Flag description:
three equal vertical bands of green (hoist side), white, and red;
similar to the flag of Ireland, which is longer and is green (hoist
side), white, and orange; also similar to the flag of the Cote
d'Ivoire, which has the colors reversed - orange (hoist side),
white, and green
note: inspired by the French flag brought to Italy by Napoleon in
1797
Economy Italy
Economy - overview:
Italy has a diversified industrial economy with roughly the same
total and per capita output as France and the UK. This capitalistic
economy remains divided into a developed industrial north, dominated
by private companies, and a less developed, welfare-dependent
agricultural south, with 20% unemployment. Most raw materials needed
by industry and more than 75% of energy requirements are imported.
Over the past decade, Italy has pursued a tight fiscal policy in
order to meet the requirements of the Economic and Monetary Unions
and has benefited from lower interest and inflation rates. The
current government has enacted numerous short-term reforms aimed at
improving competitiveness and long-term growth. Italy has moved
slowly, however, on implementing needed structural reforms, such as
lightening the high tax burden and overhauling Italy's rigid labor
market and over-generous pension system, because of the current
economic slowdown and opposition from labor unions. But the
leadership faces a severe economic constraint: the budget has
breached the 3% EU deficit ceiling.
GDP (purchasing power parity):
$1.609 trillion (2004 est.)
GDP - real growth rate:
1.3% (2004 est.)
GDP - per capita:
purchasing power parity - $27,700 (2004 est.)
GDP - composition by sector: agriculture: 2.3% industry: 28.8% services: 68.9% (2004 est.)
Labor force:
24.27 million (2004 est.)
Labor force - by occupation:
agriculture 5%, industry 32%, services 63% (2001)
Unemployment rate:
8.6% (2004 est.)