Macroeconomics Project

Sorangel & Jennifer

General Information
Population: 61,070,224
Ranking: 23

1 Euro= 1.08 US $

Unemployment: 12.4%
Ranking: 125
Population below poverty line: 29.9%
Ranking: 231

Exports & Partners

-Refined Petroleum
5.2%
-Packaged
medicaments 4.2%
-Vehicle parts 2.7%
-Cars 2.0%
-Gold 1.7%

-Germany 12%
-France 7.9%
-China 6.7%
-Netherlands 5.4%
-Russia 4.9%

Imports & Partners

-Crude Petroleum 11%
-Germany 14%*
-Petroleum Gas 6.4%
-France 7.9%
-Cars 4.3%
-China 6.7%
-Packaged Medicaments 3.1% -Netherlands 5.4%
-Refined Petroleum 2.5%
-Russia 4.9%

Components of Nominal GDP

C+G+I+(X-M)
C Household consumption: 60%
G Govt consumption: 20.6%
I Investment in fixed capital: 17.6%
Investment in inventories: -0.3%
X Exports of goods & services: 30.1%
M Imports of goods & services: -27.9%

GDP Table 2000-2013

Year

GDP (bil)

Year

GDP (bil)

2000

1,142,213,930,348.3

2007

2,203,972,558,211.2

2001

1,162,784,472.0

2008

2,391,963,512,218.4

2002

1,267,043,101,825.7

2009

2,186,107,544,936.1

2003

1,570,330,699,774.3
2010

2,126,620,402,889.1

2011

2,278,230,390,029.8

2012

2,091,760,740,477.2

2013

2,149,484,516,711.8

2004

1,799,204,087,587.6

2005

1,853,465,900,611.9

2006

1,943,430,740,490.2

GDP Data from 2000-2013

GDP Data in 2007

How was Italy affected by the 2007 Recession?

Unemployment rose from 6.2% in 2007 to 8.4% in 2010.

The company Fiat laid off many workers causing car
sales to fall by 20% in 2 months.
Italys economy contracted by
0.3% in 2008.

Italys Population from 2000-2013

Year

Population

Year

Population

2000

56,942,108

2008

58,826,731

2001

56,974,100

2009

59,095,365

2002

57,059,007

2010

59,277,417

2003

57,313,203

2011

59,379,449

2004

57,685,327

2012

59,539,717

2005

57,969,484

2013

59,831,093

2006

58,143,979

2007

58,438,310

Italys Population from 2000-2013

Italys Unemployment from 2000-2013

Year

Unemployment Rate

Year

Unemployment Rate

2000

10.100%

2009

7.808%

2001

9.100%

2010

8.417%

2002

8.608%

2011

8.417%

2003

8.450%

2012

10.675%

2004

7.992%

2013

12.208%

2005

7.692%

2006

6.783%

2007

6.100%

2008

6.783%

Italys Unemployment from 2000-2013

Other Findings
Italys
economy
slipped back
into a
recession, in
the first
half of 2014.

http://www.voxeu.org/article/italian-growth-new-recession-or-six-year-decline

How does your country compare to other countries in

the region? What accounts for the differences?

Italy is the 3rd largest

economy in the Euro-zone.

Italy is ranked 8th in world for

GDP. Italy is the United States
15th-largest export market.

Germany is the 1st largest

economy in the Euro-zone

Its ranked 4th in the world for

GDP. Unemployment rate is 5.3%
and is 52nd in the world.

France is the 2nd largest

economy in the Euro-zone

Unemployment rate is 10.2% & is

ranked 108th in the world. It is
ranked 5th in the world for GDP.

What is your countrys economic relationship with the United

States? In what ways as a consumer might you be impacted
by this relationship?

U.S. is one of Italys important trade partners.

Italy exports to the U.S. Medical, Dental, and Pharmaceutical

preparations, Alcoholic beverages and Footwear.
U.S. exports to Italy Fuel Oil, Synthetic Rubber, Coal, Aluminum
U.S. and Italy have always had a friendly relationship.

As consumers, we buy final and intermediate goods made in Italy.

These include cars such as Ferrari, Fiat, and Bugatti.
Famous clothing brands such as Giorgio Armani, Gucci, Dolce & Gabbana,
Versace, and Prada.
And many food brands.
When consumers (who are probably rich enough to afford these goods) do not
have access to buy these brands, GDP will not increase.

Would the fall of this countrys economy

affect the US?
Italian exports to the United States in 2012 was $35.5 billion,
a 16.8% increase over 2011. American exports to Italy in 2012
was $16.0 billion, a 1.1%of total U.S. exports. Italy and the
United States account for nearly half the worlds GDP and 30
percent of world trade, contributing to economic increase
and supporting jobs on both sides of the Atlantic.
Because Italy makes expensive products that America
receives as imports, there will be a small after-math to the
United States if Italys economy declines. But, because
America is considered an affluent country, it wouldnt have
such a big impact on the U.S. economy. GDP will decrease
somehow, but not so much that the America will be in a
trough. https://www.whitehouse.gov/the-press-office/2013/10/17/fact-sheet-us-italycooperation

Questions?