Italy's Economy
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| The Euro coins in Italy |
The Italian economy is one of the
worlds most developed; the country has a high standard of living. Italy is the
8th largest economy in the world. By 2006, industry contributed about 30% of the
annual gross domestic product and agriculture only 2%. The principal farm
products are fruits, vegetables, grapes, potatoes, sugar beets, 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. Germany is Italy’s largest producer with 16.4% of the products. Tourism
is one of Italy's most important industries and a major source of foreign
exchange. Italy's economy has been gradually diversifying. Italy’s form of
payment is called Euros. One Euro is equivalent to $1.32 US dollars. The
average amount of money Italy earns in one year is $1.63 trillion and the
average person earns $32,120 a year.
The Italian economy is one of the
worlds most developed; the country has a high standard of living. Italy is the
8th largest economy in the world. By 2006, industry contributed about 30% of the
annual gross domestic product and agriculture only 2%. The principal farm
products are fruits, vegetables, grapes, potatoes, sugar beets, 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. Germany is Italy’s largest producer with 16.4% of the products. Tourism
is one of Italy's most important industries and a major source of foreign
exchange. Italy's economy has been gradually diversifying. Italy’s form of
payment is called Euros. One Euro is equivalent to $1.32 US dollars. The
average amount of money Italy earns in one year is $1.63 trillion and the
average person earns $32,120 a year. 
Australia is the world's 13th largest economy in the world, which is pretty close to Italy's standings at 8th place! Although I didn't mention it in my economy blog, in Australia in 2010, industry contributed about 25% to the annual GDP, while agriculture only about 4%, which is quite similar to Italy. It looks like Euros, Australia Dollars, Canadian Dollars and American Dollars are all worth about the same amount!
ReplyDeleteThat is very interesting Jen. Do you know how much debt Italy is in? China is in 1.66 trillion dollars in debt. That seems like a lot but it only amounts to about $1300 American.The Chinese Yuan is worth a lot less than the Euro but they get paid more and it costs a lot less to live there. I cannot wait for your next post.
ReplyDeleteI was in Markham looking for hotels and came across some really good spots there. I didn't realize how cheap they were in comparison to hotels in other cities.
ReplyDeleteI would say Italy's economy has quite a bit to do with all the tourism. Italy is a very popular place to travel all year long. All that money spent is just going to be recycled throughout Italy.
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