Based on a newly-available large set of historical national accounts, the paper revisits the main features of economic growth and cycles in Italy for the postUnification period 1861-2011. Alongside the structural changes in growth dynamics, the main sources of output and productivity growth are identified. As regards the analysis of the underlying cyclical component, a business cycle chronology is first established and then both the specific patterns of individual cycles and the co-movements of output with key macroeconomic variables are investigated. In the 150 years since its political Unification, Italy's economic growth was mainly propelled by consumption and investments, whereas on the supply side the industry and services sectors were by far the main contributors, also because of the positive effect of labour reallocation to nonfarm activities. Over the same period, Italy experienced approximately 20 business cycles of varying duration and amplitude. Output fluctuations were dominated by the short-term variability of agricultural production before World War II and by fluctuaEarlier drafts of this paper were presented at the study day in honour of Guido M. Rey "L'economia italiana: modelli, misurazione e nodi strutturali" (Università degli Studi Roma Tre, 5 March 2010) and the conference "Sviluppo economico e benessere" (Università Politecnica delle Marche, Ancona, 5 and 6 November 2010). We are grateful to all the participants for their useful comments. We also thank Alberto Baffigi for his precious help with the historical sources used, and Claire Giordano and Francesco Zollino for sharing their data with us upon request. Last, but not least, we thank two anonymous reviewers for their thorough review and highly valuable comments and suggestions, which significantly contributed to improving the quality of the paper. The usual caveats apply. tions of the industry sector thereafter. The cyclical behaviour exhibited by aggregate demand components conforms quite well to that evidenced in the standard international business cycle literature, although some exceptions arise in the pre-World War II years.