According to Istat, Italy has 148.6 people over the age of 65 for every 100 people aged 14 and younger.
Germany has Europe’s oldest population, with 155.8 seniors for every 100 young people.
Italy is also home to the oldest person in Europe. READ MORE HERE: Italian hits 114 thanks to 'eggs and sleep'
Istat said the data also makes Italy one of the oldest countries in the world, after Japan, Monaco, and Germany, a situation that is straining government and company finances.
Immigration is also fuelling the growth, with the number of foreigners in Italy rising by 369,700 in 2012. Italy’s population stood at 59.7m by the end of last year, Istat said.
The number of births in Italy dropped by more than 12,000 to 534,200 in 2012, while deaths increased by nearly 20,000 to about 612,900.
The country’s average life expectancy is 79.4 years for men and 84.4 years for women.