Italy is ranked sixth among OECD countries and third among European countries for Gross Domestic Product, Italian production constituting more than 13% of the European Union’s GDP. According to ISTAT’s Report on Industrial Competitiveness, Italy is ranked to the first places in Europe for industrial production. The Country is sixteenth in the Global Attractiveness Index (European House-Ambrosetti), and third in the Business Confidence Index (OECD) behind United States and United Kingdom.
Due to the characteristics of its production structure, the Italian sectoral composition is similar to that of the main European countries, with 27.7% of production in the manufacturing and construction sectors and with almost 70% in the services sector. Within the latter, trade, transport, and communications absorb an higher share of GDP compared to the average of European countries. The improvement in the industrial sector largely depends on the stabilization of domestic demand, while the recovery was characterized by the driving force of the exporting sector.
Italy holds almost 3% of the world market shares and has conquered a leading position (13% of the European market share). In Europe, Italy ranks first as a country with the lowest settlement cost for the biotechnology sector, and second for product testing in research and development, chemistry and electronics. The most competitive sectors in the country are those with the highest technological content, or those with a particular vocation for export (pharmaceuticals, beverages, chemicals, the production of machine tools and means of transport, the plastics industry and metallurgy). The pandemic situation has affected all sectors of the economy, not only in Italy. However, the Government, in agreement with the European Union, has developed an unprecedented program of investments and support for the economy (National Recovery and Resilience Plan). For any further information, please refer to the ISTAT report on the country's industrial competitiveness.
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 442 million consumers of the other Union member countries, the 249 million of North Africa, and the 395 million of Middle East.
