Indicators of economy in Italy

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic were not insignificant in Italy 2020. Overall, gross domestic product in 2020 fell from 2.011 trillion US dollars to 1.897 trillion US dollars. With a drop of 5.7 percent, the economy in Italy suffered more significant losses than other countries. The tourism sector alone slumped by around 61 percent. Fortunately, the unemployment rate actually fell from 10.0 to 9.2 percent. The country's gross debt increased by 7.0 percent. The inflation rate fell from 0.6 percent previously to -0.1 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 2.108 trillion US dollars (=104.8% of 2019).

Income and purchasing power

The average monthly income in Italy is 2,999 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 22.0 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Italy than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 35.0 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, Italy ranked 28th in 2022 with 46.1 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 26 originate from Italy. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:

Rank 110: Enel (Rome)
Rank 111: Eni (Rome)
Rank 130: Intesa Sanpaolo (Turin)
Rank 160: Generali Group (Trieste)
Rank 299: UniCredit (Milan)
Rank 366: Poste Italiane (Rome)
Rank 861: Atlantia (Rome)
Rank 891: Unipol Gruppo (Bologna)
Rank 932: Snam (Milan)
Rank 1094: Telecom Italia (Rome)

Development of gross domestic product in billions of USD 1960 - 2021

Household debt and deficits 2021

Imports and Exports 2021

Development of imports and exports in billions of USD 1970 - 2021