Economy of Italy
has a highly developed social market economy. 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 12th-largest by PPP-adjusted GDP. The country has the second-largest manufacturing industry in Europe and the 7th-largest in the world. Italy has a diversified economy which is dominated by the tertiary service sector. The country is a great power, and is a founding member of the European Union, the eurozone, the Schengen Area, the OECD, the G7 and the G20; it is the eighth-largest exporter in the world, with $611 billion exported in 2021. Its primary trade partners are the other countries of the European Union, with whom it conducts about 59% of its total trade. Its largest trading partners are Germany and France, followed by the United States, Spain, the United Kingdom and Switzerland.
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 Wars, into one of the world's most advanced nations, and a leading country in world trade and exports. According to the Human Development Index, the country enjoys a very high standard of living. According to The Economist, Italy has the world's 8th highest quality of life. Italy owns the world's third-largest gold reserve, and is the third-largest net contributor to the budget of the European Union. Furthermore, the advanced country private wealth is one of the largest in the world. In terms of private wealth, Italy ranks second, after Hong Kong, in private wealth to GDP ratio. Among OECD members, Italy has a highly efficient and strong social security system, which comprises roughly 24.4% of GDP.
Italy is the world's seventh-largest manufacturing country, 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 districts, which are the backbone of the Italian economy. Italy is a large manufacturer and exporter of a significant variety of products. Its products include machinery, vehicles, pharmaceuticals, furniture, food and clothing. 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, and manufacturers of creatively designed, high-quality products: including automobiles, ships, home appliances, and designer clothing. Italy is the largest hub for luxury goods in Europe and the third-largest luxury hub globally. Italy has a strong cooperative sector, with the largest share of the population employed by a cooperative in the EU.
Despite these important achievements, the country's economy today suffers from few structural and non-structural problems. Annual growth rates have often been below the EU average. 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 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. In recent years, Italy's GDP per capita growth slowly caught-up with the eurozone average, while its employment rate also did. However, economists dispute the official figures because of the large number of informal jobs that lift the inactivity or unemployment rates. 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.
History
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. 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. Tradeable bonds as a commonly used type of security, were invented by the Italian city-states 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. 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.
The economic history of Italy after 1861 can be divided in three main phases: an initial period of struggle after the unification of the country, characterised by high emigration and stagnant growth; a central period of robust catch-up from the 1890s to the 1980s, interrupted by the Great Depression of the 1930s and the two world wars; and a final period of sluggish growth that has been exacerbated by a double-dip recession following the 2008 global financial crush, and from which the country is slowly reemerging only in recent years.
Age of Industrialization
Prior to unification, the economy of the many Italian statelets was overwhelmingly agrarian; however, the agricultural surplus produced what historians call a "pre-industrial" transformation in North-western Italy starting from the 1820s, 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.File:Alessandro Cruto Museo Scienza e Tecnologia Milano.tif|thumb|Alessandro Cruto, creator of the first practical long-lasting incandescent light bulb|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. 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 and the population was largely illiterate. In the 1880s, a severe farm crisis led to the introduction of more modern farming techniques in the Po valley, while from 1878 to 1887 protectionist policies were introduced with the aim to establish a heavy industry base. 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.
However, the diffusion of industrialisation that characterised the northwestern area of the country largely excluded Venetia and, especially, the South. The resulting Italian diaspora concerned up to 26 million Italians, the most part in the years between 1880 and 1914; by many scholars, it is considered the biggest mass migration of contemporary times. During the Great War, the still frail Italian state successfully fought a modern war, being able of arming and training some 5 million recruits. But this result came at a terrible cost: by the end of the war, Italy had lost 700,000 soldiers and had a ballooning sovereign debt amounting to billions of lira.
Fascist regime (1922-1943)
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.In 1929, Italy was hit hard by the Great Depression. 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. 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.
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 Ethiopia, Italy intervened to support Franco's nationalists in the Spanish Civil War. By 1939, Italy had the highest percentage of state-owned enterprises after the Soviet Union.
War Economy (1939-1943)
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.Post-war Economy (1945-1947)
Italy emerged from World War II as a devastated and defeated country, deeply torn apart first by war and then by civil war, between communists returning from the partisan war and fascists recovering from defeat. Free Italy renounced and rejected fascist ideology and renounced the monarchy and the king, embracing the republic as a new form of democratic government through the 1946 Italian institutional referendum. The economy slowly recovered amidst the ruins, with a spirit of hope, but many Italians emigrated. The Italian Republic takes its first steps towards the reconstruction of the country, guided by a new Constitution of Italy.Post-war reconstruction (1948-1955)
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 Communist party, was considered by the United States as an important ally for the Free World, and received under the Marshall Plan over US$1.2 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.
Economic rebuild (1956-1959)
In the mid-1950s, Italy consolidated its economy. The reconstruction industry did not stop, but rather accelerated. In these years some Italians, a minority, who had emigrated returned to their homeland. Furthermore, the creation of the European Common Market in 1957, with Italy as a founding member, provided more investment and facilitated exports. This led to an expansion that would lead to a true economic boom.Economic miracle (1960-1970)
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. Italian rates of growth were second only, but very close, to the West German rates, in Europe, and among the OEEC countries only Japan had been doing better.The 1970s and 1980s: from stagflation to "il sorpasso"
The 1970s were a period of economic, political turmoil and social unrest in Italy, known as Years of lead. Unemployment rose sharply, especially among the young, and by 1977 there were one million unemployed people under 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, higher than any other industrial country. The lira fell steadily, from Lire 560 to the U.S. dollar in 1973 to Lire 1,400 in 1982.The economic recession went on into the mid-1980s until a set of reforms led to the independence of the Bank of Italy and a big reduction of the indexation of wages that strongly reduced inflation rates, from 20.6% in 1980 to 4.7% in 1987. 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, becoming the fourth richest nation in the world, after the US, Japan and West Germany. The Milan stock exchange increased its market capitalization more than fivefold in the space of a few years.
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. In the 1990s, the new Maastricht criteria boosted the urge to curb the public debt, already at 104% of GDP in 1992. The consequent restrictive economic policies worsened the impact of the 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.
The Great Recession (2008-2013)
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. 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. According to Eurostat, in 2015 the Italian government debt stood at 128% of GDP, ranking as the second biggest debt ratio after Greece. 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. As a shock therapy to avoid the debt crisis and kick-start growth, the national unity government led by the economist Mario Monti launched a program of massive austerity measures, that brought down the deficit but precipitated the country in a double-dip recession in 2012 and 2013, receiving criticism from numerous economists.Economic recovery (2014-2019)
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.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, that eventually expanded to the rest of the world.The economy suffered a massive shock as a result of the 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.
The Italian government issued special treasury bills, known as BTP Futura as a COVID-19 emergency funding, waiting for the approval of the E.U. response to the outbreak. Eventually, in July 2020, the European Council approved the 750 billion € Next Generation EU fund, of which €209 billion will go to Italy.
Despite the hard times faced during COVID, Italy's economy had a better recovery after COVID than after the Great Recession. Policies were understandably stricter during the Great Recession causing growth to be more difficult. As a result of the 2008 Financial Crisis, fiscal policy declined, revenue and profits fell, unemployment doubled, household disposable income fell, and a lot of businesses went bankrupt. In comparison, as a result of the COVID pandemic, fiscal response was countercyclical as opposed to procyclical during the Great Recession, investment eventually boosted, and there were less strict credit standards. All of these things plus more helped Italy’s economy recover better post-pandemic as opposed to post-Great Recession. While these are only a few examples, they help explain why Italy was able to recover better after the recession caused by COVID than after the Great Recession.
Economic resilience (2022-2024)
Beginning in 2022, after the COVID-19 pandemic, Italy restarted with a resilient economy which nonetheless had to face the 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 European Union sanctions.With rising energy prices, inflation rose in Europe, which was addressed by the European Central Bank with a progressive increase in interest rates.
Furthermore, the PNRR had to be re-calibrated and re-agreed with the European Union, to address the new geopolitical situation which led to the energy crisis and damage to supply chains, causing shortages in raw materials.
In March 2023, the 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. From October 7, 2023, geopolitical tensions are becoming more intense, related to the 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. Furthermore, the implementation of the PNRR plan, which must be completed by 2026, has brought benefits to many economic sectors.
Longevity Economy (2025-present)
The Italian economy could appear to be disadvantaged by demographic decline, However, new technologies, including artificial intelligence and robotics, could reduce this disadvantage and help companies grow and develop, as well as the public sector to be efficient, ensuring resilience. In this framework of economic transformation, between environmental sustainability and the application of artificial intelligence in industry, disadvantaged by the persistence and entrenchment of geopolitical conflicts and tensions, trade protectionism and de-globalization, Italian companies are more flexible and optimized to respond to the change in market demand.The Italian economy, in addition to being resilient, is evolving into an economy of longevity.
On 23 May 2025, Moody's confirmed Italy’s rating at Baa3 and improved the outlook from stable to positive. Public debt refinancing auctions were a success, with excellent demand among investors, with an ever-increasing percentage held by foreing investors. The work done by the Italian government in controlling public debt and the high savings and low debt of Italian families, combined with a strengthening of the Italian banking sector, which saw the cutting of their tax burden, are a guarantee for the future sustainability of the debt.
Even Southern Italy, historically characterized by few investment and low growth, is showing significant economic progress.
On 10 October 2025, S&P confirmed Italy's rating at BBB+ with a stable outlook.
However, these credit rating agencies' assessment of Italy's rating do not adequately take into account the continued appreciation of Italy's gold reserves, which, as of September 2025, still rank third in the world, providing further assurance for the solvency of Italian public debt.
On 21 November 2025, Moody's upgraded Italy's rating from Baa3 to Baa2 with a stable outlook. On January 30, 2026, S&P confirmed Italy's rating at BBB+ with a positive outlook.
Gold
The majority of Italy's gold reserves, amounting to a total of 2,451.8 tons, are held by the Bank of Italy on behalf of the Italy. This reserve consists almost entirely of bullion and a small portion of coins. Of this reserve, 44% is held in Italy, 43% in the United States, 5.76% in the United Kingdom, and 6.09% in Switzerland. At current market values in December 2025, it is worth 274 billion euros.The recent Italian budget law for 2026 aims to reaffirm that this asset guarantee the solvency of Italy's public debt.
Moreover, Italy, in addition to its strong specialization in luxury goods and fashion, is also a major player in Jewellery, where gold is used as a processing material. The gold reserves held by the so-called goldsmiths districts are quite considerable.
On 22 December 2025, gold surpasses the price of $4,400 an ounce. Furthermore, on 12 January 2026, gold again surpassed its record price, settling at $4,600 an ounce. On 28 January 2026, gold reaches a new record high of over $5,200 an ounce.
But on 29 January 2026, gold surpasses its all-time high of nearly $5,600 an ounce.
Currency
, which spans thousands of years. Italy has been influential at a coinage point of view: the medieval Florentine florin, one of the most used coinage types in European history and one of the most important coins in Western history, was struck in Florence in the 13th century, while the Venetian sequin, minted from 1284 to 1797, was the most prestigious gold coin in circulation in the commercial centers of the Mediterranean Sea.Despite the fact that the first Italian coinage systems were used in the Magna Graecia and Etruscan civilization, the Romans introduced a widespread currency throughout Italy. Unlike most modern coins, Roman coins had intrinsic value. 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 grams of silver.
Since Italy has been for centuries divided into many historic states of Italy|historic states], they all had different coinage systems, but when the country became 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. 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 euro = 1,936.27 lire, before being replaced as cash in 2002.
Overview
Data
The following table shows the main economic indicators in 1980–2023. Inflation below 5% is in green.| Year | GDP | GDP per capita | GDP | GDP per capita | GDP growth | Inflation rate | Unemployment | Government debt |
| 1980 | 614.4 | 10,895.8 | 482.7 | 8,559.5 | 3.1% | 21.8% | 7.4% | n/a |
| 1981 | 676.3 | 11,973.7 | 437.7 | 7,749.8 | 0.6% | 19.5% | 7.6% | n/a |
| 1982 | 719.2 | 12,723.3 | 432.6 | 7,652.9 | 0.2% | 16.5% | 8.3% | n/a |
| 1983 | 754.2 | 13,334.6 | 448.9 | 7,936.2 | 0.9% | 14.7% | 7.4% | n/a |
| 1984 | 805.0 | 14,231.6 | 443.5 | 7,840.8 | 3.0% | 10.7% | 7.8% | n/a |
| 1985 | 852.2 | 15,060.2 | 458.0 | 8,093.6 | 2.6% | 9.0% | 8.2% | n/a |
| 1986 | 893.0 | 15,777.1 | 648.7 | 11,461.2 | 2.7% | 5.8% | 8.9% | n/a |
| 1987 | 943.1 | 16,664.2 | 814.2 | 14,385.8 | 3.1% | 4.7% | 9.6% | n/a |
| 1988 | 1,015.7 | 17,942.2 | 902.0 | 15,934.2 | 4.0% | 5.1% | 9.7% | 95.2% |
| 1989 | 1,089.9 | 19,238.7 | 938.1 | 16,560.6 | 3.3% | 6.2% | 9.7% | 97.9% |
| 1990 | 1,153.1 | 20,338.1 | 1,170.8 | 20,651.8 | 2.0% | 6.4% | 8.9% | 101.1% |
| 1991 | 1,209.2 | 21,309.8 | 1,236.8 | 21,795.7 | 1.4% | 6.2% | 8.5% | 104.7% |
| 1992 | 1,245.7 | 21,941.9 | 1,312.4 | 23,116.6 | 0.7% | 5.0% | 8.8% | 112.3% |
| 1993 | 1,264.6 | 22,255.4 | 1,055.3 | 18,572.9 | -0.8% | 4.5% | 9.8% | 123.4% |
| 1994 | 1,318.4 | 23,193.6 | 1,088.5 | 19,149.5 | 2.1% | 4.2% | 10.6% | 130.1% |
| 1995 | 1,382.1 | 24,314.4 | 1,175.3 | 20,675.3 | 2.7% | 5.4% | 11.2% | 119.4% |
| 1996 | 1,425.3 | 25,073.3 | 1,312.8 | 23,094.4 | 1.3% | 4.0% | 11.2% | 119.1% |
| 1997 | 1,476.4 | 25,957.8 | 1,243.2 | 21,858.5 | 1.8% | 1.8% | 11.2% | 116.8% |
| 1998 | 1,520.0 | 26,712.1 | 1,271.7 | 22,348.1 | 1.8% | 2.0% | 11.3% | 114.1% |
| 1999 | 1,566.5 | 27,526.6 | 1,253.7 | 22,029.7 | 1.6% | 1.7% | 10.9% | 113.3% |
| 2000 | 1,662.7 | 29,208.9 | 1,147.2 | 20,153.1 | 3.8% | 2.6% | 10.1% | 109.0% |
| 2001 | 1,733.3 | 30,429.9 | 1,168.0 | 20,505.9 | 2.0% | 2.3% | 9.1% | 108.9% |
| 2002 | 1,764.8 | 30,964.9 | 1,275.9 | 22,386.3 | 0.3% | 2.6% | 8.6% | 106.4% |
| 2003 | 1,802.1 | 31,513.1 | 1,577.2 | 27,580.5 | 0.1% | 2.8% | 8.5% | 105.5% |
| 2004 | 1,876.8 | 32,577.2 | 1,805.7 | 31,342.8 | 1.4% | 2.3% | 8.0% | 105.1% |
| 2005 | 1,951.5 | 33,621.3 | 1,859.2 | 32,031.4 | 0.8% | 2.2% | 7.8% | 106.6% |
| 2006 | 2,047.8 | 35,131.2 | 1,949.7 | 33,448.1 | 1.8% | 2.2% | 6.9% | 106.7% |
| 2007 | 2,134.4 | 36,478.4 | 2,213.4 | 37,828.3 | 1.5% | 2.0% | 6.2% | 103.9% |
| 2008 | 2,154.4 | 36,513.9 | 2,408.4 | 40,819.0 | -1.0% | 3.5% | 6.8% | 106.2% |
| 2009 | 2,053.7 | 34,561.9 | 2,197.5 | 36,982.8 | -5.3% | 0.8% | 7.9% | 116.6% |
| 2010 | 2,114.0 | 35,415.9 | 2,137.8 | 35,815.6 | 1.7% | 1.6% | 8.5% | 119.2% |
| 2011 | 2,173.2 | 36,250.6 | 2,294.6 | 38,276.0 | 0.7% | 2.9% | 8.6% | 119.7% |
| 2012 | 2,172.4 | 36,143.0 | 2,088.3 | 34,743.8 | -3.0% | 3.3% | 10.9% | 126.5% |
| 2013 | 2,187.4 | 36,288.5 | 2,142.0 | 35,535.0 | -1.8% | 1.2% | 12.4% | 132.5% |
| 2014 | 2,200.3 | 36,460.7 | 2,162.6 | 35,836.2 | 0.0% | 0.2% | 12.8% | 135.4% |
| 2015 | 2,241.5 | 37,175.6 | 1,836.8 | 30,463.7 | 0.8% | 0.1% | 12.0% | 135.3% |
| 2016 | 2,420.4 | 40,230.7 | 1,876.6 | 31,190.8 | 1.3% | -0.1% | 11.7% | 134.8% |
| 2017 | 2,529.5 | 42,111.5 | 1,961.1 | 32,648.8 | 1.7% | 1.3% | 11.3% | 134.2% |
| 2018 | 2,613.9 | 43,610.3 | 2,092.9 | 34,917.6 | 0.9% | 1.2% | 10.6% | 134.4% |
| 2019 | 2,674.0 | 44,702.9 | 2,011.5 | 33,627.9 | 0.5% | 0.6% | 9.9% | 134.1% |
| 2020 | 2,461.9 | 41,279.1 | 1,891.1 | 31,707.1 | -9.0% | -0.1% | 9.3% | 155.3% |
| 2021 | 2,734.6 | 46,164.6 | 2,101.3 | 35,472.8 | 8.3% | 1.9% | 9.5% | 150.9% |
| 2022 | 3,345.9 | 56,682.0 | 2,104.6 | 35,653.8 | 4.0% | 8.7% | 8.1% | 138.1% |
| 2023 | 3,490.5 | 59,164.5 | 2,301.6 | 39,012.0 | 0.9% | 5.9% | 7.6% | 134.5% |
| 2024 | 3,597.9 | 60,992.8 | 2,376.5 | 40,286.8 | 0.7% | 1.2% | 7.0% | 136.8% |
| 2025 | 3,691.2 | 62,603.0 | 2,459.5 | 41,714.4 | 0.8% | 2.1% | 7.1% | 138.6% |
| 2026 | 3,786.0 | 64,262.3 | 2,534.5 | 43,020.0 | 0.7% | 2.0% | 7.3% | 140.1% |
| 2027 | 3,878.5 | 65,905.6 | 2,595.7 | 44,108.3 | 0.6% | 2.0% | 7.4% | 141.3% |
| 2028 | 3,976.4 | 67,663.9 | 2,663.6 | 45,325.3 | 0.7% | 2.0% | 7.5% | 141.9% |
| 2029 | 4,078.0 | 69,507.6 | 2,736.1 | 46,635.8 | 0.7% | 2.0% | 7.6% | 142.3% |
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. The figures below are given in millions of US dollars and are for the fiscal year 2018. Also listed are the headquarters location, net profit and industry sector of each company.| Rank | Fortune 500 rank | Name | Industry | Revenue | Profits | Employees | Headquarters |
| 1 | 98 | Enel | Electric utility | 103,311 | 3,717 | 61,055 | Rome |
| 2 | 97 | Eni | Oil and gas | 102,502 | 5,158 | 33,142 | Rome |
| 3 | 245 | Assicurazioni Generali | Insurance | 57,023 | 4,051 | 81,879 | Trieste |
| 4 | 283 | Intesa Sanpaolo | Finance | 52,004 | 8,351 | 94,368 | Turin |
| 5 | 314 | UniCredit | Banking | 48,044 | 10,278 | 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.
Wealth
Italy has 1.3 million people with a net wealth greater than $1 million, a total national wealth of $11.020 trillion, and represents the 9th largest cumulative net wealth globally. According to the UBS's Global Wealth Databook 2024, the median wealth per adult is $113,754, while according to the Allianz's Global Wealth Report 2024, the net financial wealth per capita is €76,930.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.
| Rank | Rank | Name | Net Worth | 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 | 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 & Giorgio Perfetti | 5.8 | Perfetti Van Melle | Confectionery |
| 385 | 8 | Paolo & Gianfelice Rocca | 3.4 | Techint | Conglomerate |
| 474 | 9 | Giuseppe De'Longhi | 3.8 | De'Longhi | Small appliance |
| 603 | 10 | Patrizio Bertelli | 3.3 | Prada | Apparels |
Regional data
| Rank | Region | GDP €m | 2015 GDP €m | % of Nation | € per capita | |||||||||||
| – |  ItalyIncreaseNts|1,946,479Nts|34,084Southern questionIn the decades following the unification of Italy, the northern regions of the country, Lombardy, Piedmont and Liguria in particular, began a process of industrialization and economic development while the southern regions remained behind. 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. Landowners invested not in agricultural equipment, but in such things as low-risk state bonds.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. This gap between northern and southern Italy, called "southern question", was also induced by the region-specific policies selected by the post-unitary governments. 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. 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. 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. Given the inability of the government to estimate the land profitability, especially because of the huge differences among the regional cadasters, this policy irreparably induced large regional discrepancies. This policy destroyed the relationship between the central state and the Southern population by unchaining first a civil war called Brigandage, which brought about 20,000 victims by 1864 and the militarization of the area, and then favouring emigration, especially from 1892 to 1921. 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. 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 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 restored the authority of the mafia families, lost during the Fascist period, and used their influence to maintain public order. 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 smallholdings, and through the "Growth Pole Strategy" whereby 60% of all government investment would go to the South, thus boosting the Southern economy by attracting new capital, stimulating local firms, and providing employment. However, the objectives were largely missed, and as a result, the South became increasingly subsidized and state-dependent, incapable of generating private growth itself. 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, the expansion of industrialization and the improved living conditions of the 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 Center-North, but this gap is mitigated by the fact that there the cost of living is around 10-15% lower on average than that in the North of Italy. In the South the unemployment rate is more than double. A study by Censis blames the pervasive presence of 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. Economic sectorsPrimaryAccording to the last national agricultural census, there were 1.6 million farms in 2010 covering . The vast majority are family-operated and small, averaging only in size. Of the total surface area in agricultural use, grain fields take up 31%, olive tree orchards 8.2%, vineyards 5.4%, citrus orchards 3.8%, sugar beets 1.7%, and horticulture 2.4%. The remainder is primarily dedicated to pastures and feed grains. The northern part of Italy produces primarily maize corn, rice, sugar beets, soybeans, meat, fruits and dairy products, while the South specializes in wheat, olive and citrus fruits. Livestock includes 6 million head of cattle, 8.6 million head of swine, 6.8 million head of sheep, and 0.9 million head of goats. The total annual production of the fishing industry in Italy from capture and aquaculture, including crustaceans and molluscs, is around 480,000 tons.Italy is the largest producer of wine in the world, and one of the leading producers of olive oil, fruits, and vegetables. The most famous Italian wines are the Tuscan Chianti and the Piedmontese Barolo. Other famous wines are Barbaresco, Barbera d'Asti, Brunello di Montalcino, Frascati, Montepulciano d'Abruzzo, Morellino di Scansano, Amarone della Valpolicella DOCG and the sparkling wines Franciacorta and Prosecco. Quality goods in which Italy specialises, particularly the already mentioned wines and regional cheeses, are often protected under the quality assurance labels DOC/DOP. This geographical indication certificate, which is attributed by the European Union, is considered important to avoid confusion with low-quality mass-produced ersatz products. In fact, Italian cuisine is one of the most popular and copied around the world. The lack or total unavailability of some of its most characteristic ingredients outside of Italy, also and above all to falsifications, leads to the complete denaturalization of Italian ingredients. This phenomenon, widespread in all continents, is better known as Italian Sounding, consisting in the use of words as well as images, colour combinations, geographical references, brands evocative of Italy to promote and market agri-food products which in reality have nothing to do with Italian cuisine. SecondaryItaly is the world's sixth-largest manufacturing country. 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. 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.The industrial districts are regionalized: in the Northwest, there is a large modern group of industries, as in the so-called "industrial triangle", where there is an area of intense machinery, automotive, 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. According to a study carried out in 2015 by the Edison Foundation and Confindustria on the most industrialized provinces in 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 euros. 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, and a contribution of 8.5% to Italian GDP. Italy's automotive industry is best known for its automobile designs and small city cars, sports and supercars. Italy is one of the significant automobile producers both in Europe and around the world. Today the Italian automotive industry is almost totally dominated by Fiat Group. 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, and have also been awarded the World Car of the Year award. TertiaryIn Italy, services represent the most important sector of the economy, both in terms of number of employees and value-added. 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. Very important activities in Italy are tourism, trade, services to people and businesses.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. In 2004 the transport sector in Italy generated a turnover of about 119.4 billion euros, employing 935,700 persons in 153,700 enterprises. Italian Bourse, based in Milan, is the 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. Following exchange privatisation in 1997, the Italian Bourse was established and became effective on 2 January 1998. On 23 June 2007, the Italian Bourse became a subsidiary of the London Stock Exchange Group. As of April 2018, overall capitalisation for listed companies on Borsa Italiana was worth €644.3 billion, representing 37.8% of Italian GDP. Italy is the fourth most visited country, with a total of 57 million arrivals in 2023. The total contribution of the tourism in Italy to GDP was EUR162.7bn in 2014 and generated 1,082,000 jobs directly in 2014. Factors of tourist interest in Italy are mainly culture, cuisine, history, fashion, architecture, art, religious sites and routes, wedding tourism, naturalistic beauties, nightlife, underwater sites and spas. Winter and summer tourism are present in many locations in the Alps and the Apennines, while seaside tourism is widespread in coastal locations on the Mediterranean Sea. Italy is the leading cruise tourism destination in the Mediterranean Sea. Small, historical and artistic Italian villages are promoted through the association I Borghi più belli d'Italia. The origins of modern banking can be traced to medieval and early Renaissance Italy, to the rich cities like Florence, Lucca, Siena, Venice and Genoa. The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. One of the most famous Italian banks was the Medici Bank, set up by Giovanni di Bicci de' Medici in 1397. The earliest known state deposit bank, the Bank of Saint George, was founded in 1407 in Genoa, while Banca Monte dei Paschi di Siena, founded in 1472, is the world's oldest or second oldest bank in continuous operation, depending on the definition, and the third-largest Italian commercial and retail bank. 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 oldest or second oldest bank in continuous operation. The following is a list of the main Italian banks and insurance groups ranked by total assets and gross premiums written.
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