Global GDP Growth: Overview
Inflation-adjusted base year prices are used to calculate real GDP. Real GDP changes serve as a gauge of economic growth and show whether the economic activity has increased or decreased. According to real GDP, the world's top five economies are the US, China, Japan, Germany, and India. After the US, China had the largest real GDP in 2021 with a value of $12.7 trillion. With a $6 trillion real GDP during the same period, Japan came in third place internationally. Germany and India are the other two largest economies, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
Italy Exports: Overview
With the outbreak of the COVID-19 pandemic, according to the IMF, the total volume of exports and imports of goods and services contracted by 13.8% and 12.6%, respectively, in 2020.
According to the UN Com trade Database, Italy recorded a 7.8% decline in its commodity exports in 2020, because of global trade disruptions and lockdown measures undertaken.
Globally, Italy is the fifth largest exporter of machinery, mechanical appliances, and associated parts with a global export share of 4.4% in 2020. Germany, France, and the US were the major export markets for Italian vehicles with export shares of 19.4%, 14.1%, and 11% in 2020. Globally, Italy was ranked 11th in terms of exports of vehicles and associated parts other than that related to tramways and railways, with a global export share of 3% in 2020.
Germany, France, and the US were the top three trading partners of Italy in 2020. They accounted for 29.2% of the total trade (exports and imports) of Italy in 2020.
Italy Exports as a % of GDP
Exports as a % of GDP of Italy was 27.3% in 2021, while Italy’s exports as a % of GDP decreased by 10.2% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Italy increased by 6.0%. The indicator was highest in the year 2019 at 32.8% and lowest in the year 2010 at 25.8%.
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