The Global Attractiveness Index, a composite index that analyzes the attractiveness of 148 economies in terms of investment, places Italy in 17th place, for the first time in the group of countries with “good attractiveness.” The country stands out for its innovation capacity and the wealth of capital, demonstrating greater economic dynamism compared to the past.
What are the strengths of the Italian economy?
A) ECONOMIC GROWTH: Over the last 60 years, Italy’s per capita GDP has grown in real terms at the same rate as other major partner countries (1.8% average annual growth), exactly the same as the United Kingdom, just one decimal point less than the United States and France (1.9%), and one decimal point more than Germany and Canada (1.7%). In the last decade (2014-2023), the country recorded the second-highest per capita economic growth among G7 countries (1.1% average annual growth), behind only the United States and ahead of the United Kingdom (0.9%), Japan, Germany, and France (0.7%), and Canada (0.6%). In the 2020-2023 period, Italy performed excellently with a solid 4.9% increase in per capita GDP compared to 2019. Only the United States did better in the G7 (5.5%). Following more distantly are Japan (2.8%) and Canada (1.3%). Other economies remained stagnant: the United Kingdom (0.4%), France (0.1%), Germany (minus 1%). Compared to 2019 levels, Italy’s GDP grew more than Spain’s, France’s, and Germany’s, showcasing the vitality of the Italian economy.
B) INFLATION, EMPLOYMENT, AND SOCIAL RESILIENCE: Inflation is decreasing more than elsewhere: in January 2024, the consumer price index showed a change of +0.8% compared to the same month the previous year, a figure significantly lower than the United Kingdom (4.3%), the United States and France (3.1%), Germany and Canada (2.9%). Employment is at historical highs. By the end of the fourth quarter of 2023, Italy had 23 million and 729 thousand employed people, 661 thousand more than in 2019. Specifically, 203 thousand jobs were created by the construction sector, 391 thousand by services, and 144 thousand by industry. The increase in employment is accompanied by a progressive reduction in the unemployment rate, which dropped from around 13% in 2014 to 7.2% in 2024. This reduction is particularly significant in the 15-24 age group: from 43.2% to 21.8% in the same period.
C) EXPORT AND TRADE BALANCE: Italian exports are the most competitive in the G7. According to initial WTO estimates, in 2023, Italian exports reached a new historical high of 677 billion dollars. Italy is now the fifth-largest exporter globally, just 40 billion dollars behind Japan, a country with double the population of the Peninsula. From 2015 to 2023, Italian exports in dollars grew by 48%, almost double the growth of France (28%) and Germany (27%) and three times that of Japan (15%). In terms of the manufacturing trade balance, Italy ranks fifth in the world and second in Europe. Italian exports are characterized by strong presence in high-knowledge-intensive sectors such as pharmaceuticals and aerospace. This is supported by an excellent research system: Italy is the third country in Europe for scientific publications.
D) INDUSTRY: In recent years, Italian companies have invested heavily in machinery, plants, and new technologies. In 2022, the share of investments in machinery and plants in Italy rose to 7.1% of GDP, the second-highest value in the G7 after Japan (8.2%), ahead of Germany (6.3%) and the United States (5.9%). According to an analysis by the Edison Foundation based on “World Robotics 2023” data, in 2022, Italy ranked sixth globally for industrial robots (over 91,000 units) and fourth for those installed (22,769) in the metal products and industrial machinery sector, behind China, Japan, and Germany, but ahead of the United States (15,895 robots).
Below is a list of links to websites that help facilitate investments in Italy:
https://italy.tmembassy.gov.tm/index.php/en
https://www.ice.it/en/invest/invest-italy
https://investorvisa.mise.gov.it/index.php/en/
https://www.invitalia.it/eng/support-to-foreign-investors/support-to-foreign-investors
https://www.agenziaentrate.gov.it/portale/web/english/nse/invest-in-italy
https://www.investinitalyrealestate.com/it/
https://www.ice.it/en/sites/default/files/inline-files/doing_business_in_italy_2021_0.pdf
https://www.ice.it/en/my-home/find-your-italian-partner
https://practiceguides.chambers.com/practice-guides/doing-business-in-2023/italy
https://www.italchamind.org.uk/wp-content/uploads/2023/02/DOING-BUSINESS-IN-ITALY-2022.pdf
Ultimo aggiornamento: 2 aprile 2024