Italy’s international trade in services: a story of missed growth?
Alessandro Moro () and
Enrico Tosti ()
No 519, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area
The paper analyses the trend in Italy’s trade in services over the last twenty years, showing a low growth in relation to its potential demand and in comparison with the main euro-area countries. The delay accumulated by Italy’s exports of services from 1999 to 2015 was highly significant and only in the subsequent period was there a recovery. The analysis by typology shows that services other than travel and transport are the aggregate with the worst performance compared with a stronger trend at global level; from a geographical point of view, sales outside the EMU have displayed the most negative contribution. Using firm-level microdata, it is possible to examine the main determinants of Italian service exports, highlighting the negative role of the scarcity of medium-sized and large companies, the low productivity and the limited internationalization of the services sector; the recovery recorded in the three years 2016-18 was driven by large foreign-controlled companies.
Keywords: International trade in services; mirror statistics; foreign demand; firm-level data (search for similar items in EconPapers)
JEL-codes: F14 L80 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_519_19
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