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Italy - Economy |
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Italy began to industrialize late in comparison to other European nations, and until World War II was largely an agricultural country.
After 1950 industry was developed rapidly so that by the 1990s industry
contributed about 35% of the annual gross domestic product and agriculture less than 4%.
The principal farm products are fruits, sugar beets, corn, tomatoes, potatoes, soybeans, grain, olives and olive oil, and livestock ( especially cattle, pigs, sheep, and goats ). In addition, much wine is produced from grapes grown throughout the country. There is a small fishing industry.
Industry is centered in the north, particularly in the " golden triangle " of Milan-Turin-Genoa.
Italy's economy has been gradually diversifying, shifting from food and textiles to engineering, steel, and chemical products. The chief manufactures of the country include iron, steel, and other metal products; refined petroleum; chemicals; electrical and nonelectrical machinery; motor vehicles; textiles and clothing;
printed materials; and plastics. Although many of Italy's important industries are state-owned, the trend in recent years has been toward privatization.
Italy's economy has deceptive strength because it is supported by a substantial
" underground " economy that functions outside government controls. |
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