National economy of Italy - industries, GDP and prosperity level

Today, Italy is considered one of the most highly developed countries in the world. It occupies a leading position in terms of industrial production in the whole of Western Europe. One of the most important industries in Italy is the extraction of minerals. There are quite a lot of them on the territory of the kingdom, with mercury currently taking the lead position. Also on the territory of the country, you will find that uranium ore, silver, iron ore, lead-zinc and copper ores, as well as potassium salts are being mined. The next important sector in Italy is engineering. It is focused mainly on the construction of ships, due to the territorial location of the country.

According to data for 2016, the olive production in Italy reached record levels, which allowed it to take a leading position in the corresponding rating. Thanks to its favorable location, since ancient times Italy has been actively using all the gifts of the Mediterranean. The Republic is among the top ten countries in the world for catching fish and other seafood, as well as for processing and exporting them, both in the form of fresh carcasses and in the canned form. The state pays special attention to the development of the tourism sector. Italy for several years in a row, occupies a leading position in the ranking of the most visited countries in the world. Last year, more than 60 million people came to the country for vacation. However, according to statistics, a serious economic crisis contributed to the reduction of the tourist inflow and to date only 12% of the Gross National Product comes from the tourism industry. Earlier these indicators reached up to 19%.

The electrical industry has been very developed since the year 1996. A large number of factories are operational within the territory of the country. They are engaged in the development and creation of profile equipment for various manufacturing activities, including chemical, food, and light industries. The state is also trying to maintain agriculture at the same proper level. Emphasis is currently on plant growing. Wheat, rice, corn, barley, potatoes, legumes, tomatoes, onions, olives, and other vegetables are some of the crops grow in the country. Quite a large part of exports are occupied by citrus and tobacco. In the southern part of the country, all agriculture is concentrated on growing almonds, which are actively sold not only throughout the European Union (EU), but throughout the entire world. The light industry is represented by textile and leather goods. This sector gives about 4% of the world’s shoe exports. Copyright www.orangesmile.com

Italy’s main problem is fuel and energy dependence. The speed of development of the country is one of the largest in the whole European Union, yet Italy cannot provide itself with a source of energy. Last year, more than 80% of all consumed energy was imported. 99% of all used natural gas and 85% of oil are imported. It is worth noting that earlier the sources of nuclear energy has been developing in the country, but after joining the euro zone all stations of this type were closed. This state of affairs gave the government a powerful push to finance and support developments devoted to alternative energy sources. To date, active development in this field of activity is being carried out; wind and solar power storage stations are being constructed, likewise water energy is being used. The main exported goods are vehicles, various products of the chemical industry, ships and boats, food products, electronic devices, medicines, and other consumer goods. The main export partners are France, Portugal, Italy and England.

Main imports of Italy are food products, various consumer goods, precise measuring instruments, and specialized equipment. The main trading partners are Germany, France, Italy, and China. According to data for the past year, unemployment in the country is more than 15% and this figure is constantly increasing. The average salary is 16,895 euros per month. More than 70% of GDP is income from the service sector, about 14% comes from the industry sector, and about 10% from construction. Italy’s GDP per capita according to the International Monetary Fund for 2016 was $20,217. This allowed the republic to rank the 28th place in the world. Inflation in Italy is less than 1.4%. During the crisis, GDP fell by 9%. However, according to the projections of international economic companies, the situation of the country is stabilizing. The external debt is 43 million dollars.