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||1960 - 2015
Italy has the eighth largest economy in the world and the third largest in the Euro Zone. The country has a diversified industrial base driven in large part by manufacturing of high-quality consumer goods. After joining the European Union in 1952, Italy experienced several decades of growth rates above 4 percent. Yet, after 1992, the expansion rates went below EU average. Since then, the government has been trying to revive the economy by increasing public spending. As a result, the public debt and budget deficit have reached unsustainable levels and the country has been facing tough austerity in the last years. In 2014, after two years of contraction, economic expansion and labor market conditions continued to deteriorate, with growth at -0.4 percent and unemployment rising to 12.7 percent. Italy's GDP is now 9 percent below its 2007 pre-crisis level, mainly due to a sharp 30 percent contraction of fixed investment in the country. Household expenditure is the main component of GDP and accounts for 61 percent of its total use, followed by government consumption (19 percent) and gross fixed capital formation (17 percent). Also, external balance of exports and imports accounts for 3 percent of total GDP. This page provides - Italy GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Italy GDP Growth Rate - was last refreshed on Wednesday, October 7, 2015.