Food and Economics
Italy's Economy: General Overview
The video on the left gives a good overview of the history and main components of Italy's economy as a whole, incorporating some of the recent COVID-19 impacts.
The video on the right is a recent news article explaining more in detail the impacts that the COVID-19 pandemic has had on Italy's economy.
Food Exports
A large contributor to Italy's economic success is their food industry, which produces many items for export to many places around the world. The leading Italian exports to the U.S. are shown below with their corresponding total value.
Wine and beer: $2.1 billion
Olive oil: $572.9 million
Cheese: $324.4 million
Snack foods: $208.5 million
Processed fruit and vegetables: $160.4 million (1)
From 2018 to 2019, it was found that the Italian food & beverage industry grew by +3%, while the industrial sector as a whole decreased by -1.3% (2).
Other successful economic sectors for Italy include the automotive industry and luxury brands, especially in fashion.
Along with the industrial production of packaged and processed foods, the agricultural sector serves as one of the biggest contributors to Italy's food industry success, with at least 37.1% of its land devoted to annual or permanent crops (3).
Trancino packaged snacks, along with Nutella and Kinder are well-known Italian exports.
Photo source: Bell Italia
The chart to the left shows more in depth the Italian food exports
Photo source: Italianfood.net
Restaurants & Tourism
With more than 58.3 million tourists per year, Italy is one of the most popular destinations for world travelers. This makes the Italian Hotel and Food Service Industry a growing sector in Italy's economy (1).
There are many small establishments throughout the country of Italy that make the tourism industry thrive, such as bed and breakfasts in smaller villages, resorts at the big cities, youth hostels, and even camping facilities in rural areas.
Relying on imports and more wholesale manufacturers, restaurants and hotels make many of the sourcing decisions for themselves.
Trattorias (less formal dining establishments) and pizzerias often purchase directly from larger food retailers and companies (1).
Bed and breakfast in Florence
Photo source: lapaggeria.com
Outdoor seating at a restaurant in Venice.
Photo source: Culture Trip
Citations
Italy-Agricultural Sector. Italy Country Commercial Guide. Privacy Shield Framework. International Trade Administration. https://www.privacyshield.gov/article?id=Italy-Agricultural-Sector
Italy's Food & Beverage growing thanks to exports. (2020, February 11). https://news.italianfood.net/2020/02/11/italys-food-beverage-growing-thanks-to-exports/
Italy-Agriculture. Nations Encyclopedia. https://www.nationsencyclopedia.com/Europe/Italy-AGRICULTURE.html
Cover photo courtesy of Tarek El Sombati