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Economy overview
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Italy has a diversified industrial economy with roughly the same total and per capita output as France and the UK. This capitalistic economy remains divided into a developed industrial north, dominated by private companies, and a less developed, welfare-dependent agricultural south, with 20% unemployment. Most raw materials needed by industry and more than 75% of energy requirements are imported. Over the past decade, Italy has pursued a tight fiscal policy in order to meet the requirements of the Economic and Monetary Unions and has benefited from lower interest and inflation rates. The current government has enacted numerous short-term reforms aimed at improving competitiveness and long-term growth. Italy has moved slowly, however, on implementing needed structural reforms, such as lightening the high tax burden and overhauling Italy's rigid labor market and over-generous pension system, because of the current economic slowdown and opposition from labor unions.
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GDP
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purchasing power parity - $1.55 trillion (2004 est.)
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GDP - real growth rate
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0.4% (2004 est.)
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GDP - per capita
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purchasing power parity - $26,700 (2004 est.)
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GDP - composition by sector
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agriculture: 2.2%
industry: 28.9%
services: 68.9% (2004 est.)
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Investment gross fixed
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19.1% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: 2.1%
highest 10%: 26.6% (2000)
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Distribution of family income - Gini index
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27.3 (1995)
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Inflation rate consumer prices
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2.7% (2004 est.)
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Labor force
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24.15 million (2004 est.)
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Labor force by occupation
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agriculture 5%, industry 32%, services 63% (2001)
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Unemployment rate
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8.6% (2004 est.)
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Budget
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revenues: $668 billion
expenditures: $703.1 billion, including capital expenditures of NA (2004 est.)
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Public debt
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106.4% of GDP (2004 est.)
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Agriculture products
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fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish
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Industries
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tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics
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Industrial production growth rate
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-0.5% (2004 est.)
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Electricity production
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258.8 billion kWh (2001)
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Electricity production by source
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fossil fuel: 78.6%
hydro: 18.4%
other: 3% (2001)
nuclear: 0%
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Electricity consumption
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289.1 billion kWh (2001)
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Electricity exports
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556 million kWh (2001)
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Electricity imports
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48.93 billion kWh (2001)
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Oil production
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79,460 bbl/day (2001 est.)
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Oil consumption
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1.866 million bbl/day (2001 est.)
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Oil exports
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456,600 bbl/day (2001)
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Oil imports
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2.158 million bbl/day (2001)
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Oil proved reserves
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586.6 million bbl (1 January 2002)
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Natural gas production
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15.49 billion cu m (2001 est.)
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Natural gas consumption
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71.18 billion cu m (2001 est.)
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Natural gas exports
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61 million cu m (2001 est.)
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Natural gas imports
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54.78 billion cu m (2001 est.)
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Natural gas proved reserves
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209.7 billion cu m (1 January 2002)
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Current account balance
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$-22.28 billion (2004 est.)
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Exports
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$278.1 billion f.o.b. (2004 est.)
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Exports commodities
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engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; food, beverages and tobacco; minerals and nonferrous metals
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Exports partners
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Germany 13.8%, France 12.3%, US 8.5%, Spain 7%, UK 6.9% (2003)
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Imports
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$271.1 billion f.o.b. (2003 est.)
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Imports commodities
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engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages and tobacco
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Imports partners
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Germany 17.9%, France 11.2%, Netherlands 5.8%, Spain 4.8%, UK 4.7%, Belgium 4.3%, US 4% (2003)
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Reserves of foreign exchange gold
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$63.26 billion (2004 est.)
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Debt external
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$868.5 billion NA (2004 est.)
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Economic aid recipient
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Currency
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euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries
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Currency code
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EUR
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Exchange rates
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euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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