|
|
|
Country facts
| Capital city: |
Rome |
| Surface area: |
301,000 sq km |
| Population: |
58.9 million |
| Official language(s): |
Italian |
| Head of State: |
H.E. President Mr Giorgio Napolitano |
| Head of Government: |
President of the Council of Ministers The Hon Silvio Berlusconi |
| Australian exports to Italy: |
A$1,456 million |
| Australian imports from Italy: |
A$4,895 million |
| Italy's principal export destinations: |
Germany, France, Spain |
| Italy's principal import sources: |
Germany, France, China | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
 |
|
|
Economic climate
Italy is the world’s seventh largest industrial economy and is a member of the G8 group of industrialised countries. Spending and earning levels are on a par with other industrialised countries, with some unique characteristics:
- The backbone of Italy’s economy are small to medium sized companies
- Family-run enterprises are extremely common
- A common phenomenon is geographical specialisation (industry clusters)
- Italy lacks raw materials and relies on foreign sources
- Consumers are very receptive to highly innovative goods, services, technologies and niche market products
- Major privatisation of phone, power and railways is underway
Key economic indicators and statistics for 2008:
- GDP – US$2399.3 billion
- GDP per capita – US$40,450
- Real GDP growth – -0.6 per cent
- Inflation – 4.6 per cent
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
|
|
|
Political climate
Italy is a founding member of the European Union and is a Republic with a written constitution dating to 1948. Legislative power is vested in the bicameral parliament, consisting of the Chamber of Deputies and the Senate. Members of both chambers are elected for five years by universal and direct suffrage. The President of the Republic is elected by a joint session of the Chamber and Senate for seven years. The Prime Minister is appointed by the President and elected by the Parliament. |
|
|
|
Trade relations and statistics
Italy is one of the six founding members of the European Union (EU) and one of the 12 Economic and Monetary Union (EMU) countries and as such favours European integration. Italy is also a leading trader (Italian Foreign Trade Ministry), with its eastern neighbours and with the countries of the Mediterranean basin.
Major Australian exports to Italy (2007-08):
- Coal – A$302 million
- Wool and other animal hair (including tops) – A$285 million
- Leather – A$93 million
- Uncoated flat-rolled iron and steel – A$53 million
Major Australian imports from Italy (2007-08):
- Medicaments (including veterinary) – A$311 million
- Specialised machinery and parts – A$173 million
- Household type equipment – A$151 million
- Passenger motor vehicles – A$150 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
|
|
|