What is the economy of Italy? Italy is a highly developed European country. Miscalculations of the total GDP show that today it is one of the EU countries with a stable economy. Basically, the Italian economy is under state control. Nevertheless, this cannot reduce the gap between the progressively developing industry of northern Italy and the agricultural sector of the southern part of the peninsula. The most stable and efficient sector of the economy is the tourism business, which thrives in the south and in coastal areas.
Industry of Italy
The Italian economy receives a third of all gross income from the industrial sector, which consists of:
- Metalworking enterprises.
- Automotive industry.
- Chemical industry.
- Textile and sewing factories.
- Leather and shoe production.
And also worth mentioning is the minerals. The list of minerals that Italy has is wide. But mining is old and depleted. Today, the most economical is the extraction of granite, marble, travertine.
Agricultural sector
Only 10% of the population is employed in agriculture. It is clear that the Italian economy does not have much benefit from farmers. But at the same time, the country is famous all over the world for viticulture and the cultivation of olives.
Other agricultural areas:
- Cattle breeding.
- Poultry farming.
- Vegetable growing - soybeans, potatoes, sugar beets, rice, wheat, corn.
- Fruit growing.
Tourism in Italy
It should be noted the favorable geographical location and natural conditions of the country. Therefore, the most significant and profitable economic sector of the Mediterranean state is the foreign tourism, which Italy is famous for. The state economy has strong support, thanks to this area in the service sector.
Of course, not only the favorable climate, but also a huge number of architectural, historical and cultural monuments play an important role in the development of tourism in Italy.
Thanks to tourism, some provinces, especially southern highlands, began to revive forgotten old crafts. Sometimes they become the main income of the population, replacing even agriculture.
Over the past decades, tourists from all over the world have been eager to visit Italy. Especially in recent years, when many countries of the European Union are suffering from the crisis and unemployment that it caused, a positive balance in tourism overlaps the negative indicators of other economic products. That is why the Italian economy remains stable.
The economic and geographical position of Italy
Italy is located in the very center of the Mediterranean basin. This contributes to the development of trade and economic ties with the states of North Africa and the Middle East.
The north of Italy is adjacent to France, Austria and Switzerland, the northeast is to Slovenia.
The geographical position of the country has made it a center of tourist and international flows. Therefore, it is so attractive for the tourism business and the formation of trade and economic relations.
Import Export
Italy is considered one of the largest exporters of olives and grapes in the world. Along with them, the country sells tomatoes, citrus fruits, pasta, cheeses and, of course, wine.
The famous white Carrara marble is also exported , which is used in the decoration of buildings and the manufacture of sculptures.
In Italy, crops are not sufficiently grown. Therefore, the state is forced to import durum wheat from the Americas.
And still imported fuel, some engineering products, industrial goods.
The main partners of Italy in foreign trade relations are: USA, Germany, Great Britain, France, Spain and the Netherlands.