This statistic shows the gross domestic product (GDP) in Italy from 1987 to 2023 with projections up until 2029. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. In 2023, the GDP in Italy was about 2.26 trillion U.S. dollars. See global GDP for a global comparison.

Italy's economy

After increasing significantly year-over-year, Italy’s gross domestic product (GDP) has gone through several fluctuations since the global economic crisis in 2008. The European Union’s third largest economy has experienced downturns, primarily due to inefficiency with regards to spending and incompetent leadership.

When analyzing the country’s budget balance, which is essentially the overall difference between revenues and spending, Italy has posted a negative balance, or a state deficit, every year over the past decade. However, their budget balance has improved noticeably every year since 2009. Since the country spent more than they earned, national debt continued to rise every year, most notably between 2008 and 2009, and continued to do so going into 2014. Italy’s dependency on funding from other countries will lead to further debt, unless it finds a way to decrease spending or increase revenues.

Despite the country’s ongoing recession, Italy’s GDP ranked the country in the top 10 countries with the largest gross domestic product in 2014, ahead of economically developed countries such as Canada and Australia. This implies that Italy’s economical struggles are more a result of inefficient spending rather than a lack of production.

Italy's Gross Domestic Product (GDP) amounted to 2.13 trillion euros in 2023. The Italian economy grew at low rates between 2010 and 2019, and significantly shrank in 2020 following the consequences of the pandemic on the global economy. However, since 2021, GDP recorded a steady uprise, with remarkably higher growth rates compared to the pre-pandemic period. A difficult outlook for the Italian economy Besides the positive performance recorded right after the COVID-19 pandemic, projections indicate a different outlook. The slow growth of the Italian economy, less than one percent each year from 2024 to 2029, is believed to remove Italy from the giants of the global players. Indeed, by 2028, the ranking of the world's largest economies might appear quite different from the present one. In addition to slow growth, Italy's economy is characterized by large internal disparities. After 160 years of national unity, the country is economically still very divided, as data on unemployment, GDP, and poverty confirm. National debt: Italy's most difficult challenge Italy still ranges among the top-20 largest economies in the world. However, the large amount of the national debt risks hampering future growth. In 2023, it reached 134 percent of the GDP, equivalent to 3.1 trillion U.S. dollars, and forecasts expect figures to increase over the coming years. By 2029, the debt-to-GDP ratio may hit 145 percent. A large amount of national debt significantly limits the government's possibility to earmark resources for public investments. In fact, a considerable share of the state budget is devoted to reimbursing the debt.

The snapshot provided by Prometeia about the economic situation throughout different Italian areas highlights that disparities are a serious issue in the country. Comparing the indexed GDP per capita in 2005, 2015, and 2025 it comes out not only that in the North of Italy the GDP per capita has always been twofold likened to the South, but also that the gap is expected to further increase in 2025. In like manner, in 2018, the Southern regions Campania, Sicily, and Calabria were the ones with the lowest GDP per capita, whereas at the top five of the ranking only Northern Italian regions could be found.

Unemployment rates by macro-region

The situation was not much different pertaining to unemployment. In 2020, the unemployment rate in the North oscillated between 5.6 and six percent, while in the South the rate reached 17.4 percent. Overall, the estimated figures for 2021 and 2022 were not optimistic, given that the unemployment rate was expected to increase throughout Italy. However, the growth was forecasted to be more remarkable in the South than in the rest of the country.

Italian economy 

Undoubtedly, the economic crisis that occurred in Italy in 2008 together with its long-term repercussions contributed to accentuate already existing regional gaps. Currently, Italy is one of Europe’s largest economies. However, in 2018, it also was among the EU countries with the lowest GDP growth. Furthermore, in 2019, Italy was the sixth state with the highest public debt in relation to the gross domestic product worldwide.

In 2022, the highest regional Gross Domestic Product in Italy was registered in the northern region of Lombardy (roughly 440 billion euros), followed by Lazio (about 210 billion euros) and Veneto (180 billion euros). The lowest GDP was recorded in Aosta Valley, in the north, and in Molise, in the south of Italy. A deep economic gap Among the top-10 Italian regions with the highest GDP, five are located in the north of the country: Lombardy, Veneto, Emilia Romagna, Piedmont, and Liguria. Campania, the most populous region in the south, ranked only seventh nationally. These results highlight the deep economic disparities between the north and the south of Italy. The GDP of the northwestern regions reached 648 billion euros in 2022, while the south recorded less than half of the northern regions’ figures. Thus, Lombardy, Piedmont, Liguria, and Aosta Valley constitute Italy's economic driving force. In particular, Lombardy is the region with the highest salaries nationwide, 33,055 euros gross per year, almost 5,000 euros more than in Campania. Actions by policymakers aimed at closing the economic and wage gap are essential for the full development of southern Italian regions. The demographic divide Despite weaker economic indicators compared to the north, southern regions record better demographic figures. Italy’s population is progressively aging and the number of residents has declined recently. The median age of Italians is expected to reach 53.4 years by 2050. However, the south of the country severely contributes to mitigating the demographic decline. In fact, birth rates are the highest in the southern regions, in Sicily, and in Sardinia, with seven childbirths per 1,000 inhabitants, well above the 6.3 births per 1,000 residents recorded in the northwest. Additionally, the southern population is on average two years younger than the those living in the northern regions.

In 2022, the Gross domestic product (GDP) in Italy reached roughly 33,000 euros per capita. When analyzed from the regional perspective, the highest GDP per capita can be observed in the Northern areas of the country. Trentino-South Tyrol led the ranking, with a GDP per inhabitant of almost 50,000 euros. Lombardy and Aosta Valley ranked in the second and third place, with a GDP per capita of 44,000 euros and 43,000 euros, respectively. The figure of Trentino-South Tyrol represented more than the double of the GDP per capita of the southern regions of Calabria, Sicily, Campania, Apulia, and Molise, confirming the critical divide between these two areas of the country.Economic performance of a country Gross domestic product per capita is an indicator of economic performance, calculated as a division of the total gross domestic product of a country in a certain period of time by its population. Whereas nominal and real GDP help to understand the economic strength of the country as a whole, per capita values illustrate the standard of living and wellbeing of the citizens. COVID-19 and GDPForecasts published at the end of 2019 estimated that Italy's economy would have experienced a slow growth during 2020. However, the outbreak of COVID-19 significantly changed this scenario. Different estimations on Italy's GDP growth have been published since the outbreak of the coronavirus pandemic. Some of the most recent data from 2021 show the GDP decreased by 8.8 percent in 2020. Similarly, a forecast from December 2020 estimated that this figure might decline by 8.9 percent during 2021.

Since 1980, Europe's largest economies have consistently been France, Germany, Italy, Spain, and the United Kingdom, although the former Soviet Union's economy was the largest in the 1980s, and Russia's economy has been larger than Spain's since 2010. Since Soviet dissolution, Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year. Italy's economy was of a relatively similar size to that of the UK and France until the mid 2000s when it started to diverge, resulting in a difference of approximately 800 billion U.S dollars by 2018. Russia's economy had overtaken both Italy and Spain's in 2012, but has fallen since 2014 due to the drop in international oil prices and the economic sanctions imposed for its annexation of Crimea - economic growth is expected to be comparatively low in Russia in the coming years due to the economic fallout of its invasion of Ukraine in 2022.

The statistic shows the gross domestic product (GDP) in Canada from 1987 to 2023, with projections up until 2029. In 2023, the gross domestic product in Canada was around 2.14 trillion U.S. dollars.

The economy of Canada

Canada is the second biggest country in the world after Russia and the biggest country in North America. Despite its large size, Canada has a relatively small population of just around 35.9 million people. However, the total population in Canada is estimated to grow to around 37.5 million inhabitants in 2020. The standard of living in the country is pretty high, the life expectancy as of 2013 in Canada ranks as one of the highest in the world. In addition, the country ranks number eight on the Human Development Index (HDI) worldwide.

All key factors point to a stable and sustainable economy. Not only is Canada’s population increasing, but the economy has been slowly recovering after the global financial crisis in 2008. The unemployment rate in Canada in 2010 was at approximately 8 percent (263696). Today, the unemployment rate in Canada is estimated to be around 6.8 percent, and it is estimated to decrease further. During the financial crisis in 2008, Canada's inflation rate amounted to around 2.4 percent. By 2013, the inflation rate was at less than 1 percent in comparison to the previous year.

Canada is considered to be one of the world’s wealthiest countries. By value of private financial wealth, Canada ranked seventh along with Italy. In addition, its gross domestic product per capita in 2014 was among the largest in the world and during the same year, its gross domestic product increased by over 2.5 percent in comparison to the previous year. Canada’s economic growth has been a result of its political stability and economic reforms following the global financial crisis. In the period between 2009 and 2010, Canada was among the leading countries with the highest political stability in the world.

In 2023, the United States was the country worldwide with the highest total contribution of travel and tourism to GDP. That year, the total GDP contribution of travel and tourism in the U.S. amounted to 2.36 trillion U.S. dollars, exceeding pre-pandemic levels. China and Germany followed in the ranking in 2023, with travel and tourism's total contributions to GDP of around 1.3 trillion and 488 billion U.S. dollars, respectively. Overall, the total contribution of travel and tourism to GDP worldwide reached almost 10 trillion U.S. dollars in 2023. What are the most visited countries worldwide? While the U.S. and China reported the highest figures in terms of travel and tourism contribution to GDP in 2023, it was a European destination that led the ranking of countries with the highest number of inbound tourist arrivals worldwide. With 100 million international arrivals in 2023, France was the most visited travel destination in the world that year, ahead of Spain, the United States, and Italy. How many people work in the global travel and tourism sector? After declining sharply due to the impact of COVID-19, the number of travel and tourism jobs worldwide bounced back in 2023, reaching around 330 million, nearly catching up with pre-pandemic levels. That year, China and India were the countries with the highest travel and tourism employment worldwide.

The industrial production index measures the monthly evolution of the volume of industrial production, excluding construction. As of September 2024, the seasonally adjusted industrial production index stood at 94, remaining stable compared to the previous months. Due to the COVID-19 pandemic, the index plummeted between March and August 2020.

In 2023, the share of travel and tourism's total contribution to Italy's gross domestic product (GDP) nearly equaled the figure reported in 2019, the year before the onset of the COVID-19 pandemic. Overall, travel and tourism generated, directly and indirectly, roughly 10.5 percent of the country's GDP in 2023. That year, the total contribution of travel and tourism to GDP in Italy amounted to nearly 215 billion euros. What is the contribution of travel and tourism to employment in Italy? In 2023, the total contribution of travel and tourism to employment in Italy recovered from the impact of the health crisis. Overall, these industries generated, directly and indirectly, just under three million jobs in 2023, denoting a four percent increase from 2019. What are the leading inbound tourism markets in Italy? In 2023, the total international tourist expenditure in Italy, including overnight and same-day visitors, surpassed 50 billion euros, the highest figure reported to date. When breaking down the inbound tourism expenditure in Italy by country, Germany ranked as the leading market, ahead of the United States, the United Kingdom, and France.

With a Gross Domestic Product of over 4.18 trillion Euros, the German economy was by far the largest in Europe in 2023. The similar-sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 5.7 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.1 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same time period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.

The European Union is comprised of 27 member states who share the European Single Market, a common trade area which ensures the free movement of goods, services, capital, and people. As of 2022, the largest economies in the EU were Germany, France, Italy, Spain, and the Netherlands, with these countries making up the vast majority of the EU's almost 15 trillion Euro GDP. The relatively small island member states of Cyprus and Malta come in at the bottom of the list, with GDPs of around 28 and 16 billion Euros respectively.

In 2023, the total contribution of travel and tourism to Italy's gross domestic product (GDP) was 1.8 percent higher than in 2019, the year before the onset of the COVID-19 pandemic. Overall, the total contribution of these industries to Italy's GDP amounted to nearly 215 billion euros in 2023. This figure was expected to reach an estimated 223.1 billion euros in 2024. Domestic vs. inbound tourism spending in Italy Domestic visitors accounts for the highest share of travel and tourism spending in Italy, representing nearly 70 percent of the total expenditure in 2023. That year, domestic tourism spending in Italy exceeded 117 billion euros, surpassing pre-pandemic levels. Similarly, the international tourism expenditure in the country grew by around three percent compared to 2019. Where do Italian domestic tourists travel? When looking at the distribution of trips taken by Italians in 2023, roughly eight in ten journeys were made within the country, with the North of Italy ranking as the leading domestic destination. Meanwhile, according to an April 2024 survey exploring the travel intentions of Italians, almost 40 percent of respondents reported planning to travel domestically over the next six months.

In 2019, the Gross Domestic Product (GDP) in Italy grew by 0.4 percent in terms of volume. The Italian region with the highest annual growth was the Province of Bozen, in the North, with an increase by 1.5 percent. Sardinia followed in the ranking with 0.8 percent. On the contrary, the Central Italian region of Marche and Abruzzo, in the South, recorded the largest decrease. In 2019, the GDP in these regions dropped by 0.3 percent compared to the previous year.

Throughout the Second World War, the United States consistently had the largest gross domestic product (GDP) in the world. Additionally, U.S. GDP grew significantly throughout the war, whereas the economies of Europe and Japan saw relatively little growth, and were often in decline. The impact of key events in the war is also reflected in the trends shown here - the economic declines of France and the Soviet Union coincide with the years of German invasion, while the economies of the three Axis countries experienced their largest declines in the final year of the war.

In 1938, the year before the Second World War, the United States had, by far, the largest economy in the world in terms of gross domestic product (GDP). The five Allied Great Powers that emerged victorious from the war, along with the three Axis Tripartite Pact countries that were ultimately defeated made up the eight largest independent economies in 1938.

When values are converted into 1990 international dollars, the U.S. GDP was over 800 billion dollars in 1938, which was more than double that of the second largest economy, the Soviet Union. Even the combined economies of the UK, its dominions, and colonies had a value of just over 680 billion 1990 dollars, showing that the United States had established itself as the world's leading economy during the interwar period (despite the Great Depression).

Interestingly, the British and Dutch colonies had larger combined GDPs than their respective metropoles, which was a key motivator for the Japanese invasion of these territories in East Asia during the war. Trade with neutral and non-belligerent countries also contributed greatly to the economic development of Allied and Axis powers throughout the war; for example, natural resources from Latin America were essential to the American war effort, while German manufacturing was often dependent on Swedish iron supplies.

In 2024, the United States had the largest economy in the world, with a gross domestic product of just under 29 trillion U.S. dollars. China had the second largest economy, at around 18.5 trillion U.S. dollars. Recent adjustments in the list have seen Germany's economy overtake Japan's to become the third-largest in the world in 2023, while Brazil's economy moved ahead of Italy's in 2024. Global gross domestic product Global gross domestic product amounts to almost 110 trillion U.S. dollars, with the United States making up more than one-quarter of this figure alone. The 12 largest economies in the world include all Group of Seven (G7) economies, as well as the four largest BRICS economies. The U.S. has consistently had the world's largest economy since the interwar period, and while previous reports estimated it would be overtaken by China in the 2020s, more recent projections estimate the U.S. economy will remain the largest by a considerable margin going into the 2030s.The gross domestic product of a country is calculated by taking spending and trade into account, to show how much the country can produce in a certain amount of time, usually per year. It represents the value of all goods and services produced during that year. Those countries considered to have emerging or developing economies account for almost 60 percent of global gross domestic product, while advanced economies make up over 40 percent.

The city of Paris in France had an estimated gross domestic product of 757.6 billion Euros in 2021, the most of any European city. Paris was followed by the spanish capital, Madrid, which had a GDP of 237.5 billion Euros, and the Irish capital, Dublin at 230 billion Euros. Milan, in the prosperous north of Italy, had a GDP of 228.4 billion Euros, 65 billion euros larger than the Italian capital Rome, and was the largest non-capital city in terms of GDP in Europe. The engine of Europe Among European countries, Germany had by far the largest economy, with a gross domestic product of over 4.18 trillion Euros. The United Kingdom or France have been Europe's second largest economy since the 1980s, depending on the year, with forecasts suggesting France will overtake the UK going into the 2020s. Germany however, has been the biggest European economy for some time, with five cities (Munich, Berlin, Hamburg, Stuttgart and Frankfurt) among the 15 largest European cities by GDP. Europe's largest cities In 2023, Moscow was the largest european city, with a population of nearly 12.7 million. Paris was the largest city in western Europe, with a population of over 11 million, while London was Europe's third-largest city at 9.6 million inhabitants.

This statistic compares European countries' gross domestic product (GDP) at current market prices in 2022. Germany had the highest GDP this year, nearly 4.2 trillion euros. France and Italy followed Germany.

In the ease of doing business, Italy ranked 58 out of 190 countries in 2019. Economies ranking from one to 20 have simpler and more friendly regulations for businesses. Indeed, Italy ranks low when compared to other European countries. Out of 43 European countries, Italy occupied the 34th position that same year. The World Bank ceased to publish the index in 2021.