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Italy

Repubblica Italiana

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated

revenues

$935.038 billion (2023 est.)

expenditures

$1.104 trillion (2023 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2022

$737.083 billion (2022 est.)

Exports 2023

$774.311 billion (2023 est.)

Exports 2024

$778.898 billion (2024 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2022

$775.518 billion (2022 est.)

Imports 2023

$739.646 billion (2023 est.)

Imports 2024

$717.278 billion (2024 est.)

Industries

tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics

Labor force

25.828 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

note: Italy reports its data on public debt according to guidelines set out in the Maastricht Treaty; general government gross debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year, in the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government sector comprises central, state, and local government and social security funds

Public debt 2017

131.8% of GDP (2017 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2022

0.5% of GDP (2022 est.)

Remittances 2023

0.5% of GDP (2023 est.)

Remittances 2024

0.5% of GDP (2024 est.)

Exchange rates

Currency

euros (EUR) per US dollar -

Exchange rates 2020

0.876 (2020 est.)

Exchange rates 2021

0.845 (2021 est.)

Exchange rates 2022

0.95 (2022 est.)

Exchange rates 2023

0.925 (2023 est.)

Exchange rates 2024

0.924 (2024 est.)

Economic overview

high-income, core EU economy; strong services, manufacturing, and tourism sectors; modest growth supported by net exports, low inflation, and public investments via EU funds; tight labor market with aging workforce and shortages in specialized skills; high public debt levels

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

8.1% (2022 est.)

Unemployment rate 2023

7.7% (2023 est.)

Unemployment rate 2024

6.8% (2024 est.)

Exports - partners

Germany 11%, USA 11%, France 10%, Spain 5%, UK 5% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

Germany 15%, France 9%, China 8%, Netherlands 6%, Spain 5% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$52,300 (2022 est.)

Real GDP per capita 2023

$52,700 (2023 est.)

Real GDP per capita 2024

$53,100 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

4.8% (2022 est.)

Real GDP growth rate 2023

0.7% (2023 est.)

Real GDP growth rate 2024

0.7% (2024 est.)

Agricultural products

milk, wheat, grapes, tomatoes, maize, olives, apples, oranges, sugar beets, rice (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

packaged medicine, garments, cars, refined petroleum, vehicle parts/accessories (2023)

note: top five export commodities based on value in dollars

Imports - commodities

natural gas, crude petroleum, cars, packaged medicine, garments (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2022

-$36.325 billion (2022 est.)

Current account balance 2023

$3.261 billion (2023 est.)

Current account balance 2024

$26.76 billion (2024 est.)

Taxes and other revenues

24.8% (of GDP) (2023 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$2.373 trillion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

58.3% (2023 est.)

government consumption

17.8% (2023 est.)

investment in inventories

0.4% (2023 est.)

investment in fixed capital

22.5% (2023 est.)

exports of goods and services

33.5% (2023 est.)

imports of goods and services

-32.1% (2023 est.)

Population below poverty line

20.1% (2021 est.)

note: % of population with income below national poverty line

Average household expenditures

on food

14.7% of household expenditures (2023 est.)

on alcohol and tobacco

3.8% of household expenditures (2023 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

8.2% (2022 est.)

Inflation rate (consumer prices) 2023

5.6% (2023 est.)

Inflation rate (consumer prices) 2024

1% (2024 est.)

Industrial production growth rate

0.2% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$3.088 trillion (2022 est.)

Real GDP (purchasing power parity) 2023

$3.11 trillion (2023 est.)

Real GDP (purchasing power parity) 2024

$3.133 trillion (2024 est.)

Youth unemployment rate (ages 15-24)

male

19.9% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

21.8% (2024 est.)

female

24.8% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$224.581 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$247.396 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$290.547 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

21.7% (2024 est.)

services

65.6% (2024 est.)

agriculture

2% (2024 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

2.5% (2022 est.)

highest 10%

25.3% (2022 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2022

33.7 (2022 est.)