Italy is the third largest economy in the European Union and the eighth in the world in terms of gross domestic product (GDP).
Italy is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20 and is the tenth exporter in the world, with more than 600 billion euros in exports in 2019.
The country has close trade links with the rest of the European Union, with which it maintains about 59% of its total trade.
Italians enjoy a high standard of living and the country is in eighth place in the ranking on quality of life (source: Economist).
Italy produces and exports machinery, vehicles, pharmaceuticals, furniture, food, clothing and robots.
The country is also known for an innovative commercial sector, an industrious and competitive agricultural sector (Italy is the largest wine producer in the world), and for the production of high quality and design products, including cars, ships, appliances and high fashion.
Italy is the largest economic centre for luxury goods in Europe and the third largest globally.
The so-called "Made in Italy" is not just made up of fashion, food products and furniture: engineering, pharmaceutical and high-tech products are constantly growing and have become important national industries.
Located in the heart of the Mediterranean, Italy represents a crucial hub for road, sea and air connections between Northern and Southern Europe. The Italian market also offers countless opportunities to expanding businesses, with 67 million consumers.
In the country there are numerous financial incentives aimed at increasing the attractiveness of foreign investments, encouraging research and development and promoting the growth of new businesses. Foreign investments in Italy amount to 30 billion euros. The legislation also supports an ecosystem of innovative and high-tech start-ups. State grants and loan guarantees are available for those who want to expand their business and purchase new machinery, plants or equipment.
Italy offers an avant-garde research and development environment, with investments of 20 billion euros, which place the country in fourth place in Europe. Italian researchers are also the most productive in the world for the number of articles published.
Manufacturing production has always been the driving force of the Italian economy, also towards technological innovation: 25% of companies in the sector in fact use robotics in their production processes. But it is both the aerospace and biotechnology sectors that record the strongest growth, both in investments and in turnover.
The main companies in the country are among others: Fiat Chrysler Automobiles, Ducati, Piaggio, Pirelli, Enel, Edison, Eni, De'Longhi, Leonardo, Telespazio, Beretta, Armani, Versace, Dolce & Gabbana, Gucci, Benetton, Diesel, Prada, Luxottica, Ferrero, Barilla, Lavazza, Campari, Parmalat, Prysmian, Salini Impregilo, Ferrari, Maserati, Lamborghini, Fincantieri.
Italy has a large number of small and medium-sized enterprises, many of which are grouped in clusters, and represent the backbone of Italian industry. The manufacturing sector focuses mainly on the export of niche and luxury products. While in the north-west, in the "industrial triangle" (Milan-Turin-Genoa), there is an area of intense production of machinery, ships, vehicles, and for aerospace, the north-east area is based on small and medium-sized enterprises specializing in the production of machinery, clothing, leather products, footwear, furniture, textiles, machine tools, spare parts, appliances, jewellery and luxury vehicles.
Italy occupies the ninth place in the world as a renewable energy producer country. The country is also the world's fifth largest producer of solar energy. Renewable resources represent 27.5% of the electricity produced in Italy. Italy is also famous for its marble, particularly the famous white Carrara marble, and was the first country in the world to build highways, starting in 1926.
The Italian railway network is very extensive and includes 16,862 km of tracks, 69% of which are electrified. Since the 1970s, a network of high-speed trains which can reach 400 kilometres per hour has also developed. The country occupies a strategic position with respect to the main European corridors, making several centres such as Milan and Verona important hubs for commercial and logistic interchange at an international level.
There are around 130 airports in Italy, and 43 major seaports including the Port of Genoa, the largest in the country and the third busiest by cargo tonnage in the Mediterranean Sea. Italian ports are assuming an increasingly important role in exchanges between Europe and the rest of the world and control 20% of global seaborne trade volume. In particular, the port of Trieste is the target of both Italian, Asian and European investments.
There is also a considerable inland navigation network, amounting to 1,500 kilometres of rivers and canals.
