1 If one looks at GDP figures, Italy’s economy has recovered well from the pandemic, expanding by 0.9% in 2023 and 0.6% in the first quarter of 2024. As a result, GDP surpassed its pre-Covid level by 4.5% – a stronger performance than in other large euro area countries.
2 However, Italy’s GDP performance heavily relies on extraordinary post-pandemic support measures enacted by successive governments between 2021 and 2023, totaling €296 billion – equivalent to about 15% of GDP.
3 Italy’s underlying vulnerabilities include that it is expected to overtake Greece by 2028 as the EU economy with the highest public debt – reaching 143.7% of GDP, up from 137.3% in 2023.
4 Poverty levels in Italy have also been rising. Between 2013 and 2023, the purchasing power of gross wages in Italy has decreased by 4.5%, while in the other major economies of the EU it has grown at rates ranging from 1.1% in France to 5.7% in Germany.
5 Italy’s GDP has returned to the pre-global economic crisis levels of 2007. However, over the past 15 years, Italy has accumulated a growth gap of over 10 percentage points with Spain, 14 with France and 17 with Germany.
6 Italy accounts for 12.3% of the EU’s total GDP. Its GDP per capita is €34,400 – slightly under the EU average of €35,500.
7 Italy contributes approximately €18 billion to the EU budget. The EU member state that contributes the most is Germany (€33 billion), the lowest contributor is Malta (€150 million).
8 A slight majority of Italians do not have a positive image of Giorgia Meloni after nearly two years in charge. 52% disapprove of her government, whereas only 41% think positively about her performance.
9 Italy is among the EU member countries with the greatest share of people who believe that their country would do better outside the EU (40%). Other EU member countries include Poland (47%), Cyprus (42%) and Slovenia (41%).
10 Italy’s defense spending is approximately 1.3% of GDP. The EU member state with the highest defense spending is Greece (2.6 %), the lowest is Ireland (0.2%).
11 Some 45% of Italians are against sending weapons to Ukraine, compared to 34% in favor. Among supporters of Meloni’s Brothers of Italy party, 47% are against arms supplies.
*firt published in: Theglobalist.com
By: N. Peter Kramer
