }}</ref>
{{static row numbers}}{{sticky header}}
{| class="wikitable sortable sticky-header" style="text-align:center;"
!Year
!GDP<br /><small>(in Bil. US$PPP)</small>
!GDP per capita<br /><small>(in US$ PPP)</small>
!GDP<br /><small>(in Bil. US$nominal)</small>
!GDP per capita<br /><small>(in US$ nominal)</small>
!GDP growth<br /><small>(real)</small>
!Inflation rate<br /><small>(in Percent)</small>
!Unemployment<br /><small>(in Percent)</small>
!Government debt<br /><small>(in % of GDP)</small>
|-
|1980
|614.4
|10,895.8
|482.7
|8,559.5
|{{Increase}}3.1%
|{{IncreaseNegative}}21.8%
|7.4%
|n/a
|-
|1981
|{{Increase}}676.3
|{{Increase}}11,973.7
|{{Decrease}}437.7
|{{Decrease}}7,749.8
|{{Increase}}0.6%
|{{IncreaseNegative}}19.5%
|{{IncreaseNegative}}7.6%
|n/a
|-
|1982
|{{Increase}}719.2
|{{Increase}}12,723.3
|{{Decrease}}432.6
|{{Decrease}}7,652.9
|{{Increase}}0.2%
|{{IncreaseNegative}}16.5%
|{{IncreaseNegative}}8.3%
|n/a
|-
|1983
|{{Increase}}754.2
|{{Increase}}13,334.6
|{{Increase}}448.9
|{{Increase}}7,936.2
|{{Increase}}0.9%
|{{IncreaseNegative}}14.7%
|{{DecreasePositive}}7.4%
|n/a
|-
|1984
|{{Increase}}805.0
|{{Increase}}14,231.6
|{{Decrease}}443.5
|{{Decrease}}7,840.8
|{{Increase}}3.0%
|{{IncreaseNegative}}10.7%
|{{IncreaseNegative}}7.8%
|n/a
|-
|1985
|{{Increase}}852.2
|{{Increase}}15,060.2
|{{Increase}}458.0
|{{Increase}}8,093.6
|{{Increase}}2.6%
|{{IncreaseNegative}}9.0%
|{{IncreaseNegative}}8.2%
|n/a
|-
|1986
|{{Increase}}893.0
|{{Increase}}15,777.1
|{{Increase}}648.7
|{{Increase}}11,461.2
|{{Increase}}2.7%
|{{IncreaseNegative}}5.8%
|{{IncreaseNegative}}8.9%
|n/a
|-
|1987
|{{Increase}}943.1
|{{Increase}}16,664.2
|{{Increase}}814.2
|{{Increase}}14,385.8
|{{Increase}}3.1%
|{{Increase}}4.7%
|{{IncreaseNegative}}9.6%
|n/a
|-
|1988
|{{Increase}}1,015.7
|{{Increase}}17,942.2
|{{Increase}}902.0
|{{Increase}}15,934.2
|{{Increase}}4.0%
|{{IncreaseNegative}}5.1%
|{{IncreaseNegative}}9.7%
|95.2%
|-
|1989
|{{Increase}}1,089.9
|{{Increase}}19,238.7
|{{Increase}}938.1
|{{Increase}}16,560.6
|{{Increase}}3.3%
|{{IncreaseNegative}}6.2%
|{{Steady}}9.7%
|{{IncreaseNegative}}97.9%
|-
|1990
|{{Increase}}1,153.1
|{{Increase}}20,338.1
|{{Increase}}1,170.8
|{{Increase}}20,651.8
|{{Increase}}2.0%
|{{IncreaseNegative}}6.4%
|{{DecreasePositive}}8.9%
|{{IncreaseNegative}}101.1%
|-
|1991
|{{Increase}}1,209.2
|{{Increase}}21,309.8
|{{Increase}}1,236.8
|{{Increase}}21,795.7
|{{Increase}}1.4%
|{{IncreaseNegative}}6.2%
|{{DecreasePositive}}8.5%
|{{IncreaseNegative}}104.7%
|-
|1992
|{{Increase}}1,245.7
|{{Increase}}21,941.9
|{{Increase}}1,312.4
|{{Increase}}23,116.6
|{{Increase}}0.7%
|{{IncreaseNegative}}5.0%
|{{IncreaseNegative}}8.8%
|{{IncreaseNegative}}112.3%
|-
|1993
|{{Increase}}1,264.6
|{{Increase}}22,255.4
|{{Decrease}}1,055.3
|{{Decrease}}18,572.9
|{{Decrease}}-0.8%
|{{Increase}}4.5%
|{{IncreaseNegative}}9.8%
|{{IncreaseNegative}}123.4%
|-
|1994
|{{Increase}}1,318.4
|{{Increase}}23,193.6
|{{Increase}}1,088.5
|{{Increase}}19,149.5
|{{Increase}}2.1%
|{{Increase}}4.2%
|{{IncreaseNegative}}10.6%
|{{IncreaseNegative}}130.1%
|-
|1995
|{{Increase}}1,382.1
|{{Increase}}24,314.4
|{{Increase}}1,175.3
|{{Increase}}20,675.3
|{{Increase}}2.7%
|{{IncreaseNegative}}5.4%
|{{IncreaseNegative}}11.2%
|{{DecreasePositive}}119.4%
|-
|1996
|{{Increase}}1,425.3
|{{Increase}}25,073.3
|{{Increase}}1,312.8
|{{Increase}}23,094.4
|{{Increase}}1.3%
|{{Increase}}4.0%
|{{Steady}}11.2%
|{{DecreasePositive}}119.1%
|-
|1997
|{{Increase}}1,476.4
|{{Increase}}25,957.8
|{{Decrease}}1,243.2
|{{Decrease}}21,858.5
|{{Increase}}1.8%
|{{Increase}}1.8%
|{{Steady}}11.2%
|{{DecreasePositive}}116.8%
|-
|1998
|{{Increase}}1,520.0
|{{Increase}}26,712.1
|{{Increase}}1,271.7
|{{Increase}}22,348.1
|{{Increase}}1.8%
|{{Increase}}2.0%
|{{IncreaseNegative}}11.3%
|{{DecreasePositive}}114.1%
|-
|1999
|{{Increase}}1,566.5
|{{Increase}}27,526.6
|{{Decrease}}1,253.7
|{{Decrease}}22,029.7
|{{Increase}}1.6%
|{{Increase}}1.7%
|{{DecreasePositive}}10.9%
|{{DecreasePositive}}113.3%
|-
|2000
|{{Increase}}1,662.7
|{{Increase}}29,208.9
|{{Decrease}}1,147.2
|{{Decrease}}20,153.1
|{{Increase}}3.8%
|{{Increase}}2.6%
|{{DecreasePositive}}10.1%
|{{DecreasePositive}}109.0%
|-
|2001
|{{Increase}}1,733.3
|{{Increase}}30,429.9
|{{Increase}}1,168.0
|{{Increase}}20,505.9
|{{Increase}}2.0%
|{{Increase}}2.3%
|{{DecreasePositive}}9.1%
|{{DecreasePositive}}108.9%
|-
|2002
|{{Increase}}1,764.8
|{{Increase}}30,964.9
|{{Increase}}1,275.9
|{{Increase}}22,386.3
|{{Increase}}0.3%
|{{Increase}}2.6%
|{{DecreasePositive}}8.6%
|{{DecreasePositive}}106.4%
|-
|2003
|{{Increase}}1,802.1
|{{Increase}}31,513.1
|{{Increase}}1,577.2
|{{Increase}}27,580.5
|{{Increase}}0.1%
|{{Increase}}2.8%
|{{DecreasePositive}}8.5%
|{{DecreasePositive}}105.5%
|-
|2004
|{{Increase}}1,876.8
|{{Increase}}32,577.2
|{{Increase}}1,805.7
|{{Increase}}31,342.8
|{{Increase}}1.4%
|{{Increase}}2.3%
|{{DecreasePositive}}8.0%
|{{DecreasePositive}}105.1%
|-
|2005
|{{Increase}}1,951.5
|{{Increase}}33,621.3
|{{Increase}}1,859.2
|{{Increase}}32,031.4
|{{Increase}}0.8%
|{{Increase}}2.2%
|{{DecreasePositive}}7.8%
|{{IncreaseNegative}}106.6%
|-
|2006
|{{Increase}}2,047.8
|{{Increase}}35,131.2
|{{Increase}}1,949.7
|{{Increase}}33,448.1
|{{Increase}}1.8%
|{{Increase}}2.2%
|{{DecreasePositive}}6.9%
|{{IncreaseNegative}}106.7%
|-
|2007
|{{Increase}}2,134.4
|{{Increase}}36,478.4
|{{Increase}}2,213.4
|{{Increase}}37,828.3
|{{Increase}}1.5%
|{{Increase}}2.0%
|{{DecreasePositive}}6.2%
|{{DecreasePositive}}103.9%
|-
|2008
|{{Increase}}2,154.4
|{{Increase}}36,513.9
|{{Increase}}2,408.4
|{{Increase}}40,819.0
|{{Decrease}}-1.0%
|{{Increase}}3.5%
|{{IncreaseNegative}}6.8%
|{{IncreaseNegative}}106.2%
|-
|2009
|{{Decrease}}2,053.7
|{{Decrease}}34,561.9
|{{Decrease}}2,197.5
|{{Decrease}}36,982.8
|{{Decrease}}-5.3%
|{{Increase}}0.8%
|{{IncreaseNegative}}7.9%
|{{IncreaseNegative}}116.6%
|-
|2010
|{{Increase}}2,114.0
|{{Increase}}35,415.9
|{{Decrease}}2,137.8
|{{Decrease}}35,815.6
|{{Increase}}1.7%
|{{Increase}}1.6%
|{{IncreaseNegative}}8.5%
|{{IncreaseNegative}}119.2%
|-
|2011
|{{Increase}}2,173.2
|{{Increase}}36,250.6
|{{Increase}}2,294.6
|{{Increase}}38,276.0
|{{Increase}}0.7%
|{{Increase}}2.9%
|{{IncreaseNegative}}8.6%
|{{IncreaseNegative}}119.7%
|-
|2012
|{{Decrease}}2,172.4
|{{Decrease}}36,143.0
|{{Decrease}}2,088.3
|{{Decrease}}34,743.8
|{{Decrease}}-3.0%
|{{Increase}}3.3%
|{{IncreaseNegative}}10.9%
|{{IncreaseNegative}}126.5%
|-
|2013
|{{Increase}}2,187.4
|{{Increase}}36,288.5
|{{Increase}}2,142.0
|{{Increase}}35,535.0
|{{Decrease}}-1.8%
|{{Increase}}1.2%
|{{IncreaseNegative}}12.4%
|{{IncreaseNegative}}132.5%
|-
|2014
|{{Increase}}2,200.3
|{{Increase}}36,460.7
|{{Increase}}2,162.6
|{{Increase}}35,836.2
|{{Decrease}}0.0%
|{{Increase}}0.2%
|{{IncreaseNegative}}12.8%
|{{IncreaseNegative}}135.4%
|-
|2015
|{{Increase}}2,241.5
|{{Increase}}37,175.6
|{{Decrease}}1,836.8
|{{Decrease}}30,463.7
|{{Increase}}0.8%
|{{Increase}}0.1%
|{{DecreasePositive}}12.0%
|{{DecreasePositive}}135.3%
|-
|2016
|{{Increase}}2,420.4
|{{Increase}}40,230.7
|{{Increase}}1,876.6
|{{Increase}}31,190.8
|{{Increase}}1.3%
|{{Increase}}-0.1%
|{{DecreasePositive}}11.7%
|{{DecreasePositive}}134.8%
|-
|2017
|{{Increase}}2,529.5
|{{Increase}}42,111.5
|{{Increase}}1,961.1
|{{Increase}}32,648.8
|{{Increase}}1.7%
|{{Increase}}1.3%
|{{DecreasePositive}}11.3%
|{{DecreasePositive}}134.2%
|-
|2018
|{{Increase}}2,613.9
|{{Increase}}43,610.3
|{{Increase}}2,092.9
|{{Increase}}34,917.6
|{{Increase}}0.9%
|{{Increase}}1.2%
|{{DecreasePositive}}10.6%
|{{IncreaseNegative}}134.4%
|-
|2019
|{{Increase}}2,674.0
|{{Increase}}44,702.9
|{{Decrease}}2,011.5
|{{Decrease}}33,627.9
|{{Increase}}0.5%
|{{Increase}}0.6%
|{{DecreasePositive}}9.9%
|{{DecreasePositive}}134.1%
|-
|2020
|{{Decrease}}2,461.9
|{{Decrease}}41,279.1
|{{Decrease}}1,891.1
|{{Decrease}}31,707.1
|{{Decrease}}-9.0%
|{{Increase}}-0.1%
|{{DecreasePositive}}9.3%
|{{IncreaseNegative}}155.3%
|-
|2021
|{{Increase}}2,734.6
|{{Increase}}46,164.6
|{{Increase}}2,101.3
|{{Increase}}35,472.8
|{{Increase}}8.3%
|{{Increase}}1.9%
|{{IncreaseNegative}}9.5%
|{{DecreasePositive}}150.9%
|-
|2022
|{{Increase}}3,345.9
|{{Increase}}56,682.0
|{{Increase}}2,104.6
|{{Increase}}35,653.8
|{{Increase}}4.0%
|{{IncreaseNegative}}8.7%
|{{DecreasePositive}}8.1%
|{{DecreasePositive}}138.1%
|-
|2023
|{{Increase}}3,490.5
|{{Increase}}59,164.5
|{{Increase}}2,301.6
|{{Increase}}39,012.0
|{{Increase}}0.9%
|{{IncreaseNegative}}5.9%
|{{DecreasePositive}}7.6%
|{{DecreasePositive}}134.5%
|-
|2024
|{{Increase}}3,597.9
|{{Increase}}60,992.8
|{{Increase}}2,376.5
|{{Increase}}40,286.8
|{{Increase}}0.7%
|{{Increase}}1.2%
|{{DecreasePositive}}7.0%
|{{IncreaseNegative}}136.8%
|-
|2025
|{{Increase}}3,691.2
|{{Increase}}62,603.0
|{{Increase}}2,459.5
|{{Increase}}41,714.4
|{{Increase}}0.8%
|{{Increase}}2.1%
|{{IncreaseNegative}}7.1%
|{{IncreaseNegative}}138.6%
|-
|2026
|{{Increase}}3,786.0
|{{Increase}}64,262.3
|{{Increase}}2,534.5
|{{Increase}}43,020.0
|{{Increase}}0.7%
|{{Increase}}2.0%
|{{IncreaseNegative}}7.3%
|{{IncreaseNegative}}140.1%
|-
|2027
|{{Increase}}3,878.5
|{{Increase}}65,905.6
|{{Increase}}2,595.7
|{{Increase}}44,108.3
|{{Increase}}0.6%
|{{Increase}}2.0%
|{{IncreaseNegative}}7.4%
|{{IncreaseNegative}}141.3%
|-
|2028
|{{Increase}}3,976.4
|{{Increase}}67,663.9
|{{Increase}}2,663.6
|{{Increase}}45,325.3
|{{Increase}}0.7%
|{{Increase}}2.0%
|{{IncreaseNegative}}7.5%
|{{IncreaseNegative}}141.9%
|-
|2029
|{{Increase}}4,078.0
|{{Increase}}69,507.6
|{{Increase}}2,736.1
|{{Increase}}46,635.8
|{{Increase}}0.7%
|{{Increase}}2.0%
|{{IncreaseNegative}}7.6%
|{{IncreaseNegative}}142.3%
|}
[[File:GDP per capita development in Italy.jpg|thumb|Development of real GDP per capita, 1900 to 2018]]{{clear}}

=== Companies ===
{{Further|List of companies of Italy|List of largest Italian companies}}

==== Italian Companies on 2024 ''Fortune'' Global 500 List ====
This list displays all 5 Italian companies on the [[Fortune Global 500]] List, which ranks the world's largest companies by annual revenue.<ref>{{cite web |title=Global 500 |url=https://fortune.com/global500/2019/search/?hqcountry=Germany |url-status=live |archiveurl=https://web.archive.org/web/20210620152854/https://fortune.com/global500/2019/search/?hqcountry=Germany |archivedate=20 June 2021 |accessdate=30 March 2020 |website=Fortune}}</ref> The figures below are given in millions of [[US dollar|US dollars]] and are for the [[fiscal year]] 2018.<ref name=":0" /> Also listed are the headquarters location, net profit and industry sector of each company.
{| class="wikitable sortable"
!Rank
!Fortune 500
rank
!Name
!Industry
!Revenue
<small>(USD millions)</small>
!Profits
<small>(USD millions)</small>
!Employees
!Headquarters
|-
|1
|98
|[[Enel]]
|Electric utility
| style="text-align:center;" |103,311
| style="text-align:center;" |3,717
| style="text-align:center;" |61,055
|Rome
|-
|2
|97
|[[Eni]]
|Oil and gas
| style="text-align:center;" |102,502
| style="text-align:center;" |5,158
| style="text-align:center;" |33,142
|[[Rome]]
|-
|3
|245
|[[Assicurazioni Generali]]
|Insurance
| style="text-align:center;" |57,023
| style="text-align:center;" |4,051
| style="text-align:center;" |81,879
|[[Trieste]]
|-
|4
|283
|[[Intesa Sanpaolo]]
|Finance
| style="text-align:center;" |52,004
| style="text-align:center;" |8,351
| style="text-align:center;" |94,368
|[[Turin]]
|-
|5
|314
|[[UniCredit]]
|Banking
| style="text-align:center;" |48,044
| style="text-align:center;" |10,278
| style="text-align:center;" |70,752
|[[Milan]]
|}
In 2022, the sector with the highest number of companies registered in Italy is Services with 654,065 companies followed by Retail Trade and Finance, Insurance, and Real Estate with 519,448 and 348,881 companies respectively.<ref>{{cite web | url=https://www.hithorizons.com/eu/analyses/country-statistics/italy | title=Industry Breakdown of Companies in Italy | website=HitHorizons | access-date=14 July 2023 | archive-date=14 July 2023 | archive-url=https://web.archive.org/web/20230714131814/https://www.hithorizons.com/eu/analyses/country-statistics/italy | url-status=live }}</ref>

=== Wealth ===
{{Further|List of Italian billionaires}}
[[File:Stefano Pessina bluebackground.jpg|thumb|[[Stefano Pessina]]]]

Italy has 1.3&nbsp;million people with a net wealth greater than $1&nbsp;million, a total national wealth of $11.020&nbsp;trillion, and represents the 9th largest cumulative net wealth globally (it accounts for 2.4% of the net wealth in the world).<ref name="databook2023">{{Cite book |last=Shorrocks |first=Anthony |author-link=Anthony Shorrocks |url=https://www.ubs.com/us/en/wealth-management/insights/global-wealth-report.html |title=Global Wealth Databook 2024 |last2=Davies |first2=James |last3=Lluberas |first3=Rodrigo |publisher=[[UBS]] and [[Credit Suisse]] Research Institute |year=2023}}</ref> According to the [[UBS]]'s Global Wealth Databook 2024, the [[median]] wealth per adult is $113,754 (14th in the world),<ref name="UBS-2024">{{cite web |title=Global Wealth Report 2024 |url=https://www.ubs.com/content/dam/assets/wm/global/insights/doc/global-wealth-report.pdf |publisher=[[UBS]]}} See page 18 for top 25 countries in median wealth per adult, and top 25 countries in average (mean) wealth per adult. They are not the same 25 countries. Report does not have data for more countries.</ref> while according to the [[Allianz]]'s Global Wealth Report 2024, the net financial wealth per capita is €76,930 (14th in the world).<ref>{{Cite news |title=Media Release: Allianz Global Wealth Report 2024: Surprising relief |url=https://www.businesswire.com/news/home/20240923445580/en/Media-Release-Allianz-Global-Wealth-Report-2024-Surprising-relief |archive-url=https://web.archive.org/web/20240925033249/https://www.businesswire.com/news/home/20240923445580/en/Media-Release-Allianz-Global-Wealth-Report-2024-Surprising-relief/ |archive-date=25 September 2024 |access-date=2025-04-22 |language=en |url-status=live }}</ref>

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.<ref>{{cite magazine |url=https://www.forbes.com/billionaires/list/14/#version:static |title=The World's Billionaires, 2017 Rankings |year=2017 |magazine=[[Forbes]] |access-date=26 November 2017 |archive-date=18 September 2018 |archive-url=https://web.archive.org/web/20180918161508/https://www.forbes.com/billionaires/list/14/#version:static |url-status=live }}</ref>

{| class="wikitable"
|- style="background:#d1e4fd;"
! Rank (World) !! Rank (Italy) !! Name !! Net Worth ($bn) !! Main source
!Main sector
|-
| 29 || 1 || Maria Franca Fissolo Ferrero & family || 25.2 || [[Ferrero SpA]]
|Food
|-
| 50 || 2 || [[Leonardo Del Vecchio]] || 17.9 || [[Luxottica]]
|Eyewear
|-
| 80 || 3 || [[Stefano Pessina]] || 13.9|| [[Walgreens Boots Alliance|Walgreens Boots]]
|Pharmaceutical 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
|-
| 250|| 7 || [[Augusto Perfetti|Augusto]] & [[Giorgio Perfetti]] || 5.8 || [[Perfetti Van Melle]]
|Confectionery
|-
| 385 || 8 || [[Paolo Rocca|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 ===
{{Further|List of Italian regions by GDP}}
[[File:Map of Italian regions by GDP per capita in euros (2018) shades of blue-green.png|thumb|Map of Italian regions by GDP per capita in 2018]]
{| class="wikitable sortable"
|+2022 Gross Domestic Product in Italy<ref name="Eurostat regional GDP">{{Cite web |title=Gross domestic product (GDP) at current market prices by NUTS 2 regions |url=https://ec.europa.eu/eurostat/databrowser/view/NAMA_10R_2GDP__custom_4927535/bookmark/table?lang=en&bookmarkId=efe28b7b-4afb-453d-9408-f0188f5a6210 |access-date=23 February 2024 |website=[[Eurostat]] |archive-date=27 December 2023 |archive-url=https://web.archive.org/web/20231227214243/https://ec.europa.eu/eurostat/databrowser/view/NAMA_10R_2GDP__custom_4927535/bookmark/table?lang=en&bookmarkId=efe28b7b-4afb-453d-9408-f0188f5a6210 |url-status=live }}</ref><ref>{{Cite web |title=Net income: Regions and type of municipality |url=http://dati.istat.it/viewhtml.aspx?il=blank&vh=0000&vf=0&vcq=1100&graph=0&view-metadata=1&lang=en&QueryId=22919&metadata=DCCV_REDNETFAMFONTERED |access-date=24 April 2022 |website=[[Italian National Institute of Statistics]]}}</ref>
! Rank
! [[Regions of Italy|Region]]
! GDP €m
!'''2015 GDP €m'''
! % of Nation
! € per capita (2022)
|- style="text-align:right;"
|-
| –
| {{flag|Italy}}
| {{Increase}}'''{{Nts|1,946,479}}'''
|'''1,645,439'''
| '''100.00'''
| '''{{Nts|34,084}}'''
|-
| 1
| {{flag|Lombardy}}
| {{Increase}}{{Nts|439,986.38}}
|357,200
| 21.71
| {{Nts|46,000}}
|-
| 2
| {{flag|Lazio}}
| {{Increase}}{{Nts|212,911.42}}
|192,642
| 11.09
| {{Nts|38,800}}
|-
| 3
| {{flag|Veneto}}
| {{Increase}}{{Nts|180,173.48}}
|151,634
| 9.21
| {{Nts|38,700}}
|-
| 4
| {{flag|Emilia-Romagna}}
| {{Increase}}{{Nts|176,844.9}}
|149,525
| 9.08
| {{Nts|41,600}}
|-
| 5
| {{flag|Piedmont}}
| {{Increase}}{{Nts|145,913.79}}
|127,365
| 7.74
| {{Nts|35,700}}
|-
| 6
| {{flag|Tuscany}}
| {{Increase}}{{Nts|128,308.37}}
|110,332
| 6.70
| {{Nts|36,500}}
|-
| 7
| {{flag|Campania}}
| {{Increase}}{{Nts|119,467.68}}
|100,544
| 6.11
| {{Nts|22,200}}
|-
| 8
| {{flag|Sicily}}
| {{Increase}}{{Nts|97,124.1}}
|87,383
| 5.31
| {{Nts|21,000}}
|-
| 9
| {{flag|Apulia}}
| {{Increase}}{{Nts|85,960.7}}
|72,135
| 4.38
| {{Nts|22,900}}
|-
| 10
| {{flag|Liguria}}
| {{Increase}}{{Nts|53,854.51}}
|47,663
| 2.90
| {{Nts|37,200}}
|-
| 11
| {{flag|Marche}}
| {{Increase}}{{Nts|45,859.37}}
|40,593
| 2.47
| {{Nts|32,200}}
|-
| 12
| {{flag|Friuli-Venezia Giulia}}
| {{Increase}}{{Nts|43,048.67}}
|35,669
| 2.17
| {{Nts|37,600}}
|-
| 13
| {{flag|Sardinia}}
| {{Increase}}{{Nts|37,978.08}}
|32,481
| 1.97
| {{Nts|25,000}}
|-
| 14
| {{flag|Calabria}}
| {{Increase}}{{Nts|36,081.42}}
|32,795
| 1.99
| {{Nts|20,300}}
|-
| 15
| {{flag|Abruzzo}}
| {{Increase}}{{Nts|34,572.45}}
|32,592
| 1.98
| {{Nts|28,300}}
|-
|16
|{{Flag|South Tyrol}}
|{{Increase}}{{Nts|29,106.27}}
| -
|
|56,900
|-
| 17
| {{flag|Umbria}}
| {{Increase}}{{Nts|24,264.04}}
|21,438
| 1.30
| {{Nts|29,500}}
|-
|18
|{{Flag|Trentino}}
|{{Increase}}{{Nts|24,002.76}}
| -
|
|46,100
|-
| 19
| {{flag|Basilicata}}
| {{Increase}}{{Nts|15,252.69}}
|11,449
| 0.69
| {{Nts|29,500}}
|-
| 20
| {{flag|Molise}}
| {{Increase}}{{Nts|7,219.42}}
|6,042
| 0.36
| {{Nts|25,800}}
|-
| 21
| {{flag|Aosta Valley}}
| {{Increase}}{{Nts|5,404.03}}
|4,374
| 0.27
| {{Nts|45,700}}
|}

=== Southern question ===
{{main|Southern question}}
[[File:Italy Industry 1871.svg|thumb|Normalized index of industrialization of the [[Provinces of Italy|Italian provinces]] in 1871 (the national average is 1.0). Source: [[Bank of Italy]].
{{legend|#550000|Over 1.4}}
{{legend|#D40000|From 1.1 to 1.4}}
{{legend|#FF8080|From 0.9 to 1.1}}
{{legend|#FFFFFF|Up to 0.9}}]]
[[File:Map of the Italian Diaspora in the World.svg|thumb|Map of the [[Italian diaspora]] in the world]]
In the decades following the [[unification of Italy]], the [[North Italy|northern regions of the country]], [[Lombardy]], [[Piedmont]] and [[Liguria]] in particular, began a process of industrialization and economic development while the [[Southern Italy|southern regions]] remained behind.<ref>{{Cite web|title=meridionale, questione nell'Enciclopedia Treccani|url=https://www.treccani.it/enciclopedia/questione-meridionale|access-date=4 February 2021|website=www.treccani.it|language=it-IT|archive-date=8 February 2021|archive-url=https://web.archive.org/web/20210208235421/https://www.treccani.it/enciclopedia/questione-meridionale|url-status=live}}</ref> At the time of the unification of the country, there was a shortage of entrepreneurs in the south, with landowners who were often absent from their farms as they lived permanently in the city, leaving the management of their funds to managers, who were not encouraged by the owners to make the agricultural estates to the maximum.<ref>{{cite web|url=https://www.treccani.it/enciclopedia/latifondo_%28Enciclopedia-dei-ragazzi%29/|title=Latifondo|access-date=9 May 2022|language=it|archive-date=9 May 2022|archive-url=https://web.archive.org/web/20220509132143/https://www.treccani.it/enciclopedia/latifondo_(Enciclopedia-dei-ragazzi)/|url-status=live}}</ref> Landowners invested not in agricultural equipment, but in such things as low-risk state bonds.<ref name="MacDonald">{{cite journal | last = McDonald | first = J.S. | title = Some Socio-Economic Emigration Differentials in Rural Italy, 1902-1913 | journal = Economic Development and Cultural Change | volume = 7 | issue = 1 | pages = 55–72 |date=October 1958 | doi = 10.1086/449779 | s2cid = 153889304 | issn = 0013-0079}}</ref>

In southern Italy, the unification of the country broke down the feudal land system, which had survived in the south since the [[Middle Ages]], especially where land had been the inalienable property of aristocrats, religious bodies or the king. The breakdown of [[feudalism]], however, and redistribution of land did not necessarily lead to small farmers in the south winding up with land of their own or land they could work and make profit from. Many remained landless, and plots grew smaller and smaller and so less and less productive, as land was subdivided amongst heirs.<ref name="MacDonald"/>

This gap between northern and southern Italy, called "[[southern question]]", was also induced by the region-specific policies selected by the post-unitary governments.<ref>{{Cite book|title=The Force of Destiny: A History of Italy since 1796|last=Duggan|first=Christopher|publisher=Houghton Mifflin Company|year=2008|location=New York, NY|pages=141}}</ref> For example, 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 due to state intervention.<ref>{{Cite book|title=Unità Nazionale e Sviluppo Economico 1750–1913|last=Pescosolido|first=Guido|publisher=Edizioni Nuova Cultura|location=Roma|pages=64, 177–182, 202}}</ref> 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.<ref>{{Cite web|url=https://www.bancaditalia.it/pubblicazioni/quaderni-storia/2011-0022/index.html?com.dotmarketing.htmlpage.language=1|title=Convergence among Italian Regions, 1861–2011|last=Giovanni Iuzzolino, Guido Pellegrini and|first=Gianfranco Viesti|access-date=1 December 2018|archive-date=29 July 2019|archive-url=https://web.archive.org/web/20190729135556/https://www.bancaditalia.it/pubblicazioni/quaderni-storia/2011-0022/index.html?com.dotmarketing.htmlpage.language=1|url-status=live}}</ref>

The resources necessary to finance the 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.<ref>{{Cite book|title=Unità Nazionale e Sviluppo Economico 1750–1913|last=Pescosolido|first=Guido|publisher=Edizioni Nuova Cultura|year=2014|location=Roma|pages=90–92, 118–120, 157}}</ref> Given the inability of the government to estimate the land profitability, especially because of the huge differences among the regional cadast:ers, this policy irreparably induced large regional discrepancies.<ref name=":1">{{Cite book|title=La Politica Fiscale e le Entrate Effettive del Regno d'Italia 1860–1890|last=Parravicini|first=Giannino|publisher=ILTE|year=1958|location=Turin}}</ref> This policy destroyed the relationship between the central state and the Southern population by unchaining first a civil war called [[Brigandage in Southern Italy after 1861|Brigandage]], which brought about 20,000 victims by 1864 and the militarization of the area, and then [[Italian diaspora| favouring emigration, especially from 1892 to 1921]].<ref>{{cite book|title=Modern Italy: A Political History|last=Smith|first=Dennis M.|publisher=[[University of Michigan]] Press|year=1997|isbn=978-0-472-10895-4|location=[[Ann Arbor]]|pages=209–210}}</ref>

The north–south gap was intensified by language differences.  Southerners spoke the [[Sicilian language]] or a variation of it: a language that developed from Latin and other influences independently of and prior to the Tuscan dialect that was adopted as the official Italian language ("standard Italian"). The [[Sicilian language]] is a complete, distinct language with its own vocabulary, syntax and grammar rules, the latter being less complex than standard Italian. But because of its similarity to Italian, northerners incorrectly assumed that it was an imperfect dialect of Italian and denigrated it as the "dialect of the poor and ignorant".  This has led to continued bias by the North against southerners who "don't speak proper Italian".

After the rise of [[Benito Mussolini]], the "Iron Prefect" [[Cesare Mori]] tried to defeat the already powerful [[Organized crime in Italy|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 during [[World War II]], the [[Allies of World War II|Allies]] restored the authority of the mafia families, lost during the Fascist period, and used their influence to maintain public order.<ref>{{cite book|last=Newark|first=Tim|title=Mafia Allies: The True Story of America's Secret Alliance with the Mob in World War II|year=2007|publisher=MBI Publishing Company|location=London|isbn=978-0-7603-2457-8|pages=123–135}}</ref>  Mussolini also established laws requiring standard Italian to be taught in school, and discouraging the use of local Italian dialects throughout the nation, as well as the Sicilian language. 

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 [[smallholding]]s, 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.<ref>{{cite encyclopedia|url=https://www.britannica.com/EBchecked/topic/297474/Italy/27779/The-south|title=Italy: The South|encyclopedia=[[Encyclopædia Britannica Online]]|date=3 February 2015|access-date=9 February 2015|archive-date=9 February 2015|archive-url=https://web.archive.org/web/20150209122655/http://www.britannica.com/EBchecked/topic/297474/Italy/27779/The-south|url-status=live}}</ref>

The imbalance between North and South was reduced in the 1960s and 1970s through the construction of public works, the implementation of agrarian and scholastic reforms,<ref>{{Cite journal|last=Torres|first=Raymond|date=May 2014|title=Sintesi del rapporto-Rapporto sul mondo del lavoro 2014: L'occupazione al centro dello sviluppo|url=http://dx.doi.org/10.1002/wow3.54|journal=World of Work Report|volume=2014|issue=1|pages=i–8|doi=10.1002/wow3.54|issn=2049-9280}}</ref> the expansion of industrialization and the improved living conditions of the [[Population of Italy|population]]. This convergence process was interrupted, however, in the 1980s. To date, the per capita [[GDP]] of the South is just 58% of that of the [[North Italy|Center-North]],<ref>{{Cite web|date=2 February 2012|title=Principali aggregati dei conti economici regionali|url=https://www.istat.it/it/archivio/52316|access-date=4 February 2021|website=www.istat.it|language=it|archive-date=8 February 2021|archive-url=https://web.archive.org/web/20210208225253/https://www.istat.it/it/archivio/52316|url-status=live}}</ref> but this gap is mitigated by the fact that there the [[cost of living]] is around 10-15% lower on average (with even more differences between small towns and big cities) than that in the North of Italy.<ref>{{Cite web|date=2010-10-25|title=Le statistiche sui livelli dei prezzi al consumo sul territorio: primi risultati e prospettive. La domanda di informazioni sui differenziali territoriali tra i prezzi.|url=https://www.istat.it/it/files/2011/01/Cannari_intervento.pdf|access-date=2022-01-18|website=www.istat.it|language=it|archive-date=23 January 2022|archive-url=https://web.archive.org/web/20220123013721/https://www.istat.it/it/files/2011/01/Cannari_intervento.pdf|url-status=live}}</ref> In the South the unemployment rate is more than double (6.7% in the North against 14.9% in the South).<ref>{{Cite web|date=2 April 2012|title=Occupati e disoccupati|url=https://www.istat.it/it/archivio/58306|access-date=4 February 2021|website=www.istat.it|language=it|archive-date=3 December 2020|archive-url=https://web.archive.org/web/20201203192616/https://www.istat.it/it/archivio/58306|url-status=live}}</ref> A study by Censis blames the pervasive presence of [[Italian Criminal Law System|criminal organizations]] for the delay of Southern Italy, estimating an annual loss of wealth of 2.5% in the South in the period between 1981–2003 due to their presence, and that without them the per capita GDP of the South would have reached that of the North.<ref>{{Cite web|last=|first=|date=|title=Senza la mafia il Sud raggiunge il Nord|url=http://www.censis.it/10?resource_50=4721|access-date=4 February 2021|website=Censis|language=it|archive-date=7 November 2018|archive-url=https://web.archive.org/web/20181107000129/http://www.censis.it/10?resource_50=4721|url-status=dead}}</ref>

== Economic sectors ==

=== Primary ===
{{Main|Agriculture in Italy}}
[[File:Vineyards in Piemonte, Italy.jpg|thumb|right|[[Vineyard Landscape of Piedmont: Langhe-Roero and Monferrato|Vineyards in Langhe and Montferrat, Piedmont]]. Italy is the [[List of wine-producing countries|world's largest wine producer]] (22% of the global market), as well as the country with the widest variety of indigenous [[Vitis|grapevine]] in the world.<ref name="wine"/><ref>{{Cite web|url=http://www.inumeridelvino.it/2018/11/la-produzione-di-vino-nel-mondo-2018-prima-stima-oiv.html|title=L'Italia è il maggiore produttore di vino|date=25 November 2018 |access-date=11 November 2021|language=it}}</ref><ref>{{Cite web|url=https://giornalevinocibo.com/2017/06/03/italia-prima-assoluta-per-vitgni-autoctoni-ecco-i-dati-dei-vari-stati/|title=L'Italia è il paese con più vitigni autoctoni al mondo|date=3 June 2017|access-date=11 November 2021|language=it}}</ref>]]
[[File:Veduta della Basilica di San Francesco ad Assisi (2).JPG|thumb|Cultivated field in [[Umbria]]. The [[Basilica of Saint Francis of Assisi]] is in the background.]]
According to the last national agricultural census, there were 1.6&nbsp;million farms in 2010 (−32.4% since 2000) covering {{convert|12700000|ha|0|abbr=on|disp=or}} (63% of which are located in [[Southern Italy]]).<ref name="agrocensus">{{cite web |url=http://dati-censimentoagricoltura.istat.it/ |title=Censimento Agricoltura 2010 |date=24 October 2010 |publisher=[[National Institute of Statistics (Italy)|ISTAT]] |access-date=11 February 2015 |archive-date=13 February 2015 |archive-url=https://web.archive.org/web/20150213021626/http://dati-censimentoagricoltura.istat.it/ |url-status=live }}</ref> The vast majority (99%) are family-operated and small, averaging only {{convert|8|ha|0|abbr=on}} in size.<ref name="agrocensus"/> Of the total surface area in agricultural use (forestry excluded), grain fields take up 31%, [[olive tree]] orchards 8.2%, [[vineyard]]s 5.4%, [[citrus]] orchards 3.8%, [[sugar beet]]s 1.7%, and horticulture 2.4%. The remainder is primarily dedicated to pastures (25.9%) and feed grains (11.6%).<ref name="agrocensus"/> The northern part of Italy produces primarily maize corn, rice, [[sugar beet]]s, [[soybean]]s, meat, fruits and [[dairy product]]s, while the South specializes in wheat, olive and [[citrus fruit]]s. Livestock includes 6 million head of cattle, 8.6&nbsp;million head of [[swine]], 6.8&nbsp;million head of sheep, and 0.9&nbsp;million head of goats.<ref name="agrocensus"/> The total annual production of the [[Fishing industry by country|fishing industry in Italy]] from capture and [[aquaculture]], including [[crustacean]]s and [[molluscs]], is around 480,000 tons.

Italy is the [[List of wine-producing countries|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 wine]]s are the [[Tuscany (wine)|Tuscan]] [[Chianti]] and the [[Piedmont (wine)|Piedmontese]] [[Barolo]]. Other famous wines are [[Barbaresco]], [[Barbera d'Asti]], [[Brunello di Montalcino]], [[Frascati DOC|Frascati]], [[Montepulciano d'Abruzzo]], [[Morellino di Scansano]], [[Amarone]] della Valpolicella DOCG and the [[sparkling wine]]s [[Franciacorta DOCG|Franciacorta]] and [[Prosecco]]. Quality goods in which Italy specialises, particularly the already mentioned wines and [[List of Italian DOP cheeses|regional cheeses]], are often protected under the quality assurance labels [[Denominazione di origine controllata|DOC/DOP]]. This [[Geographical indications and traditional specialities in the European Union|geographical indication certificate]], which is attributed by the European Union, is considered important to avoid confusion with low-quality mass-produced [[Ersatz good|ersatz products]].

In fact, [[Italian cuisine]] is one of the most popular and copied around the world.<ref name="bbc">{{cite web |url=https://www.bbc.co.uk/news/magazine-13760559 |title=How pasta became the world's favourite food |publisher=bbc |date=15 June 2011 |access-date=28 September 2014 |archive-date=22 September 2014 |archive-url=https://web.archive.org/web/20140922021824/http://www.bbc.co.uk/news/magazine-13760559 |url-status=live }}</ref> The lack or total unavailability of some of its most characteristic ingredients outside of Italy, also and above all to falsifications (or food fraud), leads to the complete denaturalization of Italian ingredients.<ref name="contraffazione">{{cite web|url=https://www.lacucinaitaliana.it/news/trend/contraffazione-alimentare/|title=I finti prodotti italiani? Anche in Italia!|date=4 February 2016|access-date=30 November 2021|language=it|archive-date=30 November 2021|archive-url=https://web.archive.org/web/20211130151830/https://www.lacucinaitaliana.it/news/trend/contraffazione-alimentare/|url-status=live}}</ref> This phenomenon, widespread in all continents, is better known as ''[[Italian Sounding]]'', consisting in the use of words as well as images, colour combinations (the [[Italian tricolour]]), geographical references, brands evocative of Italy to promote and market agri-food products which in reality have nothing to do with Italian cuisine.<ref name="agrifood">{{Cite web|url=https://www.agrifood.tech/sicurezza-alimentare/italian-sounding-food-che-cose-e-come-funziona/|title=In cosa consiste l'Italian Sounding|date=25 March 2020|access-date=30 November 2021|language=it|archive-date=18 November 2021|archive-url=https://web.archive.org/web/20211118225932/https://www.agrifood.tech/sicurezza-alimentare/italian-sounding-food-che-cose-e-come-funziona/|url-status=live}}</ref>

=== Secondary ===
[[File:The Eni building, Quartiere XXXII Europa, Roma, Lazio, Italy - panoramio.jpg|thumb|[[Eni]] is considered one of the world's oil and gas "[[Supermajors]]"<ref>{{Cite web|url=https://www.globalwitness.org/en/campaigns/oil-gas-and-mining/spotlight-sharpens/|title=The spotlight sharpens: Eni and corruption in Republic of Congo's oil sector|website=Global Witness}}</ref>]]
[[File:Arduino UNO unpacked.jpg|alt=|thumb|[[Arduino Uno]], a [[Single-board microcontroller|MCU board]] made in Italy has gained popularity worldwide<ref>{{Cite news |last=Armenta |first=Antonio |date=September 8, 2022 |title=Introduction to Arduino: History, Hardware, and Software |url=https://control.com/technical-articles/introduction-to-arduino-history-hardware-and-software/ |work=control.com}}</ref>]]
Italy is the world's sixth-largest [[manufacturing]] country.<ref name="databank"/> Italy has a smaller number of global multinational corporations than other economies of comparable size, but it has a large number of [[small and medium-sized enterprises]], many of them grouped in clusters, which are the backbone of the Italian industry.<ref name="Mignone2008">{{cite book|last=Mignone|first=Mario B.|title=Italy today: Facing the Challenges of the New Millennium|year=2008|url=https://books.google.com/books?id=Tv2R8FfFpREC&pg=PA161|publisher=[[Peter Lang (publisher)|Lang Publishing]]|location=New York City|isbn=978-1-4331-0187-8|pages=161–162}}</ref> This results in a manufacturing sector often focused on the export of [[niche market]] and luxury products, that is less capable of competing on quantity but is more capable of facing the competition of emerging economies based on lower labour costs, given the higher quality of its products.<ref>{{cite news|url=http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/ECAEXT/0,,contentMDK:21808326~menuPK:258604~pagePK:2865106~piPK:2865128~theSitePK:258599,00.html|title=Knowledge Economy Forum 2008: Innovative Small And Medium Enterprises Are Key To Europe & Central Asian Growth|publisher=[[World Bank]]|date=19 May 2005|access-date=17 June 2008|archive-date=23 June 2008|archive-url=https://web.archive.org/web/20080623065619/http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/ECAEXT/0,,contentMDK:21808326~menuPK:258604~pagePK:2865106~piPK:2865128~theSitePK:258599,00.html|url-status=dead}}</ref>

The [[industrial district]]s 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 [[Machine industry|machinery]], [[Automotive industry|automotive]], [[Aerospace manufacturer|aerospace]] production and shipbuilding; in the Northeast, an area that experienced social and economic development mostly around family-based firms, there are mostly small and medium enterprises of lower technology but high craftsmanship, specializing in machinery, clothing, leather products, footwear, furniture, textiles, machine tools, spare parts, home appliances, and jewellery. In central Italy, there are mostly small and medium-sized companies specializing in products such as textiles, leather, jewellery but also machinery.<ref name="Mignone2008"/><ref>{{cite book|last=Friedman|first=Jonathan|title=Globalization, the State, and Violence|year=2003|url=https://books.google.com/books?id=QiZjFOsc2TMC&pg=PA97|publisher=[[Rowman & Littlefield]]|location=[[Lanham, Maryland|Lanham]]|isbn=978-0-7591-0280-4|page=97}}</ref> According to a study carried out in 2015 by the Edison Foundation and [[General Confederation of Italian Industry|Confindustria]] on the most industrialized provinces in [[European Union|Europe]], of the five most industrialized provinces in Europe, three are Italian provinces. [[Brescia]] turns out to be the first European province for value added by industry, with an added value over 10 billion [[Euro|euros]].<ref>{{Cite web |title=BRESCIA, THE CAPITAL OF EUROPEAN INDUSTRY |url=https://www.fierabie.com/brescia-the-capital-of-the-european-industry/ |access-date=18 August 2023 |archive-date=18 August 2023 |archive-url=https://web.archive.org/web/20230818163642/https://www.fierabie.com/brescia-the-capital-of-the-european-industry/ |url-status=live }}</ref>

The [[automotive industry in Italy]] is a significant part of the manufacturing sector, with over 144,000 firms and almost 485,000 employed people in 2015,<ref>{{cite web |url=http://www.adnkronos.com/soldi/economia/2015/09/23/auto-settore-mila-imprese-italia-mld-fatturato_WooBmrBqxgxO7mOvIRXUBI.html |title=Auto: settore da 144mila imprese in Italia e 117 mld fatturato |access-date=23 September 2015 |work=adnkronos.com|url-status=live |archive-url=https://web.archive.org/web/20150925121926/http://www.adnkronos.com/soldi/economia/2015/09/23/auto-settore-mila-imprese-italia-mld-fatturato_WooBmrBqxgxO7mOvIRXUBI.html |archive-date=25 September 2015}}</ref> and a contribution of 8.5% to Italian [[GDP]].<ref name="acea.thisconnect.com">{{cite web |url=http://acea.thisconnect.com/index.php/country_profiles/detail/italy |title=Country Profiles – Italy |access-date=9 February 2008 |work=acea.thisconnect.com |archive-url=https://web.archive.org/web/20080211190839/http://acea.thisconnect.com/index.php/country_profiles/detail/italy |archive-date=11 February 2008|url-status=dead}}</ref> Italy's [[automotive industry]] is best known for its automobile designs and small city cars, sports and supercars. Italy is one of the [[List of countries by motor vehicle production|significant automobile producers]] both in [[Europe]] and around the world. Today the Italian automotive industry is almost totally dominated by [[Fiat S.p.A.|Fiat Group]] (now included in [[Stellantis]] corporation). As well as its own, predominantly mass market model range, Stellantis owns the mainstream [[Fiat]] brand, the upmarket [[Alfa Romeo]] and [[Lancia]] brands, and the exotic [[Maserati]] brand. Luxury cars such as [[Ferrari]], [[Lamborghini]], Maserati and [[Ducati]] motorcycles are also made in the Northeast region of Emilia-Romagna. Italian cars have won the annual [[European Car of the Year]] award several times (with Fiat winning more than any other manufacturer), and have also been awarded the [[World Car of the Year]] award.

=== Tertiary ===
{{main|Italian Bourse|List of banks in Italy|Tourism in Italy}}
[[File:Palazzo mezzanotte Milan Stock Exchange.jpg|thumb|[[Palazzo Mezzanotte]] in [[Milan]], the seat of the [[Italian Bourse]]]]
[[File:Portofino_-_2016-06-02_-_View_from_Chiesa_San_Giorgio_-_3284.jpg|thumb| [[Portofino]] in [[Italian Riviera]]]]
[[File:Positano - Fornillo Beach.jpg|thumb|The [[Amalfi Coast]], one of [[Tourism in Italy|Italy's major tourist destinations]]<ref>[http://www.italy24.ilsole24ore.com/art/business-and-economy/2017-05-04/turismo-stranieri-124013.php?uuid=AEVg9GGB "Foreign tourist numbers in Italy head towards new record"] {{webarchive|url=https://web.archive.org/web/20170601184213/http://www.italy24.ilsole24ore.com/art/business-and-economy/2017-05-04/turismo-stranieri-124013.php?uuid=AEVg9GGB |date=1 June 2017 }}, Retrieved 21 May 2017.</ref>]]

In Italy, [[Tertiary sector of the economy|services]] represent the most important sector of the economy, both in terms of number of employees (67% of the total) and value-added (71%).<ref>{{Cite web|url=http://www.comufficio.it/site/comufficio_webprofessional_it/Sintesi_Congiunturale.pdf|access-date=16 February 2010|title=I numeri dei Terziario - Confcommercio - Anno 2008|url-status=dead|archive-url=https://web.archive.org/web/20110722030519/http://www.comufficio.it/site/comufficio_webprofessional_it/Sintesi_Congiunturale.pdf|archive-date=22 July 2011|language=it}}</ref> Furthermore, the sector is by far the most dynamic: over 51% of the more than 5,000,000 companies operating in Italy today belong to the services sector, and in this sector over 67% of new businesses are born.<ref name="ascompd">{{Cite web|url=http://www.ascompd.com/comunicati/Comunicati2007/210507a.html|access-date=10 February 2010|title=Il vero "motore" dell'economia è il settore terziario|url-status=dead|archive-url=https://web.archive.org/web/20110524134258/http://www.ascompd.com/comunicati/Comunicati2007/210507a.html|archive-date=24 May 2011|language=it}}</ref> Very important activities in Italy are [[Tourism in Italy|tourism]], trade, services to people and businesses (advanced tertiary).

In 2006 the main sectoral data are: for trade, there are 1,600,000 enterprises, equal to 26% of the Italian entrepreneurial fabric, and over 3,500,000 work units. Transport, communications, tourism and consumption outside the home, over 582,000 businesses, equal to 9.5% of the entrepreneurial fabric, almost 3,500,000 work units. Business services: 630,000 registered companies, equal to 10.3% of the entrepreneurial fabric, over 2,800,000 work units.<ref name="ascompd"/> In 2004 the transport sector in Italy generated a turnover of about 119.4&nbsp;billion euros, employing 935,700 persons in 153,700 enterprises.

[[Italian Bourse]], based in [[Milan]], is the [[Italy|Italian]] [[stock exchange]]. It manages and organises the domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.<ref name="Borsa Italiana">italy24.ilsole4ore.com, "[http://www.italy24.ilsole24ore.com/art/lexicon/2015-01-23/borsa-italiana-173534.php?uuid=ABNEc5iC&order=oldest Borsa Italiana] {{Webarchive|url=https://web.archive.org/web/20170801082635/http://www.italy24.ilsole24ore.com/art/lexicon/2015-01-23/borsa-italiana-173534.php?uuid=ABNEc5iC&order=oldest |date=1 August 2017 }}"</ref> Following exchange privatisation in 1997, the Italian Bourse was established and became effective on 2 January 1998.<ref name="Privatisation">source sense.com, "[https://www.sourcesense.com/en/portfolio/borsa-italiana/ Borsa Italiana] {{Webarchive|url=https://web.archive.org/web/20180207152945/https://www.sourcesense.com/en/portfolio/borsa-italiana/ |date=7 February 2018 }}"</ref> On 23 June 2007, the Italian Bourse became a subsidiary of the [[London Stock Exchange Group]].<ref name="London Stock Exchange Group">news.bbc.co.uk, "[http://news.bbc.co.uk/2/hi/business/6233196.stm London Stock Exchange Buys Borsa] {{Webarchive|url=https://web.archive.org/web/20150404111113/http://news.bbc.co.uk/2/hi/business/6233196.stm |date=4 April 2015 }}"</ref> As of April 2018, overall capitalisation for listed companies on Borsa Italiana was worth €644.3 billion, representing 37.8% of Italian [[GDP]].<ref name="2018 capitalisation">finanzalternativa.it, "[http://www.finanzalternativa.it/2017-12-29-bilancio-2017-di-borsa-italiana-il-ftse-mib-cresce-del-155-anno-record-per-le-ammissioni-39-la-capitalizzazione-vola-a-6443-miliardi-227/] {{Webarchive|url=https://web.archive.org/web/20220327090818/http://www.finanzalternativa.it/2017-12-29-bilancio-2017-di-borsa-italiana-il-ftse-mib-cresce-del-155-anno-record-per-le-ammissioni-39-la-capitalizzazione-vola-a-6443-miliardi-227/|date=27 March 2022}}"</ref>

Italy is the [[World Tourism rankings|fourth most visited country]], with a total of 57 million arrivals in 2023.<ref name="Barom May24">{{cite web |title=World Tourism Barometer |url=https://pre-webunwto.s3.eu-west-1.amazonaws.com/s3fs-public/2024-06/Barom_PPT_May_2024.pdf?VersionId=U7O62HatlG4eNAj.wcmuQG1PMCjK.Yss |publisher=[[World Tourism Organization]] |access-date=24 June 2024 |date=May 2024 |page=19}}</ref> The total contribution of the [[tourism in Italy]] to GDP (including wider effects from investment, the supply chain and induced income impacts) was EUR162.7bn in 2014 (10.1% of GDP) and generated 1,082,000 jobs directly in 2014 (4.8% of total employment).<ref>{{cite web |title=Travel & Tourism Economic Impact 2015 Italy |url=https://www.wttc.org/-/media/files/reports/economic%20impact%20research/countries%202015/italy2015.pdf |publisher=[[World Travel and Tourism Council]] |access-date=20 May 2017 |url-status=dead |archive-url=https://web.archive.org/web/20171010152616/https://www.wttc.org/-/media/files/reports/economic%20impact%20research/countries%202015/italy2015.pdf |archive-date=10 October 2017 }}</ref> Factors of tourist interest in Italy are mainly [[Culture of Italy|culture]], [[Italian cuisine|cuisine]], [[History of Italy|history]], [[Italian fashion|fashion]], [[Architecture of Italy|architecture]], [[Italian art|art]], religious sites and routes, wedding tourism, naturalistic beauties, nightlife, underwater sites and spas.<ref name="turismo-wedding">{{cite web|url=https://www.ansa.it/canale_viaggiart/it/notizie/speciali/2023/02/01/turismo-wedding-2-milioni-presenze-e-fatturato-599-mln_dcec4ad9-3ab8-4677-a303-6378020ac3a7.html|title=In Italia 11mila matrimoni stranieri, un turismo da 599 milioni|date=February 2023|access-date=2 February 2023|language=it|archive-date=2 February 2023|archive-url=https://web.archive.org/web/20230202073931/https://www.ansa.it/canale_viaggiart/it/notizie/speciali/2023/02/01/turismo-wedding-2-milioni-presenze-e-fatturato-599-mln_dcec4ad9-3ab8-4677-a303-6378020ac3a7.html|url-status=live}}</ref><ref>{{cite web|url=https://www.travel365.it/migliori-destinazioni-italiane-per-vita-notturna.htm|title=10 Migliori destinazioni italiane per vita notturna|access-date=28 December 2021|language=it|archive-date=9 January 2023|archive-url=https://web.archive.org/web/20230109172951/https://www.travel365.it/migliori-destinazioni-italiane-per-vita-notturna.htm|url-status=live}}</ref><ref>{{cite web|url=https://www.paesionline.it/articoli/turismo-naturalistico-definizione-e-dove-praticarlo-in-italia|title=Turismo naturalistico: cos'è e dove praticarlo in Italia|access-date=5 May 2022|language=it|archive-date=9 January 2023|archive-url=https://web.archive.org/web/20230109172952/https://www.paesionline.it/articoli/turismo-naturalistico-definizione-e-dove-praticarlo-in-italia|url-status=live}}</ref><ref name="studiare">{{cite web|url=https://www.studiare-in-italia.it/php5/study-italy.php?idorizz=6&idvert=84|title=Viaggiare in Italia: giro turistico|access-date=31 December 2021|language=it|archive-date=21 September 2022|archive-url=https://web.archive.org/web/20220921204815/https://www.studiare-in-italia.it/php5/study-italy.php?idorizz=6&idvert=84|url-status=live}}</ref><ref>{{cite web|url=https://www.ilsole24ore.com/art/il-benessere-genera-53percento-pil-mondiale-e-italia-e-boom-spa-e-turismo-wellness-AEeHWMLG|title=Il benessere genera il 5,3% del Pil mondiale: e in Italia è boom per Spa e turismo "wellness"|date=11 October 2018|access-date=8 January 2022|language=it|archive-date=9 January 2023|archive-url=https://web.archive.org/web/20230109172950/https://www.ilsole24ore.com/art/il-benessere-genera-53percento-pil-mondiale-e-italia-e-boom-spa-e-turismo-wellness-AEeHWMLG|url-status=live}}</ref><ref>{{cite web|url=https://www.adnkronos.com/turismo-religioso-in-italia-3-milioni-di-pellegrini-lanno-e-8-6-milioni-di-presenze_4xRvus8qO3yR7wEXF8bhrF#:~:text=Turismo-,Turismo%20religioso%2C%20in%20Italia%203%20milioni%20di%20pellegrini%20l'anno,8%2C6%20milioni%20di%20presenze&text=Dai%20cammini%20ai%20santuari%2C%20dalle,vacanze%20all'insegna%20della%20spiritualit%C3%A0.|title=Turismo religioso, in Italia 3 milioni di pellegrini l'anno e 8,6 milioni di presenze|date=24 July 2021|access-date=5 May 2022|language=it|archive-date=9 January 2023|archive-url=https://web.archive.org/web/20230109172951/https://www.adnkronos.com/turismo-religioso-in-italia-3-milioni-di-pellegrini-lanno-e-8-6-milioni-di-presenze_4xRvus8qO3yR7wEXF8bhrF#:~:text=Turismo-,Turismo%20religioso%2C%20in%20Italia%203%20milioni%20di%20pellegrini%20l'anno,8%2C6%20milioni%20di%20presenze&text=Dai%20cammini%20ai%20santuari%2C%20dalle,vacanze%20all'insegna%20della%20spiritualit%C3%A0.|url-status=live}}</ref><ref>{{cite web|url=https://www.viaggiarenews.com/2021/03/il-meglio-per-il-turismo-subacqueo-in-italia/|title=Il meglio per il turismo subacqueo in Italia|date=27 March 2021|access-date=19 January 2022|language=it|archive-date=9 January 2023|archive-url=https://web.archive.org/web/20230109172954/https://www.viaggiarenews.com/2021/03/il-meglio-per-il-turismo-subacqueo-in-italia/|url-status=live}}</ref> Winter and summer tourism are present in many locations in the [[Alps]] and the [[Apennines]],<ref name="alloggitaly">{{cite web|url=https://www.alloggitaly.it/vacanze-in-montagna-in-italia/|title=VACANZE IN MONTAGNA IN ITALIA: IN INVERNO E IN ESTATE|date=30 July 2017|access-date=1 January 2022|language=it|archive-date=6 October 2022|archive-url=https://web.archive.org/web/20221006081936/https://www.alloggitaly.it/vacanze-in-montagna-in-italia/|url-status=live}}</ref> while seaside tourism is widespread in coastal locations on the [[Mediterranean Sea]].<ref name="turismo-oggi">{{cite web|url=https://www.turismo-oggi.com/il-turismo-balneare.html|title=Il turismo balneare|date=14 February 2018|access-date=1 January 2022|language=it|archive-date=1 October 2022|archive-url=https://web.archive.org/web/20221001012217/https://www.turismo-oggi.com/il-turismo-balneare.html|url-status=live}}</ref> Italy is the leading cruise tourism destination in the Mediterranean Sea.<ref name="lagenziadiviaggi">{{cite web|url=https://www.lagenziadiviaggi.it/crociere-cemar-88-milioni-di-passeggeri-nei-porti-italiani/|title=Crociere, Cemar: 8,8 milioni di passeggeri nei porti italiani|date=27 April 2022|access-date=13 May 2022|language=it|archive-date=28 June 2022|archive-url=https://web.archive.org/web/20220628205742/https://www.lagenziadiviaggi.it/crociere-cemar-88-milioni-di-passeggeri-nei-porti-italiani/|url-status=live}}</ref> Small, historical and artistic Italian villages are promoted through the association ''[[I Borghi più belli d'Italia]]'' (literally "The Most Beautiful Villages of Italy").

The origins of modern banking can be traced to medieval and early [[Italian Renaissance|Renaissance Italy]], to the rich cities like [[Florence]], [[Lucca]], [[Siena]], Venice and [[Genoa]]. The [[Bardi family|Bardi]] and [[Peruzzi]] families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe.<ref>{{cite book|title=Banking Through the Ages |url=https://archive.org/details/bankingthroughag00hogg |last=Hoggson|first=Noble F.|author-link=Noble Foster Hoggson|year=1926|page=[https://archive.org/details/bankingthroughag00hogg/page/76 76]|publisher=[[Dodd, Mead and Company]] |location=New York City | access-date= 11 February 2015}}</ref> One of the most famous Italian banks was the [[Medici Bank]], set up by [[Giovanni di Bicci de' Medici]] in 1397.<ref>{{cite book|title=Banks, Palaces, and Entrepreneurs in Renaissance Florence |url=https://books.google.com/books?id=s4CQAAAAIAAJ |last=Goldthwaite|first=Richard A.|year=1995|publisher=[[Ashgate Publishing]] |location=[[Aldershot]] | isbn=978-0-860-78484-5 | access-date= 11 February 2015}}</ref> The earliest known state deposit bank, the [[Bank of Saint George]], was founded in 1407 in Genoa,<ref>{{cite book|title=Issues in Money and Banking |url=https://books.google.com/books?id=k1OYMZ8OzMUC&pg=PA42 |last=Macesich |first=George |year=2000 |page= 42 | publisher= [[Greenwood Publishing Group]] | location= [[Westport, Connecticut|Westport]] | isbn= 978-0-275-96777-2 | access-date= 12 March 2009}}</ref> while [[Banca Monte dei Paschi di Siena]], founded in 1472, is the world's [[List of oldest banks|oldest or second oldest bank]] in continuous operation, depending on the definition, and the third-largest Italian commercial and retail bank.<ref name="veconomist" >{{cite news|title=Italy's fourth-biggest bank returns to the stockmarket|url=https://www.economist.com/news/finance-and-economics/21730672-shares-bailed-out-bank-start-trading-again-italys-fourth-biggest-bank|newspaper=[[The Economist]]|date=26 October 2017|access-date=9 May 2022|archive-date=15 February 2018|archive-url=https://web.archive.org/web/20180215112321/https://www.economist.com/news/finance-and-economics/21730672-shares-bailed-out-bank-start-trading-again-italys-fourth-biggest-bank|url-status=live}}</ref> Today, among the financial services companies, [[UniCredit]] is one of the largest banks in Europe by capitalization and [[Assicurazioni Generali]] is second largest insurance group in the world by revenue after [[AXA]].
[[File:Palazzo Salimbeni, Siena, Headquarters of Monte dei Paschi di Siena, the worlds oldest surviving bank.jpg|thumb|[[Banca Monte dei Paschi di Siena]], founded in 1472, is the world's [[List of oldest banks|oldest or second oldest bank]] in continuous operation.]]
[[File:Unicredit Tower 2014.jpg|thumb|The headquarters of [[UniCredit]] bank in Milan]]

The following is a list of the main Italian banks and insurance groups ranked by total assets and [[gross premiums written]].
{{updated|31 December 2013}}{{needs update|date=September 2024}}

{| border="0"
|- valign="top"
|
{| class="wikitable sortable" align="left"
|+ Banks<ref name="mbres">{{cite web |url=http://www.mbres.it/en/publications/leading-italian-companies |title=Leading Italian Companies |date=October 2014 |publisher=[[Mediobanca]] |access-date=9 February 2015 |archive-date=1 March 2019 |archive-url=https://web.archive.org/web/20190301024816/http://www.mbres.it/en/publications/leading-italian-companies |url-status=dead }}</ref>
|- style="background:#d1e4fd;"
! Rank !!  Company !! Headquarters !! Assets (€ mil.)
|-
| 1 || [[UniCredit]] || [[Milan]] || 982,151
|-
| 2 || [[Intesa Sanpaolo]] || [[Turin]] || 676,798
|-
| 3 || [[Banca Monte dei Paschi di Siena]] || [[Siena]] || 197,943
|-
| 4 || [[Banco Popolare]] || [[Verona]] || 123,743
|-
| 5 || [[UBI Banca]] || [[Bergamo]] || 121,323
|-
| 6 || [[Banca Nazionale del Lavoro]] || [[Rome]] || 84,892
|-
| 7 || [[Mediobanca]] || [[Milan]] || 72,428
|-
| 8 || [[Banca Popolare dell'Emilia Romagna]] || [[Modena]] || 61,266
|-
| 9 || [[Banca Popolare di Milano]] || [[Milan]] || 49,257
|-
| 10 || [[Cariparma]] || [[Parma]] || 48,235
|}
|
{| class="wikitable sortable" align="left"
|+ Insurance groups<ref name="mbres"/>
|- style="background:#d1e4fd;"
! Rank !!  Company !! Headquarters !! Premiums (€ mil.)
|-
| 1 || [[Assicurazioni Generali]] || [[Trieste]] || 70,323
|-
| 2 || [[Poste Vita]] || [[Rome]] || 18,238
|-
| 3 || [[Unipol]]  || [[Bologna]] || 15,564
|-
| 4 || [[Intesa Sanpaolo]] || [[Turin]] || 12,464
|-
| 5 || [[Cattolica Assicurazioni]] || [[Verona]] || 5,208
|-
| 6 || [[Reale Mutua Assicurazioni]] || [[Turin]] || 3,847
|-
| 7 || [[Vittoria Assicurazioni]] || [[Milan]] || 1,281
|}
|}

== Infrastructure ==

=== Energy and natural resources ===
{{Main|Energy in Italy|Renewable energy in Italy}}
[[File:Pannelli solari Unicoop Tirreno.JPG|thumb|left|Solar panels in [[Piombino]]. Italy is one of the world's largest producers of renewable energy.<ref name="legambiente2015">{{cite web|title=Il rapporto Comuni Rinnovabili 2015|url=http://www.comunirinnovabili.it/il-rapporto-comuni-rinnovabili-2015/|website=Comuni Rinnovabili|date=18 May 2015|publisher=Legambiente|access-date=13 March 2016|language=it}}</ref>]]

Italy consumed about 185 [[Tonne of oil equivalent|Mtoe]] of [[primary energy]] in 2010.<ref>[[BP]] data [http://www.bp.com] {{Webarchive|url=https://web.archive.org/web/20130606071637/http://www.bp.com/|date=6 June 2013}}</ref> This came mostly from [[fossil fuels]]. Among the most used resources are [[petroleum]] (mostly used for the transport sector), [[natural gas]] (used for electric energy production and heating), [[coal]] and [[Renewable energy in Italy|renewables]]. Electricity is produced mainly from [[natural gas]], which accounts for the source of more than half of the total final electric energy produced. Another important source is [[Hydroelectricity in Italy|hydroelectric power]], which was practically the only source of electricity until 1960.

[[Eni]], with operations in 79 countries, is considered one of the seven "[[Supermajor]]" oil companies in the world, and one of the world's largest industrial companies.<ref name=Eni>{{cite web |url=https://finance.yahoo.com/q?s=E |title=Summary for Eni SpA |access-date=1 July 2020 |archive-date=4 June 2016 |archive-url=https://web.archive.org/web/20160604184217/http://finance.yahoo.com/q?s=e |url-status=live }}</ref> The [[Val'd Agri oil field|Val d'Agri]] area, [[Basilicata]], hosts the largest [[Onshore (hydrocarbons)|onshore]] [[hydrocarbon field]] in Europe.<ref>{{cite web |url=https://www.eni.com/en-IT/operations/italy-val-agri-upstream-activities.html |title=In Val d'Agri with Upstream activities |publisher=[[Eni]] |access-date=3 February 2021 |archive-date=16 May 2022 |archive-url=https://web.archive.org/web/20220516034214/https://www.eni.com/en-IT/operations/italy-val-agri-upstream-activities.html |url-status=dead }}</ref> 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. 
[[File:Natural resources of Italy.png|thumb|upright=1.4|Natural resources of Italy. Metals are in blue (Al – aluminium ore, Mn — [[manganese]], Fe – iron ore, Hg — [[Mercury (element)|mercury]], PM – polymetallic ores ([[Copper|Cu]], [[Zinc|Zn]], [[Silver|Ag]], [[lead|Pb]]), PY — [[pyrite]]). Fossil fuels are in red (C – coal, G – natural gas, L — [[lignite]], P – petroleum). Non-metallic minerals are in green (ASB — [[asbestos]], F — [[fluorite]], K — [[potash]], MAR — [[marble]], S — [[sulfur]]).]]

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).<ref>{{cite book|url=http://bookshop.europa.eu/it/energy-transport-and-environment-indicators-pbKSDK08001/|title=Energy, transport and environment indicators|year=2008|author=Eurostat|author-link=Eurostat|publisher=EU Bookshop|format=PDF|isbn=978-92-79-09835-2|access-date=10 May 2009}}</ref><ref>{{cite book|url=http://bookshop.europa.eu/it/panorama-of-energy-pbKSGH09001/|title=Panorama of Energy|year=2009|author=Eurostat|author-link=Eurostat|publisher=EU Bookshop|format=PDF|isbn=978-92-79-11151-8|access-date=10 May 2009}}</ref> Due to its reliance on imports, Italians pay approximately 45% more than the EU average for electricity.<ref name="nuclear">{{cite web |url=http://www.world-nuclear.org/info/Country-Profiles/Others/Emerging-Nuclear-Energy-Countries/ |title=Emerging Nuclear Energy Countries |date=December 2014 |publisher=[[World Nuclear Association]] |access-date=11 February 2015 |archive-date=26 January 2016 |archive-url=https://web.archive.org/web/20160126093825/http://www.world-nuclear.org/info/Country-Profiles/Others/Emerging-Nuclear-Energy-Countries/ |url-status=dead }}</ref>

In the last decade, Italy has become one of the world's [[List of countries by electricity production from renewable sources|largest producers of renewable energy]], ranking as the second largest producer in the European Union and the ninth in the world. [[Wind power in Italy|Wind power]], [[Hydroelectricity in Italy|hydroelectricity]], and [[Geothermal power in Italy|geothermal power]] are also important [[Electricity sector in Italy|sources of electricity in the country]]. Italy was the [[Geothermal power in Italy|first country to exploit geothermal energy to produce electricity]].<ref name="UNMIG">{{cite web |title=Inventario delle risorse geotermiche nazionali |publisher=UNMIG |date=2011 |url=http://unmig.sviluppoeconomico.gov.it/unmig/geotermia/inventario/inventario.asp |access-date=14 September 2011|url-status=dead |archive-url=https://web.archive.org/web/20110722034736/http://unmig.sviluppoeconomico.gov.it/unmig/geotermia/inventario/inventario.asp |archive-date=22 July 2011}}</ref> The first Italian geothermal power plant was built in [[Tuscany]], which is where all currently active geothermal plants in Italy are located. In 2014 the geothermal production was 5.92 TWh.<ref name="Terna data">{{Cite web |url=http://www.terna.it/default/home_en/electric_system/statistical_data.aspx |title=TERNA statistics data |access-date=21 September 2015 |archive-url=https://web.archive.org/web/20120518165820/http://www.terna.it/default/home_en/electric_system/statistical_data.aspx |archive-date=18 May 2012 |url-status=dead }}</ref>

[[Solar power in Italy|Solar energy]] production alone accounted for almost 9% of the total electric production in the country in 2014, making Italy the country with the highest contribution from solar energy in the world.<ref name="legambiente2015"/> The [[Montalto di Castro Photovoltaic Power Station]], completed in 2010, is the largest photovoltaic power station in Italy with 85 MW. Other examples of large PV plants in Italy are San Bellino (70.6 MW), Cellino san Marco (42.7 MW) and Sant’ Alberto (34.6 MW).<ref>{{Cite web|url=https://www.solarserver.com/solar-magazine/solar-energy-system-of-the-month/the-italian-montalto-di-castro-and-rovigo-pv-plants.html|title=The Italian Montalto di Castro and Rovigo PV plants|website=www.solarserver.com|access-date=8 May 2018|archive-date=9 May 2018|archive-url=https://web.archive.org/web/20180509012719/https://www.solarserver.com/solar-magazine/solar-energy-system-of-the-month/the-italian-montalto-di-castro-and-rovigo-pv-plants.html|url-status=live}}</ref> Italy was also the first country to exploit geothermal energy to produce electricity.<ref name="UNMIG"/>

[[Renewable energy in Italy|Renewable sources]] account for 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%.<ref name="gse">{{cite web |url=http://www.gse.it/it/Statistiche/RapportiStatistici/Pagine/default.aspx |title=Rapporto Statistico sugli Impianti a fonti rinnovabili |date=19 December 2013 |publisher=Gestore dei Servizi Energetici |format=PDF |access-date=11 February 2015 |archive-url=https://web.archive.org/web/20171018022905/http://www.gse.it/it/Statistiche/RapportiStatistici/Pagine/default.aspx |archive-date=18 October 2017 |url-status=dead }}</ref> The rest of the national demand is covered by fossil fuels (38.2% natural gas, 13% coal, 8.4% oil) and by imports.<ref name="gse"/>

Italy has managed four nuclear reactors until the 1980s, but in 1987, after the [[Chernobyl disaster]], a large majority of Italians passed a [[Italian referendums, 1987|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 (Spain)|Endesa]]) and four in [[Slovakia]] (through [[Slovenské elektrárne]]),<ref>{{cite web |url=http://www.enel.com/en-GB/group/production/nuclear_power/ |title=Nuclear Production |date=31 December 2013 |publisher=[[Enel]] |access-date=11 February 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150207204805/http://www.enel.com/en-GB/group/production/nuclear_power/ |archive-date=7 February 2015  }}</ref> and in 2005 made an agreement with [[Électricité de France]] for a nuclear reactor in France.<ref name="nuclear"/> 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.<ref name="nuclear"/>

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 aluminium (from [[Gargano]]), [[sulfur|sulphur]] (from Sicily), lead, and [[zinc]] (from [[Sardinia]]).<ref name="nat_resources">{{cite encyclopedia|url=https://www.britannica.com/EBchecked/topic/297474/Italy/26994/Forestry#toc26986|title=Italy, the economy: Resources and power|encyclopedia=[[Encyclopædia Britannica Online]]|date=3 February 2015|access-date=9 February 2015|archive-date=9 February 2015|archive-url=https://web.archive.org/web/20150209194536/http://www.britannica.com/EBchecked/topic/297474/Italy/26994/Forestry#toc26986|url-status=live}}</ref> 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. Italy is one of the world's leading producers of [[pumice]], [[pozzolana]], and [[feldspar]].<ref name="nat_resources"/> Another mineral resource for which Italy is well-known is [[marble]], especially the world-famous white [[Carrara marble]] from the [[Province of Massa and Carrara|Massa and Carrara]] quarries in [[Tuscany]].

=== Transportation ===
{{Main|Transport in Italy}}
[[File:A8-A26 Besnate.jpg|thumb|left|The ''[[Autostrada dei Laghi]]'' ("Lakes Motorway"; now parts of the [[Autostrada A8 (Italy)|Autostrada A8]] and the [[Autostrada A9 (Italy)|Autostrada A9]]) near [[Besnate]], the first [[motorway]] built in the world.<ref name="independent"/><ref name="motorwebmuseum"/>]]

Regarding the national road network, in 2002 there were {{convert|668721|km|mi|abbr=on}} of serviceable [[roads in Italy]], including {{convert|6487|km|mi|abbr=on}} of motorways, state-owned but privately operated by [[Atlantia (company)|Atlantia]]. In 2005, about 34,667,000 [[Automobile|passenger cars]] (590 cars per 1,000 people) and 4,015,000 goods vehicles circulated on the national road network.<ref name="European Commission">{{cite web |url=http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-DA-07-001/EN/KS-DA-07-001-EN.PDF |title=Panorama of Transport |author=European Commission |access-date=3 May 2009|url-status=dead |archive-url=https://web.archive.org/web/20090407142402/http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-DA-07-001/EN/KS-DA-07-001-EN.PDF |archive-date=7 April 2009|author-link=European Commission}}</ref>

Italy was the first country in the world to build [[motorway]]s, the so-called ''[[Autostrade of Italy|autostrade]]'', reserved for fast traffic and for motor vehicles only.<ref name=independent>{{Cite news|first=Thea|last=Lenarduzzi|url=http://www.independent.co.uk/travel/europe/the-worlds-first-motorway-piero-puricellis-masterpiece-is-the-focus-of-an-unlikely-pilgrimage-a6840816.html|title=The motorway that built Italy: Piero Puricelli's masterpiece|date=30 January 2016|newspaper=[[The Independent]]|access-date=12 May 2022|archive-date=26 May 2022|archive-url=https://ghostarchive.org/archive/20220526/http://www.independent.co.uk/travel/europe/the-worlds-first-motorway-piero-puricellis-masterpiece-is-the-focus-of-an-unlikely-pilgrimage-a6840816.html|url-status=live}}</ref><ref name="motorwebmuseum">{{cite web|url=https://www.motorwebmuseum.it/en/places/varese/the-milano-laghi-by-piero-puricelli-the-first-motorway-in-the-world/|title=The "Milano-Laghi" by Piero Puricelli, the first motorway in the world|access-date=10 May 2022|archive-date=1 September 2021|archive-url=https://web.archive.org/web/20210901170319/https://www.motorwebmuseum.it/en/places/varese/the-milano-laghi-by-piero-puricelli-the-first-motorway-in-the-world/|url-status=live}}</ref> The ''[[Autostrada dei Laghi]]''  ("Lakes Motorway"), the first built in the world, connecting [[Milan]] to [[Lake Como]] and [[Lake Maggiore]], and now parts of the [[Autostrada A8 (Italy)|A8]] and [[Autostrada A9 (Italy)|A9]] motorways, was devised by [[Piero Puricelli]] and was inaugurated in 1924.<ref name="motorwebmuseum"/> He received the first authorization to build a public-utility fast road in 1921. By the end of the 1930s, over 400 kilometres of multi- and dual-single-lane motorways were constructed throughout Italy, linking cities and rural towns. Italy is one of the countries with the most vehicles per capita, with 690 per 1000 people in 2010.<ref name=Wards11>{{cite news |url=http://wardsauto.com/ar/world_vehicle_population_110815/ |title=World Vehicle Population Tops 1 Billion Units |author=John Sousanis |work=[[Ward's|Ward AutoWorld]] |date=15 August 2011 |access-date=27 August 2011|url-status=dead |archive-url=https://web.archive.org/web/20110827104934/http://wardsauto.com/ar/world_vehicle_population_110815/ |archive-date=27 August 2011}}</ref>
[[File:Frecciarossa 1000 No' 08.jpg|thumb|[[Ferrovie dello Stato Italiane|FS]]' [[Frecciarossa 1000]] high speed train at [[Milano Centrale railway station]], with a maximum speed of {{convert|400|km/h|0|abbr=on}},<ref>{{cite web |title=Frecciarossa 1000 in Figures |url=http://www.fsitaliane.it/fsi-en/GROUP/Safety-and-Technology/Frecciarossa1000:-the-train-of-the-future/Frecciarossa-1000-in-Figures |publisher=Ferrovie dello Stato Italiane |access-date=24 November 2014|url-status=dead |archive-url=https://web.archive.org/web/20141218192603/http://www.fsitaliane.it/fsi-en/GROUP/Safety-and-Technology/Frecciarossa1000%3A-the-train-of-the-future/Frecciarossa-1000-in-Figures |archive-date=18 December 2014}}</ref> is one of the fastest trains in Europe.<ref>{{cite web |url=http://www.railway-technology.com/projects/frecciarossa-1000-very-high-speed-train/ |title=Frecciarossa 1000 Very High-Speed Train |website=Railway Technology |access-date=5 May 2016 |archive-date=9 August 2015 |archive-url=https://web.archive.org/web/20150809032916/http://www.railway-technology.com/projects/frecciarossa-1000-very-high-speed-train |url-status=live}}</ref><ref>{{cite news |url=https://www.cbc.ca/news/world/french-train-breaks-speed-record-1.650346 |title=French Train Breaks Speed Record |website=[[CBC News]] |access-date=5 June 2019 |archive-date=5 August 2020 |archive-url=https://web.archive.org/web/20200805201116/https://www.cbc.ca/news/world/french-train-breaks-speed-record-1.650346 |url-status=live}}</ref>]]

The [[rail transport in Italy|national railway network]] is also extensive, especially in the north, totalizing 16,862&nbsp;km of which 69% are electrified and on which 4,937 locomotives and railcars circulate. It is the [[List of countries by rail transport network size|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 rail|commuter-type]] services, the national railway also provides sophisticated [[High-speed rail in Italy|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 [[Treno Alta Velocità|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 [[ElettroTreno|ETR]]-class trains, with the [[Frecciarossa 1000]] reaching 400&nbsp;km/h. Higher-speed trains are divided into three categories: [[Frecciarossa]] ({{langx|en|red arrow}}) trains operate at a maximum speed of 300&nbsp;km/h on dedicated high-speed tracks; [[Frecciargento]] ({{langx|en|silver arrow}}) trains operate at a maximum speed of 250&nbsp;km/h on both high-speed and mainline tracks; and [[Frecciabianca]] ({{langx|en|white arrow}}) trains operate on high-speed regional lines at a maximum speed of 200&nbsp;km/h. Italy has 11 rail border crossings over the Alpine mountains with its neighbouring countries.
[[File:One-belt-one-road.svg|thumb|21st Century [[Silk Road]] with its connections to Italy]]

Since October 2021, Italy's [[flag carrier]] airline is [[ITA Airways]], which took over the brand, the IATA ticketing code, and many assets belonging to the former flag carrier [[Alitalia]], after its bankruptcy.<ref>{{cite news |last1=Buckley |first1=Julia |title=Italy reveals its new national airline |url=https://edition.cnn.com/travel/article/ita-airways-launch/index.html |access-date=18 October 2021 |work=CNN |date=18 October 2021 |language=en |archive-date=18 October 2021 |archive-url=https://web.archive.org/web/20211018100255/https://edition.cnn.com/travel/article/ita-airways-launch/index.html |url-status=live }}</ref> ITA Airways serves 44 destinations ({{as of|October 2021|lc=y}}) and also operates the former Alitalia regional subsidiary, [[Alitalia CityLiner]].<ref>{{cite news |last1=Villamizar |first1=Helwing |title=Italian Flag Carrier ITA Airways Is Born |url=https://airwaysmag.com/airlines/ita-airways-is-born/ |access-date=18 October 2021 |work=Airways Magazine |date=15 October 2021 |archive-date=16 October 2021 |archive-url=https://web.archive.org/web/20211016100028/https://airwaysmag.com/airlines/ita-airways-is-born/ |url-status=dead }}</ref> The country also has [[regional airline]]s (such as [[Air Dolomiti]]), low-cost carriers, and Charter and leisure carriers (including [[Neos (airline)|Neos]], [[Blue Panorama Airlines]] and [[Poste Air Cargo]]). Major Italian cargo operators are Alitalia Cargo and [[Cargolux Italia]]. Italy is the fifth in Europe by number of passengers by air transport, with about 148 million passengers or about 10% of the European total in 2011.<ref>{{cite web |title=Trasporto aereo in Italia (PDF) |date=7 January 2013 |url=http://www.istat.it/it/archivio/78802 |publisher=ISTAT |access-date=5 August 2013 |archive-date=13 January 2013 |archive-url=https://web.archive.org/web/20130113035254/http://www.istat.it/it/archivio/78802 |url-status=live }}</ref> There are approximately [[List of airports in Italy|130 airports in Italy]], of which 99 have paved runways (including the two [[Airline hub|hubs]] of [[Leonardo Da Vinci International Airport|Leonardo Da Vinci International]] in Rome and [[Malpensa International Airport|Malpensa International]] in Milan).

Italy has been the final destination of the [[Silk Road]] for many centuries. In particular, the construction of the [[Suez Canal]] intensified sea trade with [[East Africa]] and [[Asia]] from the 19th century. Since the end of the Cold War and increasing European integration, trade relations, which were often interrupted in the 20th century, have intensified again. In 2004 there were 43 major seaports including the [[Port of Genoa]], the country's largest and the [[List of busiest ports in Europe|third busiest by cargo tonnage]] in the [[Mediterranean Sea]]. Due to the increasing importance of the maritime Silk Road with its connections to Asia and East Africa, the Italian ports for [[Central Europe|Central]] and [[Eastern Europe]] have become important in recent years. In addition, the trade in goods is shifting from the European northern ports to the ports of the Mediterranean Sea due to the considerable time savings and environmental protection. In particular, the deep water port of [[Trieste]] in the northernmost part of the Mediterranean Sea is the target of Italian, Asian and European investments.<ref>Marcus Hernig: Die Renaissance der Seidenstraße (2018) pp 112.</ref><ref>Bernhard Simon: Can The New Silk Road Compete With The Maritime Silk Road? in The Maritime Executive, 1 January 2020.</ref><ref>Chazizam, M. (2018). The Chinese Maritime Silk Road Initiative: The Role of the Mediterranean. Mediterranean Quarterly, 29(2), 54–69.</ref><ref>Guido Santevecchi: Di Maio e la Via della Seta: «Faremo i conti nel 2020», siglato accordo su Trieste in Corriere della Sera: 5. November 2019.</ref><ref>Linda Vierecke, Elisabetta Galla "Triest und die neue Seidenstraße" In: Deutsche Welle, 8 December 2020.</ref><ref>{{Cite web|url=https://www.hellenicshippingnews.com/hhla-plt-italy-starting-on-schedule/|title=HHLA PLT Italy starting on schedule &#124; Hellenic Shipping News Worldwide|website=www.hellenicshippingnews.com|access-date=11 May 2022|archive-date=11 January 2021|archive-url=https://web.archive.org/web/20210111105059/https://www.hellenicshippingnews.com/hhla-plt-italy-starting-on-schedule/|url-status=live}}</ref> The national inland waterway network comprises {{convert|1,477|km|mi|abbr=on}} 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.<ref>{{cite book|url=http://ec.europa.eu/eurostat/documents/3217494/5618077/KS-DA-07-001-EN.PDF|title=Panorama of Transport|year=2007|author=Eurostat|author-link=Eurostat|publisher=[[European Commission]]|isbn=978-92-79-04618-6|access-date=3 May 2009|archive-date=12 February 2015|archive-url=https://web.archive.org/web/20150212174916/http://ec.europa.eu/eurostat/documents/3217494/5618077/KS-DA-07-001-EN.PDF|url-status=live}}</ref>

==Poverty==
{{Main|Poverty in Italy}}
[[File:Homeless people @ Piazzale Lodi @ Milan (49623197518).jpg|thumb|Two rough sleepers in Milan]]

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 number of those in absolute poverty rose nearly an entire per cent in 2015, from 6.8% in 2014 to 7.6% in 2015.<ref name="Istat">{{cite web|title=Poverty in Italy|url=http://www.istat.it/en/files/2015/07/Poverty-in-Italy_2014.pdf?title=Poverty+in+Italy+-+15+Jul+2015+-+Full+text.pdf|website=[[National Institute of Statistics (Italy)|National Institute of Statistics]]|access-date=1 December 2016|archive-date=25 March 2016|archive-url=https://web.archive.org/web/20160325014701/http://www.istat.it/en/files/2015/07/Poverty-in-Italy_2014.pdf?title=Poverty+in+Italy+-+15+Jul+2015+-+Full+text.pdf|url-status=live}}</ref> In [[Southern Italy]] the numbers are even higher, with 10% living in absolute poverty, up from 9 per cent in 2014. [[Northern Italy]] is better off at 6.7%, but this is still an increase from 5.7% in 2014.<ref name="Istat"/>

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.<ref name="Euro stat">{{cite web|title=Unemployment by sex and age – monthly average|url=http://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=une_rt_m&lang=en|website=eurostat.ec|publisher=eurostat|access-date=2 December 2016|archive-date=9 August 2019|archive-url=https://web.archive.org/web/20190809181818/https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=une_rt_m&lang=en|url-status=live}}</ref>

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 were at risk of poverty or social exclusion, which is one child out of three. While in the north the poverty rate is about the same as that of France and Germany, in the south it is almost double that figure. In the last ISTAT report, poverty is in decline.<ref name="Europa, Cite 2">{{cite web|title=Italy: tackling child poverty and overcoming the crisis – European Platform for Investing in Children (EPIC) – European Union|url=http://europa.eu/epic/countries/italy/index_en.htm|website=europa.eu|publisher=Europa|access-date=2 December 2016|archive-date=18 June 2016|archive-url=https://web.archive.org/web/20160618033933/http://europa.eu/epic/countries/italy/index_en.htm|url-status=live}}</ref>{{Update inline|date=December 2023|reason=Not updated since 2016}} According to the 2022 [[National Institute of Statistics (Italy)|ISTAT]] Poverty Report, 2.18 million households and 5.6 million people live in absolute poverty in Italy.<ref>{{cite web|url=https://www.istat.it/it/files//2023/10/REPORT-POVERTA-2022.pdf|title=Increasing absolute poverty due to inflation|language=it|access-date=27 October 2023|archive-date=25 October 2023|archive-url=https://web.archive.org/web/20231025114741/https://www.istat.it/it/files//2023/10/REPORT-POVERTA-2022.pdf|url-status=live}}</ref>

According to [[Eurostat]], by 2023, 63% of Italian households will struggle to make ends meet, making it one of the European countries with the most widespread economic difficulties, surpassing [[France]], [[Poland]], [[Spain]] and [[Portugal]]. The European average is 45.5%.<ref>{{cite web|url=https://www-ansa-it.translate.goog/sito/notizie/economia/2023/10/21/oltre-63-delle-famiglie-italiane-fatica-ad-arrivare-a-fine-mese_fea729ab-2939-4094-98e1-c8dc4017b406.html?_x_tr_sl=it&_x_tr_tl=en&_x_tr_hl=it&_x_tr_pto=wapp|title=Oltre il 63% delle famiglie italiane fatica ad arrivare a fine mese|date=October 21, 2023|language=it|trans-title=Over 63% of Italian families struggle to make ends meet. Eurostat, the European average is 45.5%|access-date=27 October 2023|archive-date=27 October 2023|archive-url=https://web.archive.org/web/20231027065156/https://www-ansa-it.translate.goog/sito/notizie/economia/2023/10/21/oltre-63-delle-famiglie-italiane-fatica-ad-arrivare-a-fine-mese_fea729ab-2939-4094-98e1-c8dc4017b406.html?_x_tr_sl=it&_x_tr_tl=en&_x_tr_hl=it&_x_tr_pto=wapp|url-status=live}}</ref>

The average annual gross salary in Italy was €41,646 ($44,893) in 2022,<ref>{{Cite web |last=Redazione |date=2024-05-10 |title=Stipendio medio Italia: ultimi dati 2024, lordo e netto |url=https://www.partitaiva.it/stipendio-medio-italia/ |access-date=2024-05-14 |website=Partitaiva.it |language=it-IT}} - Note: This 2024 secondary source cites another source which cites OECD data from 2022, not 2024</ref> placing the country at the twenty-first position in the OECD area, with lower wages compared to the EU average. Many Italians still face significant challenges in meeting basic living expenses due to high living costs and regional economic disparities.

== See also ==
{{portal|Economy|Italy}}
* [[Economic history of Italy]]
* [[Economic impacts of climate change in Italy]]
* [[Economy of fascist Italy]]
* [[Economy of Europe]]
* [[Il sorpasso (economics)]]
* [[Macroeconomic data in EMU]]
* [[PIGS (economics)]]

== References ==
{{Reflist|30em}}

== External links ==
{{Commons category}}
* [http://www.istat.it/en/ Italian National Institute of Statistic (ISTAT)] {{Webarchive|url=https://web.archive.org/web/20190820161259/http://www4.istat.it/en |date=20 August 2019 }} 
* [http://www.oecd.org/italy/ Italy – OECD] {{Webarchive|url=https://web.archive.org/web/20190818072705/http://www.oecd.org/italy/ |date=18 August 2019 }}  
* [http://www.worldbank.org/en/country/italy Italy profile] {{Webarchive|url=https://web.archive.org/web/20190625201920/https://www.worldbank.org/en/country/italy |date=25 June 2019 }} at [[The World Bank]]
* [http://milanshoesmicam.com The leading international footwear exhibition (MICAM)] {{Webarchive|url=https://web.archive.org/web/20190902100316/http://www.milanshoesmicam.com/ |date=2 September 2019 }}
* [https://bizpages.org/countries--IT--Italy Italian Business Facts] {{Webarchive|url=https://web.archive.org/web/20210413073157/https://bizpages.org/countries--IT--Italy |date=13 April 2021 }}

{{Economy of Europe}}
{{Economy of Italy}} 
{{Historic Italian currency and coinage}}
{{Italy topics}}
{{World Trade Organization}}
{{Organisation for Economic Co-operation and Development}}
{{Portalbar|Italy|Economics|Business and economics}}

{{DEFAULTSORT:Economy Of Italy}}
[[Category:Economy of Italy| ]]
[[Category:European Union member economies|Italy]]
[[Category:OECD member economies|Italy]]
[[Category:World Trade Organization member economies|Italy]]
[[Category:Economies of Europe by country|Italy]]