Page "Economy of Italy" Paragraph 16

Italy was hit hard by the economic crisis of 2007-2011.

The national economy shrank by 6. 76 % during the whole period, totalizing seven quarters of recession.

According to the EU's statistics body Eurostat, Italian public debt stood at 116 % of GDP in 2010, ranking as the second biggest debt ratio after Greece ( with 126. 8 %).

However, the biggest chunk of Italian public debt is owned by national subjects, and relatively high levels of private savings and low levels of private indebtedness are seen as making it the safest among Europe's struggling economies.