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Italy – Important Facts

Italy officially the Italian Republic is a unitary parliamentary republic in Europe. Located in the heart of the Mediterranean Sea, Italy shares open land borders with France, Switzerland, Austria, Slovenia, San Marino and Vatican City. Italy covers an area of 301,338 km2 (116,347 sq mi) and has a largely temperate seasonal climate or Mediterranean climate; due to its shape, it is often referred to in Italy as lo Stivale With 61 million inhabitants, it is the third most populous EU member state.

Italy is the 3rd-largest national economy in the Euro Zone, the 8th-largest by nominal GDP in the world, and the 12th-largest by GDP (PPP). The country is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G8. Italy is the eighth largest exporter in the world with $514 billion exported in 2015. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share, are Germany (12.6%), France (11.1%), United States (6.8%), Switzerland (5.7%), United Kingdom (4.7%), and Spain (4.4%).

Italy is a member of the European Union (EU). Italy is the world’s 8th largest economy with a GDP of 1.6 trillion euro in 2015. Although Italy emerged from recession in the first quarter of 2015, Italian GDP remains well below its pre-crisis peak. Italy’s GDP grew by 0.8% in 2015. Analysts predict that the Italian economy will see modest growth in 2016. In 2015 Italy was the 21st largest market for U.S. exports, which totaled approximately USD 17 billion, and the 6th largest export market in the EU, following the UK, Germany, Netherlands, Belgium and France. U.S. exports to Italy are increasing steadily and are concentrated in high-value sectors such as transportation machinery (12%), pharmaceuticals (11%) and electrical machinery (8%).

Facts: Italian Republic Capital: Rome, Population: 61 million, Area: 301,338 sq km (116,346 sq miles), Major language: Italian, Major religion: Christianity, Life expectancy: 79 years (men) and 85 years (women), Currency euro.

Important Details

  • Country ISO3:ITA
  • Country Code:380
  • Income Group:Europe & Central Asia
  • Lending Category:High income
  • Region:Not Available
  • Currency Unit:Euro (formerly lira)
  • WTO Member:YES
  • Trade organisations:European Union, WTO (via EU membership), OECD
  • world rank:86
  • Regional Ranking:36th in Europe