Italy is one of the most visited countries in the world. Lush cultural and historical heritage makes it attractive not only for tourists, but also for foreign investors. The Italian economy is one of the most developed in the world and in the European Union. A diversified industry and a developed infrastructure ensure Italy’s high gross domestic product (GDP) per capita.
The Italian economy is diversified and many Italian brands have become world famous.
Italy knows how to best exploit its natural resources and how to make up for the resources it lacks. Agriculture is a strong economic sector both in Northern and Southern Italy. While the North part produces foodstuffs such as maize, rice, sugar, meats and dairy products, specific products from the South include wheat and citrus fruits.
Italy is one of the leading producers of olive oil, fruits, flowers and vegetables and a top wine producer. Italy has few natural resources and most materials needed for energy production are imported. However, Italy has become one of the world’s largest producers of renewable energy.
Employment in Italy
Italy’s powerful economy is also supported by an educated and efficient labor force. Most of the workforce in Italy is employed in services, followed by industries, which is the second largest employment sector and finally agriculture.
The largest part of workforce in Italy is concentrated in the more industrialised North part of the country. In the second quarter of 2011, approximately 12.5 million employees worked in Northern Italy, compared to 5.23 million in the Central part of the country and 7.228 million in the South.
Unemployment rates are higher in Southern Italy, where in the second quarter of 2011 approximately 15% men and women were not employed.
It’s not easy to estimate how many Italians are officially unemployed, as unregistered employment is still a practice in Italy. However, figures show that in 2012, the unemployment rate in Italy was around 10 per cent.
Unions represent most of the workforce in Italy. Most Italian unions are grouped in three major confederations that have an important consultative role on social and economic issues.
Even in the context of today’s worldwide economy, the average standard of living in Italy is high compares to other European countries. Italy also has high standards for business, investment and trade.
If you want to open a company in Italy and need assistance regarding the types of companies in Italy or other legal matters our company formation agents in Italy can help you.