Italy has a very high standard of living. It is well known for its influential and innovative business economic sector. It is second largest manufacturer in Europe.
In 1957 Italy played an important role in foundation of European Union, the Euro zone, the OECD, the G7 and the G8. The growth of Italian economy is at stagnated stage and the nominal GDP of Italy is $ 1,848.690 billion and it stands at 8th position in the world.
Though its GDP by purchasing power parity is $ 2,213.110 billion and by PPP it is at 12th rank. The GDP per capita is $35,811 in Italy.
Its GDP is growing at the rate 0.3%. Italy has a negative inflation rate at -0.5% year-on-year in April 2016. This drop in consumer prices can be attributed to lower energy cost. European Central Bank reported the interest rate at 0 percent. The foreign exchange reserves of Italy are $ 144443.62 million. Loans to private sector stands at $883981.34 million.
Italy has a population of 60.8 million of which total 22578 thousand are employed. It constitutes employment rate of 56.7%. The unemployment rate in Italy is 11.4% and total 2895 thousand people are unemployed.
Italy witnessed a decrease in its exports of 1.1% as compared to last year. Its total export stands at $ 41523.86 million. Its main export partners are Germany, France and United States. It mainly exports engineering products, electrical equipment, vehicles, aircraft and vessels, base metals and steel, textiles, clothing and footwear, chemicals, food and beverages, precious metals, optical and medical apparatus, stone, cement and glass products, paper. Its imports also decrease 5.9% year-on-year in March 2016. Its total imports are $35508.59 million. The main import partners are Germany, France and China. It imports minerals, engineering products, chemicals, motor vehicles, base metals, plastics, textiles. Imports declined because purchase of crude oil and natural gas decreased sharply. The account surplus of Italy is $1.12 billion.