Exporting

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Italy became a nation-state in 1861 when the regional states of the peninsula, along with Sardinia and Sicily, were united under King Victor EMMANUEL II. An era of parliamentary government came to a close in the early 1920s when Benito MUSSOLINI established a Fascist dictatorship. His alliance with Nazi Germany led to Italy's defeat in World War II. A democratic republic replaced the monarchy in 1946 and economic revival followed. Italy is a charter member of NATO and the European Economic Community (EEC) and its subsequent successors the EC and the EU. It has been at the forefront of European economic and political unification, joining the Economic and Monetary Union in 1999. Persistent problems include sluggish economic growth, high youth and female unemployment, organized crime, corruption, and economic disparities between southern Italy and the more prosperous north.

Location

Southern Europe, a peninsula extending into the central Mediterranean Sea, northeast of Tunisia

Natural Resources

coal, mercury, zinc, potash, marble, barite, asbestos, pumice, fluorspar, feldspar, pyrite (sulfur), natural gas and crude oil reserves, fish, arable land

Population - distribution

despite a distinctive pattern with an industrial north and an agrarian south, a fairly even population distribution exists throughout most of the country, with coastal areas, the Po River Valley, and urban centers (particularly Milan, Rome, and Naples), attracting larger and denser populations

60340328
Italian (official), German (parts of Trentino-Alto Adige region are predominantly German speaking), French (small French-speaking minority in Valle d'Aosta region), Slovene (Slovene-speaking minority in the Trieste-Gorizia area)
ROME (capital) 3.718 million; Milan 3.099 million; Naples 2.202 million; Turin 1.765 million; Palermo 853,000; Bergamo 840,000 (2015)
Conventional long form
Italian Republic
Conventional short form
Italy
Local long form
Repubblica Italiana
Local short form
Italia
parliamentary republic
Name
Rome
Geographic coordinates
41 54 N, 12 29 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Italy has a diversified economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors.
Inflation
-0.123%
Total tax rate (% of commercial profits)
62.0%
Real Interest Rate
2.721%
Manufacturing, value added (% of GDP)
16.263%
Current Account Balance
US$ 47,704,882,236
Labor Force, Total
25,276,487
Employment in Agriculture
3.75%
Employment in Industry
26.60%
Employment in Services
69.65%
Unemployment Rate
11.54%
Imports of goods and services
US$ 490,678,112,261
Exports of goods and services
US$ 554,704,824,399
Total Merchandise Trade
46.81%
FDI, net inflows
US$ 27,695,558,556
Commercial Service Exports
US$ 100,559,271,007
fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish
tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics
Commodities
engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; foodstuffs, beverages, and tobacco; minerals, nonferrous metals
Partners
Germany 12.3%, France 10.3%, US 8.7%, UK 5.4%, Spain 4.8%, Switzerland 4.7% (2015)
Commodities
engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, tobacco
Partners
Germany 15.4%, France 8.7%, China 7.7%, Netherlands 5.6%, Spain 5%, Belgium 4.7% (2015)
Country Risk Rating
A3
Changes in generally good but somewhat volatile political and economic environment can affect corporate payment behavior. A basically secure business environment can nonetheless give rise to occasional difficulties for companies. Corporate default probability is quite acceptable on average.
Business Climate Rating
A2
The business environment is good. When available, corporate financial information is reliable. Debt collection is reasonably efficient. Institutions generally perform efficiently. Intercompany transactions usually run smoothly in the relatively stable environment rated A2.
  • Relatively important role of industry
  • High-end products (fashion, homewares, food products, mechanical engineering)
  • Moderate debt levels of private sector; high savings capacity
  • Variety of tourism assets
  • Low level of productivity and competitiveness
  • Weak profitability of small companies and banks
  • Inadequate private and public investment
  • High level of structural unemployment (9%), particularly among the young (40%)
  • high level of public debt
  • Sizable informal economy (20%)
  • Regional disparities

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