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Italy

Italy’s economy comprises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors.

Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets.

Population 62,402,659
Language Italian (official), German (parts of Trentino-Alto Adige region are predominantly German speaking), French (small French-speaking minority in Valle d'Aosta region), Slovene (Slovene-speaking minority in the Trieste-Gorizia area)
Religion Christian (83.3%), Muslim (3.7%), unaffiliated (12.4%), other (0.6%)
Capital Rome
Government type Repubblic
Currency EURO
GDP 2019 - million euro 1.789.747
GDP 2019 - growth 0,3%
Inflation 2019 0,6%
Export 2019 - million euro 475.848 (+2,3%)
Import 2019 – million euro 422.914 (-0,9%)
FDI 2019 – million euro 26.056

ITALIAN-SERBIAN ECONOMIC RELATIONS


In 2019, Italy was Serbia's second trading partner. Italy is in fact the fourth exporter country, behind Germany, Russia and China and the second importing country after Germany. In 2019, the total trade between Italy and Serbia amounted to 3.84 billion euros, of which 2.07 billion of Italian exports and 1.77 billion of Italian imports. The main Italian products exported to Serbia are cars, textiles and machinery.

Italy is also one of the main foreign investors in Serbia with a presence of about 600 companies, investments for about 3 billion euros. Italian companies are present in many sectors of the Serbian economy, including the automotive sector with FCA, whose Kragujevac plant represents one of the largest foreign investments in Serbia, the financial sector (Intesa Sanpaolo and Unicredit hold about 30% of the local market), insurance (Generali and UNIPOL SAI-DDOR represent 35.2% of the Serbian market), textiles (Benetton, Calzedonia, Pompea and Golden Lady) and footwear (Geox).



ITALIAN-SERBIAN ECONOMIC RELATIONS


The overall trade between Montenegro and Italy in 2019 amounted to 196 million euros (second trading partner after Germany). Italy was the fourth exporting country in Montenegro with Montenegrin imports amounting to 185 million euros. Furthermore, Italy is the 10th importing country from Montenegro with Montenegrin exports amounting to 11 million euros. The main Italian products exported to Serbia are means of transport, food & beverage products and machinery.
Italy is Montenegro's leading investor and strategic partner in the energy sector, through the presence in the country of projects developed by Terna A2A, ENI. Italy is also heavily present in the construction sector, especially with tourism projects (Pizzarotti), DBA, Geodata). In the insurance sector, Generali holds a leading position. the Trieste consortium Ocean Interlog has acquired the entire capital of Pomorski Poslovi, owner of the maritime services in the port of Bar.

ISTAT: www.istat.it

ITALJUG
ITALIAN CHAMBER OF COMMERCE
FOR SERBIA
AND MONTENEGRO

Via Alessandro Manzoni, 45 - 20121 Milano (Italy)
Tel. +39 02 7631 8101 | Fax: +39 02 7639 0984
Email: info@italjug.com

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