Post pandemic rebound has decelerated
A2
MEDIUM RISK for entreprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Last updated in January 2024.
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GDP | USD2010.4bn (World ranking 10, World Bank 2022) |
Population | 58.9mn (World ranking 25, World Bank 2022) |
Form of state | Republic |
Head of government | Giorgia Meloni (PM) |
Next elections | 2027, legislative |
Strengths & Weaknesses
![](/content/onemarketing/aztrade/allianz-trade_com/en_global/economic-research/country-reports/Italy/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-0-par/wrapper_copy_copy/wrapper/image.img.82.3360.png/1718711333301/plus.png)
- 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
![](/content/onemarketing/aztrade/allianz-trade_com/en_global/economic-research/country-reports/Italy/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1716971631893/minus.png)
- 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
Economic Overview
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Germany
12.4%
![]() |
1 |
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United States
10.4%
![]() |
2 |
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France
10.0%
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3 |
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Spain
5.1%
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4 |
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Switzerland
4.9%
![]() |
5 |
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Trade structure by product
(% of total, 2022)
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
|
Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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