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Italy Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
62,137,802 (July 2017 est.)GDP (PPP)
$2.307 trillion (2017 est.)Fourth largest economy in Europe
GDP growth rate
1.5% (2017 est.)The Country is still recovering from a prolonged recession
GDP (PPP) per capita
$38,000 (2017 est.)Medium to high
Local currency
Euro (EUR)Second most important currency in the world after the USD
Financial stability (Public debt)
131.2% of GDP (2017 est.)Very high, however a combination of returned GDP growth, low public deficits and a rebound in inflation are slowly lowering the ratio (total public debt covered)
Inflation
1.4% (2017 est.)Still low but recovering from deflation
Language
ItalianEnglish is spoken as a second language in the main urban or touristic areas
Corruption perception index (Source: Transparency International)
54/180Medium to high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
22% standard VAT rateReduced rates: 10% (electric power supplies for listed uses and listed drugs), 5% (certain health services), 4% (listed food, drinks, and agricultural products, and e-books)
Corporate Tax
24% standard corporate tax rate3.9% regional corporate tax rate applies on a wider tax base
Duties
EU customs duties apply to the import of goods from outside the EUUseful Business Links
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