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The economy of Italy is a highly developed social market economy. [31] It is the third-largest national economy in the European Union, the 8th-largest economy in the world by nominal GDP, and the 11th-largest by PPP-adjusted GDP. The country has the second-largest manufacturing industry in Europe, which is also the 7th-largest in the world.
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
The greatest cases of inequity typically would involve an impoverished and politically unstable country neighbouring a resource-rich and relatively stable one, although neither may be recognised as a high-income economy. As an extreme example, the GDP per capita for Saudi Arabia, is over 42 times greater to that of its neighbour Yemen.
Italy is considered a high-tax country, with a tax-to-GDP ratio of nearly 43%—well above the OECD average of 34%. However, the issue is the distribution of taxes, which distorts how much some ...
Italy will probably balance its primary budget this year, excluding interest payments on government debt, the economy minister said on Friday, as Rome prepares a medium-term fiscal plan for ...
The economy of the State of California is the largest in the United States, with a $4.080 trillion gross state product (GSP) as of 2024. [1] It is the largest sub-national economy in the world.
New economic data puts the California economy at $2.747 trillion — bigger than most nations. The ranking puts in fifth in the world, just ahead of the United Kingdom, which is on $2.625 trillion.
The exclusive economic zone of Italy shown in green. Italy has the world's 48th largest exclusive economic zone (EEZ), with an area of 541,915 km 2 (209,235 sq mi). [1] It claims an EEZ of 200 nmi (370.4 km; 230.2 mi) from its shores, which has long coastlines with the Tyrrhenian Sea to the west, the Ionian Sea to the south and the Adriatic Sea to the east.