The Economy of Italy

One of the key members in the G8 (Group of Eight Industrialized nations), Italy holds the distinction of being the seventh largest economy in the world.

The economy of Italy is quite handsome in the sense that ninety percent of the population has a luxurious living and the remaining ten percent too have a fairly good standard of living.

The economy of this country is quite similar to that of India in the sense that they have variety of sources of income and the economy is highly stable with no hiccups even if the financial crisis is at its helm.

Few Important Sources of Income:

Italy economy derives its income from various sources. However some of the few important ones which have a considerable impact on the economy of Italy are mentioned here. The major source is the industrial sector, next comes the agriculture and tourism and finally the services sector.

The industrial sector needs no special mention because it is a known fact that Italy has the reputation of producing one of the world’s finest automobiles and industrial products, machineries and machine parts. Tourism is another striking feature in the country of Italy which holds the distinction of attracting the highest number of tourists in a year.

Some of the other sources include textiles, food processing, tobacco and beverages.

The Scales:

It is time for some of the statistics and scales on Italy economy. This country has a total GDP of about 2.10 trillion dollars. The growth rate slightly slumped during the past one year because of the huge financial crisis and it is estimated to be about -5%. The agriculture sector contributes to about 2% of the country’s total GDP whereas the industrial and services sectors contribute 25% and 73% respectively. Italy has a very good GDP per capita income of 39,000 dollars which is indeed overwhelming.