What is the economy of Italy?

What is the economy of Italy? Italy is a highly developed European country. Calculations of the total volume of GDP show that today it is among the states of the European Union with a stable economy. In general, the economy of Italy is under state control. And yet this can not narrow the gap between the progressively developing industry of northern Italy and the agrarian sector of the southern part of the peninsula. The most stable and efficient sector of the economy is the tourism business, which thrives in the south and in coastal areas.

Industry in Italy

The Italian economy receives one-third of the gross industrial sector income, which consists of:

• Metalworking enterprises.
• Automotive.
• Chemical industry.
• Textile and garment factories.
• Leather and shoe production.

And also worth mentioning about minerals. The list of fossils that Italy has is wide. But the deposits are old and exhausted. For today, the most profitable extraction is granite, marble, travertine.

The agrarian sector

In agriculture only 10% of the population is employed. It is clear that the economy of Italy does not have much profit from the agrarians. But at the same time the country is famous for the whole world by viticulture and olive growing.

Other agricultural areas:

• Cattle breeding.
• Poultry farming.
• Vegetable growing - soybean, potatoes, sugar beet, rice, wheat, corn.
• Fruit growing.

Tourism in Italy

It is necessary to note the advantageous geographical location and natural conditions of the country. Therefore, the most significant and profitable economic sector of the Mediterranean state is foreign tourism, which is famous for Italy. The economy of the state has a strong support, thanks to this direction in the service sector.

Undoubtedly, an important role in the development of tourism in Italy is played not only by a favorable climate, but also by a huge number of architectural, historical and cultural monuments.

Thanks to tourism, some provinces, especially southern mountainous areas, began to revive forgotten old crafts. Sometimes they become the main income of the population, replacing even agriculture.

Over the past decades, Italy is seeking to visit tourists from all over the world. Especially in recent years, when many EU countries suffer from the crisis and unemployment that it caused, the positive balance in tourism overcomes the negative indicators of other articles of the economy. That is why the economy of Italy remains stable.

Economic and geographical position of Italy

It is located in the heart of the Mediterranean basin. This contributes to the development of trade and economic ties with the states of North Africa and the Middle East.

The north of Italy adjoins France, Austria and Switzerland, the northeast - with Slovenia.

The geographical position of the country made it the center of tourist and international flows. Therefore, it is so attractive to the tourist business and the formation of trade and economic relations.

Import Export

Italy is considered one of the world's largest exporters of olives and grapes. Along with them, the country sells tomatoes, citrus fruits, macaroni, cheese and, of course, wine.

Also, the famous white Carrara marble is exported , which is used for decoration of buildings and making sculptures.

In Italy, there is not enough grain to grow. Therefore, the state is forced to import hard wheat from North and South America.

And still imported fuel, some products of mechanical engineering, manufactured goods.

Italy's main partners in foreign trade are: the United States, Germany, Britain, France, Spain and the Netherlands.