Italy is ranked sixth among OECD countries and fourth among European countries for Gross Domestic Product, Italian production constituting more than 13% of the European Union’s GDP.
As a result of the nature of its productive system, Italy’s division into sectors of economic activity is similar to that of the principle European countries, with 27.7% devoted to manufacturing and construction and almost 70% to services. Of this latter sector, trade, transport and communications absorb an above average portion of GDP as compared with other European countries.
Located in the heart of the Mediterranean, Italy is a crucial crossroads for land, sea and air routes linking the North and South of Europe.
The Italian market offers countless opportunities to businesses in expansion, with almost 60 million consumers and a GDP ranked fourth in the European Union.
Thanks to its strategic placement, Italy makes it easy to reach the 396 million consumers of the other Union member countries and the 240 million of North Africa and the Middle East. It has also taken a leading position on the European market (11%), with an annual turnover of approximately 65 billion euro.
Of all European countries Italy has the lowest start-up costs for the biotechnology sector and takes second place for product testing in research and development, chemicals and electronics.
BUSINESS INSIGHTS FROM ITALY.
FOSTERING FOREIGN INVESTMENT.
REGULATIONS AND INCENTIVES.
Structural reforms were introduced in the 1990s that allowed Italy to harmonise its regulatory, fiscal and incentive framework with European standards.
In particular, some major reforms were implemented in the labour, credit, energy and public administration markets.
The three fundamental divisions of economic legislation underwent a revolution, the main focus of which was to adapt regulations to those of more advanced countries with the goal of rendering System Italy more attractive to economic operators and more competitive on an international scale.
The site BusinessItalia offers accurate information in four languages on opportunities for doing business and producing in Italy in light of these recent economic reforms.
INVESTMENT OPPORTUNITIES.
InvestInItaly is an institutional organisation for the promotion of foreign investments in Italy and is the only place to find free specialised consulting services aimed at facilitating the connection process for foreign investors in Italy. Foreign investors can consult this website for all the information they need on the most advantageous investment opportunities for creating or expanding their enterprises in Italy.
MACRO-ECONOMIC PICTURE.
A link on the Bank of Italy web site homepage leads to the publications section, which provides access to economic, statistical and monetary policy services in Italy.
Particularly interesting in this section, for the purposes of an accurate and updated analysis of the national economic picture, is the Bank’s Economic Bulletin, which is updated in November and March of each year.