Post pandemic rebound has decelerated

Last update – January 2024
Business environment risk
Political risk
Commercial risk
Financing risk
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GDP USD2.010bn (World ranking 10, World Bank 2022)
Population 59mn (World ranking 25, World Bank 2022)
Form of state
Head of government
Georgia Meloni (PM)
Next elections
2027, legislative
  • Resilient private consumption despite high inflation and falling real wages
  • Labor market keeps improving, with employment at a record high
  • Good appetite for Italian sovereign bonds, helped by recent actions by rating agencies
  • Investment has slowed but will be supported by NGEU projects implementation
  • Declining inflation to provide some breathing room
  • Italian banks have cleaned up their balance sheets and built-up stronger capital positions
  • Fiscal consolidation under the spotlight
  • Heavy red tape which hinders innovation and competitiveness
  • Declining working-age population and demographic challenges ahead
  • Efficient and timely allocation of EU funds is being tested
  • Structural reforms needed in many areas
  • Sovereign-bank nexus has reduced but not disappeared

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  Exports Rank Imports  
Germany 12.4% 1 13.7% Germany
United States 10.4% 2 8.9% China
France 10.0% 3 7.3% France
Spain 5.1% 4 5.6% Netherlands
Switzerland 4.9% 5
4.6% Spain

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Exports Rank Imports
Other industrial machinery and parts 8.1% 1 9.2% Gas, natural and manufactured

Medicinal and pharmaceutical products 7.0%

2 8.0% Petroleum, petroleum products and related materials
Road vehicles 6.2% 3 6.0% Road vehicles
Specialised machinery 4.3% 4 4.9% Medicinal and pharmaceutical products
Iron and steel 4.2% 5
4.2% Iron and steel
Maddalena Martini
Allianz SE Branch Rome