Italy

Italy slipped 1 place to 9th even as its dollar GDP grew. US$ GDP rose 7.1% to US$2.55 trillion, but real growth was just +0.5%; the gap was mostly exchange-rate and price effects, not output. Russia now sits directly above it at 8th, Canada directly below at 10th.

Services make up 64.5% of the economy, industry 22.6% and agriculture 2.1%, with manufacturing at 15.0%. Inflation was a subdued 1.5% and unemployment 6.4%, while government gross debt stands at 137.1% of GDP. Italy is the 5th largest of 52 economies in Europe & Central Asia and is about the size of New York. Output per person reached US$43,309, 29th of 196.

The longer view is modest: GDP has grown 2.2x since 2000, when it stood at US$1.15 trillion and ranked 7th. The IMF projects US$2.96 trillion by 2030, a rise of +16% that would place Italy 10th among economies with forecasts.