Tourism plays a very important role for the Italian economy and contributes nearly 10% to this sector. Italy’s economy has both high diversification and significant regional divisions. Italy’s economy comprises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. Now Italy is the concern — Europe’s nightmare scenario. Information about Italy. Economy in Italy today. Dublin, April 17, 2020 (GLOBE NEWSWIRE) -- The "Impact of COVID-19 on Italy Economy" report has been added to ResearchAndMarkets.com's offering. Italy's economy, which was already contracting at the end of last year, looks sure to be thrown into yet another recession by a sudden outbreak of coronavirus that has rocked the country. Marchel Alexandrovich . Italy … Beaches in northern Italy aside, the most important destinations are Venice, South Tyrol and Rome. All eyes will be … Italy's economy performed woefully in 2019 and is set to do even worse this year due to the coronavirus, with the threat of recession looming large, experts said Monday. Stay on top of Italy latest developments on the ground with Al Jazeera’s fact-based news, exclusive video footage, photos and updated maps. After Greece, Italy's debt is the largest in the euro zone in proportion to its output. Italy will be Europe's canary in the coalmine for the post-Covid economy This article is more than 7 months old. The traditional divide between the industrialized and developed north and the agricultural south is still a part of the Italian economic landscape. Select the subjects you want to know more about on euronews.com Italy's young workers have been leaving for decades. Having long been saddled with a sluggish economy, Italy is now faced with a recession. The bars and streets are mostly empty in Milan’s usually popular Navigli neighborhood. Italy’s powerful mafia organisations are infiltrating businesses that are struggling as a result of the pandemic and lockdown By Nick Squires 16 Nov 2020, 2:01pm. Venice - Venice - Economy: The landscape of Venice is as much a product of its economic activities, past and present, as of its physical environment. Almost 70% of the Italian GDP are generated in the service sector. Coronavirus is causing enormous upheaval in Italy’s economy, the European Union’s third largest. Italy is a larger economy than Spain but has received less than half the level of foreign greenfield investment since 2003, according to fDi Markets. Italy - Unemployment Available indicators point to a robust rebound in activity in Q3, after Q2’s historic collapse amid strict lockdown measures. Italy’s economy was scary enough. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy is the worst hit in Europe, with more than 31,000 cases. Its strengths are its metallurgical and engineering industries, and its weaknesses are a lack of raw materials and energy sources. Here's what it's like to leave a stagnant economy in a country you love. Italy is a unitary parliamentary republic in Southern Europe, bordering several neighboring countries to the north and consisting of the entire Italian peninsula to the south. Italy's tourism sector, which accounts for 6% of GDP, will be particularly hard hit, as popular destinations in Venice and Rome are deserted. If Greece was a sardine, Italy is a whale. Then came coronavirus. At the beginning of 2018, Italy was the third-largest economy in the currency bloc. Tourism in Italy today amounts to 13 percent of the country’s GDP. Italy’s economy has shrunk by around 10 per cent since 2007, as the country endured a triple-dip recession. Industrial output recovered strongly in July-August, while the manufacturing PMI rose further in September, and business sentiment improved throughout Q3. DUBLIN, April 16, 2020 /PRNewswire/ -- The "Impact of COVID-19 on Italy Economy" report has been added to ResearchAndMarkets.com's offering.. Italy is … It has created jobs, spurred development, and injected cash flow into the national economy. However, Economy Minister Roberto Gualtieri announced plans … In the Q1 (1st quarter) of 2009, Italy's economy contracted by 4.9%, a greater contraction than the predictions of the Italian government, which believed that it would be of at most 4.8%. Tourism in Italy is worth 13 percent of the national GDP. The sectors suffering the most are transport and tourism, key parts of Italy's economy, in which growth had slowed by about 50 percent and 70 percent respectively by the end of February since the first recorded case of COVID-19 in northern Italy. More than four-fifths of Italy’s energy requirements are imported. Then came coronavirus. As restrictive measures are being enforced in northern Italy to contain the coronavirus outbreak, Italy edges toward recession. The Q2 (2nd quarter) saw a smaller decrease in GDP, more or less that of -1%, and by the Q3 (3rd quarter), the economy began to re-grow slightly, with GDP increase rates of about +0.2% to +0.6%. After having experienced the deepest recession since the second world war, in 2021 the Italian economy will begin a fragile economic recovery, but a return to pre-crisis levels is unlikely before 2024. Italian economy sees unprecedented contraction over COVID-19 lockdown: ISTAT XINHUA 發布於 08月06日17:36 A restaurant staff member waits for customers in Rome, Italy, Aug. 4, 2020. One of them worked for Planet Money last winter. The country's economy has stalled. Today’s Economy in Selected Italian Regions. "In the best scenario for Italy, we expect zero growth (in 2020) with a negative first quarter followed by a slow recovery," OECD chief economist Laurence Boone said. Along with Germany’s economic slowdown and the uncertainty of Brexit, the country’s COVID-19 affliction is further grim news for Europe. Business Coronavirus hits heart of Italy's economy. In recent years, some 40 million tourists a year visited the country. Output has regressed to levels of over a decade ago. Italy's economy returned to growth in the first quarter of the year, pulling clear of its third recession in a decade, while the unemployment rate receded in March, data showed on Tuesday. Italy - Italy - Economy: The Italian economy has progressed from being one of the weakest economies in Europe following World War II to being one of the most powerful. Here are some comparisons: Greece’s economy is less than one-third as big as Australia’s. 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