The Italian economy is one of the largest in the world and Italy, for more than thirty years, has been the second manufacturing country in Europe (Italian production makes up 11% of the GDP of the European Union). Like many developed countries, most of Italy’s GDP comes from the tertiary sector (72.6%).
The Italian economy quickly recovered from the pandemic shock. In 2021, GDP grew by 6.6% and in 2022, despite the particular international situation caused by the war in Ukraine, GDP recorded a further increase (+3.2%).
Italy represents a gateway to the European market with a well-developed and diversified transport network. Furthermore, it is in a strategic position with respect to the countries of the Middle East and North Africa. Companies that invest in Italy can count on a dense network of PMIs and industrial districts present throughout the country and well placed in international supply chains, providing high quality intermediate goods.
Research and innovation are widely integrated into industrial processes, with peaks of recognized excellence in different sectors of life sciences (primarily neuroscience), physics and engineering (e.g. robotics), social sciences and humanities (among all hi-tech archaeology). The university system in Italy has ancient roots, it is dynamic, of excellent quality and in the face of high academic preparation, the cost of labor is relatively affordable compared to other countries in the Eurozone.
In Europe, Italy ranks first as the country with the lowest cost of settlement for the biotechnology sector and second for product testing in research and development, chemistry and electronics.
Macroeconomic framework
Updated analyzes of the national macroeconomic framework can be found on the Bank of Italy website. Of particular interest, in the publications section, is the quarterly updated Economic Bulletin.
Useful links
The websites of some economic associations in Italy are listed below.
Confindustria is the main association representing manufacturing and service companies in Italy.
Confapi – Italian confederation of small and medium private industry
Confcommercio – Italian General Confederation of Enterprises, Professional Activities and Self-Employment
Confartigianato – Confederation of Artisans and Small Entrepreneurs
CNA – National Confederation of Crafts Trade
Confagricoltura – General Confederation of Italian Agriculture
> Invest in Italy and Doing Business in Italy of the ICE Agency
> Invitalia, Investment attraction and business development agency
> Italy Startup Visa, the program dedicated to attracting innovative companies
> Italian Business Register for information on companies with headquarters or units in Italy
> The website of the Association of the Italian Exhibition Industry