COUNTRY PROFILE: Italy
The Tuscan capital, Siena © Vito Arcomano
Italy was a charter member of NATO and the European Economic Community (EEC) and has been at the forefront of European economic and political unification, joining the Economic and Monetary Union in 1999. Italy’s economy has at times suffered from sluggish growth and there is a divide between the low incomes of southern Italy compared with the prosperous north with its high technical standards and advanced technology.
There is a wealth of trade opportunities available in a number of sectors, including: agriculture - flowers and wool, arts and culture – fashion, biotechnology, education, food and beverage, health - medical products and services, cosmetics and toiletries, information and communication technology, manufacturing - automobile parts, marine and defence.
Italy is the 7th largest economy in the world while Australia is the 13th and has remained a steady market for Western Australian goods exports for much of the decade. In the past two years, however, goods exports to Italy have declined, from AUD$270 million in 2007-08 to AUD$79 million in 2009-10, mainly as a result of the global financial crisis. Our largest exports to Italy include minerals such as nickel and primary products such as wool. Western Australia imports more than it exports to Italy, and Italy was ranked as Western Australia’s 36th largest market for goods exports in 2009-10 and our 14th largest source of imports.
Bilateral cooperation with Italy is strengthened through Western Australia’s Sister State Relationship with the Regional Government of Tuscany. Formed in 1999, this relationship has nurtured economic and cultural links through industry missions (olives, furniture, agribusiness and education), cultural exchanges and Parliamentary visits.
You can find a full report on WA’s trade relationship with Italy here.
Size: 301,340 sq km
Population: 61,016,804 (July 2010 est.)
Time zone: Central European time (+ 1 hour from GMT) Summer time/daylight- saving time from March to November is + 2 hours from GMT
Government type: Parliamentary Democracy
Largest city: Rome (3.357 million)
Gross National Income: USD$31,360 per capita (2010 est)
Gross Domestic Product: USD$2.037 trillion (2010 est.)
GDP per sector: agriculture: 1.8%, industry: 24.9%, services: 73.3% (2010 est.)
Exports: USD$458.4 billion (2010 est.)
Export partners: Germany 12.6%, France 11.57%, US 5.92%, Spain 5.69%, UK 5.13%, Switzerland 4.69% (2009)
Imports: USD$459.7 billion (2010 est.)
Import Partners: Germany 16.68%, France 8.82%, China 6.53%, Netherlands 5.63%, Spain 4.3%, Russia 4.12%, Belgium 4.08% (2009)
Industries: tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics
Source: CIA World Book of Facts
