| | Must Visits | Need to Know | Capital City Rome | | Tipping 15-20% | | Electricity 220 V | | Weights and Measurements Metric system |
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Economy
Two things define the Italian economy: its membership of the European Monetary Union and, the glaring divide between the industrialized, prosperous North and the rural and backward south.
Industry and agriculture lag behind the service sector, which accounts for more than half the domestic product. Natural resources include fish, mercury, potash, marble, sulphur and coal. The major industries are machinery, iron and steel, chemicals, food processing and, of course, the glamorous lot: tourism, textiles, motor vehicles, clothing, footwear and ceramics. Oil, petroleum, telecommunications and transport industries are important too. Italy’s major trading partners are Germany, France, UK, USA, Spain and Switzerland.
Its agricultural products are typically Mediterranean, citrus fruits and plump vegetables.
Industrial raw materials and power (about 75% of the electricity requirement) form the bulk of imports.
Italy has had to curb high rates of inflation and implement budgets that comply with EMU norms. Unemployment in the South, wage flexibility, growth in pension entitlements and the ‘parallel economy’ are this capitalist country’s major economic concerns.
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Currency
The currency used in Italy is the Euro. The Euro is divided into 100 cents. Currency bills are available in denominations of 5, 10, 20, 50, 100, 200 and 500 and in coins of EUR 1, 2, and 5, 10, 20 and 50 cents.
Keeping to a tight budget in inimitable Italy is tough. There’s much to do, see and buy: all of it unique and all of it with a cool price tag! Comfortable living, good eating and frequent trips to the shops would work out to more than $100, and if you are going to hire a car, twice that. If you are going to be splurging, this must be one of the best places to do so: go on stack up on the cash, line up the plastic and go ahead, enjoy yourself.
You can get your best deal of exchange rates at a bank. Travellers Cheques are also easy to encash. Always count your change. You can get short-changed if you are not used to the currency. Preferably carry smaller denomination change for purchases of odds and ends. Banks are open on weekdays from 0830 to 1545 hours with a lunch break from in the afternoon from 1330 to 1445 hours. Italy has a two-day weekend, Saturday and Sunday.
Credit cards are not a problem in shops and hotels but are often met with a frown at restaurants. Leave your tip in cash.
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Business Guide
Italy imports most of its raw materials and 75 % of its electricity. Its economy is dominated by the service sector, which accounts for more than 50% of the domestic product. Its natural resources include fish, mercury, potash, marble, sulphur and coal. The major industries are machinery, iron and steel, chemicals, food processing and, of course, the glamorous lot: tourism, textiles, motor vehicles, clothing, footwear and ceramics. Oil, petroleum, telecommunications and transport industries are important too.
Milan, Turin and Genoa are the biggest centres of industry. The important business centres are Rome, Florence, Padua, Verona, Vicenza and Bologna; all these have trade fairs at various times of the year that you might try to catch. Many of the hotels in these cities are equipped to deal with conferences and conventions. The Italian National Convention Bureau, on Via Marghera 2 in Rome has exhaustive information on convention centres in the country.
Most government offices close at 1345 hours after which it is quite impossible to meet officials unless you have a special appointment. Private businesses usually work from 0900 to 1700 hours, Monday to Friday. Once you have an appointment, be punctual in keeping it; appointments are mandatory. Knowledge of Italian is an asset. We recommend formal business attire for both men and women.
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