About Italy
Italy is a country with historic, artistic, aesthetic and international importance that beholds elegance in its soul. It is the home to some of the greatest food cultures and civilizations ever. Italy as a country has throughout history been a pivotal contributor in the development of the modern aspects of this world’s politics, culture and economy.
Italy is praised for its unique people and its excellent geographical and demographical conditions. Sitting right at the meeting point between the Eurasian and African plates the beautiful country has its northern end in the laps of the Alps and its southern end embracing a mesmerizing coastline.
Italy is officially known as the Italian Republic and is a unitary parliamentary republic in the European continent. Most of this country’s geographical exuberance and aesthetic is at the heart of its peninsula that extends into the Mediterranean sea.
Italy shares an open land border with France, Switzerland, Slovenia, Austria, San Marino, and the Vatican city. The country covers an area of 301,338 square km.
It mostly experiences temperate and Mediterranean climate. The present population of Italy is 60.57 Million with majority percentage of its citizens being of Italian descent and other being non-natives comprising of 8.5% of the total population. The country is the 4th most populous among all the EU member states.
Italy is also the global center of history and culture and has more than 53 world heritage sites which is evidently more than any other nation. It is interestingly the fifth most visited country in the world.
Over 50 million tourists visit the country every year and the money generated constitutes over 60% of Italy’s national income.
Italy is one of the founding states of the European Union and is also a member of the G-8 countries, hence has adopted the EU Euro (€) currency and is a crucial trade and economic partner to other EU member states.
The main language of Italy is Italian which is widely considered as a romantic language descending from Latin. However, many regions in the country have their own dialects that are equally significant in their vocabulary and grammar.
The capital of Italy is Rome which is its largest city as well. It has been the capital since 1871 and is over 3000 years old. Italy is famous for its sports, art, music, and culinary art that witnesses prolific regional variants throughout the country.
About the Italian Economy
As the 8th largest nominal GDP in the world and the 8th largest exporter, Italy’s economy is heavily driven by industry and production, specifically in luxury items. Major world-renowned companies like Fiat, Lamborghini, Ferrari, Maserati, Ducati, Perelli, Armani, Versace, Dolce & Gabbana, Prada, Gucci, Prada are some of the key players in keeping Italy afloat.
Italy’s main industries are tourism, machinery, chemicals, food processing, iron and steel, engineering products, textiles and clothing, ceramics and footwear.
Other exports include beverages, foodstuffs, chemicals, minerals, tobacco, transport equipment, high-quality furniture, and electrical equipment. Agricultural, service, and trade sectors are some of the biggest sectors in Italy.
The country has a well-developed industry sector characterized by large corporations, medium-sized facilities, and small family-owned businesses.
The small and medium-sized industries in Italy play a major role in the development of the country’s economy. The sector employs approximately 30% of the local workforce and accounts for 75% of the total GDP.
Tourism is one of the leading areas in Italy and has been very rewarding for more than 100 years. Italy boasts of over 50 UNESCO heritage sites which are the highest number in the world.
The country receives many tourists in millions from other countries around the globe. The sector has also managed to provide employment opportunities for many of the country’s citizens and even foreigners as well.
The most visited cities in Italy include Venice, Rome, Florence, Milan, Trieste among many others. Tourism accounts for 12% of the country’s total GDP. In 2014, the country received over 40 million visitors and was ranked 5th in the world in terms of international arrivals.
Italy has 4600 miles of coastline with numerous ports that contribute to maritime transport, infrastructure is well developed and there are numerous expansive roads and many state-of-the-art railway lines that connect major cities.
The service sector is the largest and most developed sector in Italy and it employs 68% of the total workforce in the country.
The sector accounts for 74% of Italy’s GDP and the banking industry is a major component of this sector. Transport, wholesale, and retail are also major contributors.