Italy Economy and Business

• GDP: US$1.8 trillion (2007).
• Main imports: Engineering products, chemicals, transport equipment, energy products and minerals.
• Main exports: Engineering products, textiles and clothing, production machinery, motor vehicles and transport equipment.
• Main trade partners: Germany, France, USA, Spain and UK.

Traditionally agricultural, Italy industrialised rapidly after 1945, to the point where less than 5% of the population is now engaged in agriculture. The majority of these live in the south of Italy, which is substantially poorer than the rest of the country. The principal crops are sugar beet, wheat, tomatoes and fruit (especially grapes, many used for wine, of which Italy is a leading producer).

As with most western European economies, the tourism industry now enjoys a major position alongside other service industries such as financial services. Italy continues to rely heavily on the export of manufactured goods. Its particular strengths are in advanced manufacturing techniques and systems, high-quality design and precision engineering.

Most industrial raw materials and more than 75% of energy requirements are imported. The economy has been sluggish since 2000 with growth in 2007 less than 2% and expected to drop further. Inflation in 2007 was just under 2%; unemployment is just under 7%.

In Europe, despite some doubts about the size of its growing budget deficit (public debt is 105% of GDP), Italy was among the founding members of the Euro-zone in 1999. The current government has enacted some reforms to improve competiveness and growth.

A knowledge of Italian is a distinct advantage. Prior appointments are essential. Visitors should remember that ministries and most public offices close at 1345 and, except by special appointment, it is not possible to see officials in the afternoon. Genoa, Milan and Turin form the industrial triangle of Italy; Bologna, Florence, Padua, Rome, Verona and Vicenza also have important business centres. In all the above cities, major trade fairs take place throughout the year.

Office hours: Mon-Fri 0900-1700.

There are many hotels with facilities, particularly in business oriented cities such as Milan, Rome and Turin.

Unione Italiana delle Camere di Commercio, Industria, Artigianato e Agricoltura (Italian Union of Chambers of Commerce, Industry, Crafts and Agriculture)
Piazza Sallustio 21, 00187 Rome, Italy
Tel: (06) 47041.
Website: www.unioncamere.it

Istituto Nazionale per il Commercio Estero (National Institute for Foreign Trade) Via Liszt 21, 00144 Rome, Italy
Tel: (06) 59921.
Website: www.ice.gov.it