Economy of Italy

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Economy of Italy
Monti - via Nazionale Palazzo Koch 1000117.JPG
Currency Euro (EUR) (except in Campione d'Italia) (CHF)
Fiscal year Calendar year
Trade organisations EU, WTO (via EU membership) and OECD
Statistics
GDP $2.314 trillion (2008)[1]
GDP growth -1% (2008 est.)[1]
GDP per capita $31,400 (2008)[1]
GDP by sector agriculture (2%), industry (26.7%), services (71.3%) (2008 est.)[1]
Inflation (CPI) 3.2% (2007)[1]
Population
below poverty line		 N/A%[1]
Gini index 36 (2007)[2]
Labour force 25.11m (2008 est.)[1]
Labour force
by occupation		 services (65.1%), industry (30.7%), agriculture (4.2%) (2008 est.)[1]
Unemployment 6.8% (2008)[1]
Main industries tourism, commerce, communications, machinery, iron and steel, chemicals, food processing, textiles, automobiles, home appliances, clothing, footwear, ceramics[1]
External
Exports $546.9bn (2008)[1]
Export goods engineering products, textiles and clothing, production machinery, motor vehicles, electric goods, transport equipment, chemicals; food, beverages and tobacco; minerals, nonferrous metals[1]
Main export partners Germany 12.9%, France 11.4%, Spain 7.4%, U.S. 6.8%, UK 5.8% (2006)[1]
Imports $546.9bn (2008)[1]
Import goods engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; automobiles, electronics, food, beverages, tobacco[1]
Main import partners Germany 16.9%, France 9%, China 5.9%, Netherlands 5.5%, Belgium 4.3%, Spain 4.2% (2006)[1]
Public finances
Public debt 105.8% of GDP (2008)[1]
Revenues $1,068 bn (2008 est.)[1]
Expenses $1,132 bn (2008 est.)[1]
Economic aid donor: $2.48 billion, 0.15% of GDP (2004)[3]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars

The economy of Italy was in 2008 the seventh-largest economy in the world and the fourth-largest in Europe, according to the International Monetary Fund. Italy belongs to the Group of Eight (G8) industrialized nations; it is a member of the European Union, OECD, and the Group of Eight (G8). The country is divided into a developed industrial north dominated by large private companies and an agricultural, state-assisted south. Italy has, according to The Economist the world's 8th highest quality of life index, has a very high standard of living, and is the world's 18th most developed country, surpassing countries such as UK, Germany, and Greece.[4]. The country also is home to 6 of the world's 100 biggest companies [5]. According to the World Bank, Italy has high levels of freedom for investments, business and trade. Italy has the world's 6th (7th including the European Union) highest exports[6], that of US$ 546,900,000,000 (est.) in 2008. Italy, also, is the world's fifth largest industrial goods producer with a US$381 billion output in 2008[7]. Also, the country exports and produces the highest level of wine[8][9], exporting over 1,793 tonnes. Italy was responsible for producing approximately one-fifth of world wine production in 2005[10].

Tourism is one of the fastest growing and most profitable sectors the national economy: with 43.7 million international tourist arrivals and total receipts estimated at $42.7 billion, Italy is the fifth major tourist destination and the fourth highest tourist earner in the world.[11]

According to Eurostat data, Italian PPS GDP per capita stood approximately equal to the EU average in 2008.[12]

Contents

[edit] History

See also: Economy of Italy under Fascism, 1922-1943

The unification of Italy broke down the feudal land system that had survived in the south since the Middle Ages, especially where land had been the inalienable property of aristocrats, religious bodies, or the king. The breakdown of feudalism, however, and redistribution of land did not necessarily lead to small farmers in the south winding up with land of their own or land they could work and profit from. Many remained landless, and plots grew smaller and smaller and thus more and more unproductive as land was subdivided among heirs.[13]

The Italian diaspora did not affect all regions of the nation equally. In the second phase of emigration (1900 to World War I) most emigrants were from the south and most of them were from rural areas, driven off the land by inefficient land management policies. Robert Foerster, in Italian Emigration of our Times (1919) [14] says, " [Emigration has been]…well nigh expulsion; it has been exodus, in the sense of depopulation; it has been characteristically permanent."

Mezzadria, a form of sharefarming where tenant families obtained a plot to work on from an owner and kept a reasonable share of the profits, was more prevalent in central Italy, which is one of the reasons why there was less emigration from that part of Italy. The south lacked entrepreneurs, and absentee landlords were common. Although owning land was the basic yardstick of wealth, farming in the south was socially despised. People did not invest in agricultural equipment but in such things as low-risk state bonds.[13]

[edit] Italian economic miracle

Main article: Italian economic miracle

During the 1950s and 60s, Italy saw a transformation from being a weak, agricultural-based economy into one of the world's leading industrialized nations, an event known as the "Italian economic miracle", (or 'il boom'). John F. Kennedy, on his 1963 1-2 July visit to Rome and Naples, praised Italy's economic growth,[15] on a dinner with the Italian President of the time, Antonio Segni. Migrants from the poor south came to the leading industrial centres of Italy, Milan and Turin, and these cities started to open up more factories and industrial districts. The release of the Fiat 500[16] and the construction of the Pirelli tower in Milan, were all events which symbolized Italy's growing economy. In the post-war period, Italy was transformed from a weak, agricultural based economy into one of the world's most industrialized nations, even so that in 1987, the Italian economy beat the British Economy by GDP (nominal), an event known to the Italians as 'il sorpasso (economics)'

[edit] 2008–2009 financial crisis

Industrial output in Italy has slumped 6.6 percent over the past year. Fiat announced plant closures and temporary layoffs at factories in Turin, Melfi and Sicily. Car sales in Italy have fallen by almost 20 percent over each of the past two months.Italy's car workers' union said, "The situation is evidently more serious than had been understood."[17] On 10 July 2008 economic think tank ISAE lowered its growth forecast for Italy to 0.4 percent from 0.5 percent and cut the 2009 outlook to 0.7 percent from 1.2 percent.[18] Analysts have predicted Italy had entered a recession in the second quarter or would enter one by the end of the year with business confidence at its lowest levels since the September 11 attacks.[19] Italy's economy contracted by 0.3 percent in the second quarter of 2008.[20]

[edit] The Italian economy today

See also: List of Italian companies, Economy of Milan, and Economy of Rome
FieraMilano complex in Milan by Massimiliano Fuksas: it is considered the largest exhibition center in Europe.

The Italian economy is one of the world's major economies, and its main industries are tourism, commerce, communications, chemicals, machinery, car manufacture, food, textiles, clothing, footwear and ceramics. Italy is a developed country, and, according to The Economist, has the world's 8th highest quality of life[21]. However, the country suffers from many problems. During the last decade the average annual growth was 1.23% in comparison to an average EU annual growth rate of 2.28%.[22] Italy has often been referred to as the sick man of Europe,[23][24] characterised by economic stagnation, political instability and problems in pursuing reform programs.

The Italian economy is weakened by the lack of infrastructure development, market reforms and research investment. In the Index of Economic Freedom 2008, the country ranked 64th in the world and 29th in Europe, the lowest rating in the Eurozone. The country has an inefficient state bureaucracy, low property rights protection and high levels of corruption, heavy taxation and public spending that accounts for about half of the national GDP.[25] In addition, the most recent data show that Italy's spending in R&D in 2006 was equal to 1.14% of GDP, below the EU average of 1.84% and the Lisbon Strategy target of devoting 3% of GDP to research and development activities.[26]

The cities of Milan and Rome are major European financial and political centres. The Milan metropolitan area has Europe's 4th highest city GDP (nominal), $312 (€241) billion, and the Rome metropolitan area has a GDP of €109 billion. Milan and Rome are also the world's 11th and 18th (respectively) most expensive cities in the world[27]. Milan is Europe's 26th richest city by purchasing power in 2009, with a GDP of $115 billion[28]. Milan has high GDP (per capita), about €35,137 (US$ 52,263), which is 161.6% of the EU average GDP per capita by country, whilst Rome had a 2003 GDP per capita of €29,153 (US$ 37,412), which was second in Italy, (after Milan), and is 134.1% of the EU average GDP per capita by country[29]. Naples, in southern Italy, which is characterized by high levels of unemployment and organized crime, is the world's 91st richest city by purchasing power, with a GDP of $43 billion[30].

Italy's major exports are motor vehicles (Fiat Group, Aprilia, Ducati, Piaggio); chemicals and petrochemicals (Eni); energy and electrical engineering (Enel, Edison); home appliances (Candy, Indesit), aerospace and defense technologies (Alenia, Agusta, Finmeccanica), firearms (Beretta), fashion (Armani, Valentino Fashion Group, Versace, Dolce & Gabbana, Roberto Cavalli, Benetton, Prada, Luxottica); food processing (Ferrero, Barilla Group, Martini & Rossi, Campari, Parmalat); sport and luxury vehicles (Ferrari, Maserati, Lamborghini, Pagani); yachts (Ferretti, Azimut).

[edit] Transport

Main article: Transport in Italy
Milan's Malpensa Airport.
A train in Val Pusteria.

In 2004 the transport sector in Italy generated a turnover of about 119.4 billion euros, employng 935,700 persons in 153,700 enterprises. Regarding to the national road network, in 2002 there were 668,721 km (415,612 mi) of serviceable roads in Italy, including 6,487 km (4,031 mi) of motorways, state-owned but privately operated by Atlantia company. In 2005, about 34,667,000 passenger cars (equal to 590 cars per 1,000 people) and 4,015,000 road good vehicles circulated on the national road network. The national railway network, state-owned and operated by Ferrovie dello Stato, in 2003 totalled 16,287 km (10,122 mi) of which 69% electrified, and on which 4,937 locomotives and railcars circulated. The national inland waterways network comprised 1,477 km (918 mi) of navigable rivers and channells in 2002. In 2004 there were approximately 30 main airports (including the two hubs of Malpensa International in Milan and Leonardo Da Vinci International in Rome) and 43 major seaports in Italy (including the seaport of Genoa, that is the country largest and the second largest in the Mediterranean Sea after Marseille). In 2005 Italy maintained a civilian air fleet of about 389,000 units and a merchant fleet of 581 ships.[31]

[edit] Energy

Main articles: Nuclear power in Italy and Wind power in Italy
Wind turbines near Frigento, province of Avellino, Campania.

Italy has built several nuclear reactors from 1963-1990, but after Chernobyl, the country stopped all work on its nuclear program. Currently, the majority of Italy’s electricity is produced gas, oil, coal, and hydro. Italy also imports about 16% of its electricity need from France for 6.5 GWe, which makes it the world’s biggest importer of electricity. Due to its reliance on expensive fossil fuels and imports, Italians pay approximately 45% more than the EU average for electricity.[32]

In 2004, a new Energy Law brought the possibility of joint ventures with foreign companies to build nuclear power plants and import electricity. Public opinion on nuclear power was positive, as Italy’s younger generations embraced nuclear energy. In 2005, Italy’s power company, ENEL made an agreement with Electricite de France for 200 MWe from a nuclear reactor in France and potentially an additional 1,000 MWe from new construction. As part of the agreement, ENEL received a 12.5% stake in the project and direct involvement in design, construction, and operation of the plants. In another move, ENEL also bought 66% of the Slovak Electric utility that operates six nuclear reactors. As part of this agreement, ENEL will pay the Slovak government EUR 1.6 billion to complete a nuclear power plant in Mochovce, which has a gross output of 942 MWe. With these agreements, Italy has managed to access nuclear power without placing reactors on Italian territory.[32]

There was a uranium enrichment facility in Bosco Marengo, but which is being decommissioned by Sogin, a spinoff of ENEL.

The country was also ranked ranked as the world’s sixth largest producer of wind power with an installed nameplate capacity of 3,736 GW in 2008, behind India and ahead of France and the United Kingdom.[33]

[edit] The north-south divide

In Italy there is a considerable north-south divide, where Northern Italy is dominated by a highly-developed and capitalistic economy, whilst Southern Italy is far less advanced and more based on agriculture and tourism. Even though this is slowly changing, since Southern Italy has had a strong economic growth and organized crime (e.g. Mafia, 'Ndrangheta or Camorra) levels have decreased, Northern Italy still remains the most industrialised and advanced area in Italy.

[edit] Northern Italy

Main articles: Northern Italy and Central Italy

Northern Italy is the wealthiest and most prosperous of Italian regions. Lombardy (GDP: € 311 billion (2006)[34]), Lazio (GDP: € 161 billion (2006)[34]), Veneto (GDP: € 140 billion (2006)[34]),[35] Emilia-Romagna (GDP: € 129 billion (2006)[34]) and Piedmont (GDP: € 120 billion (2006)[34]) are Italy's wealthiest regions. The cities of Milan, Turin and Genoa together form Italy's famous "industrial triangle",[36] which is characterized by heavy industry, machinery, production and commerce. Also, the Province of Bolzano-Bozen is Italy's richest province GDP per capita (€32,900; 135.5% of EU average),[34] followed by Lombardy (€32,800; 135.1% of EU average)[34] and Emilia-Romagna (€30,700; 126.6% of EU average).[34] Also, with Northern Italy having a 2007 nominal GDP estimated in €834.7 billion, Northern Italy accounts for almost 54% of the national economy.

[edit] Southern Italy

Main articles: Southern Italy and Cassa per il Mezzogiorno
The Centro Direzionale in Naples is a symbol of Southern Italy's post-war economic growth.

Southern Italy is the country's less affluent and less prosperous area. Even though cities in the Southern part of the peninsula (such as Naples) have had a remarkable economic growth in the post-war period, there are problems such as high unemployment, corruption, inefficient levels of bureaucracy, tax evasion and organized crime (the Sicilian Mafia, Camorra and 'Ndrangheta are all based in regions of Southern Italy).[37]

Although southern Italy was less affluent than northern Italy throughout modern history, at times southern Italy had prosperous and advanced areas, culturally and economically wealthier than northern or central Italy, mainly prior to the Renaissance. Southern Italy was a leader in European cultural and political affairs. The Norman Kingdom of Sicily was prosperous and politically powerful, becoming one of the wealthiest states in Europe.[38]

In the 11th and 12th centuries, Sicily and the Kingdom of Naples played a major role in European affairs and exhibited many signs of prosperity. By the middle of the 13th century, due to fiscal policies that prevented the growth of a strong merchant class, the region became economically backward compared to the other Italian states.[39]

Following unification with the rest of the Italian peninsula in 1861, factory technology (which the Kingdom of the Two Sicilies had gained from the British) was taken away to Piedmont, Lombardy and Liguria.[39]

After unification southern Italy experienced a huge demographic expansion which provoked mass emigration, especially between 1892 and 1921.[40] In addition, corruption was such a large problem that the prime-minister Giovanni Giolitti once conceded that places existed "where the law does not operate at all".[41]

One study released in 1910 examined tax rates in north, central and southern Italy indicated that northern Italy with 48% of the nation's wealth paid 40% of the nation's taxes, while the south with 27% of the nation's wealth paid 32% of the nation's taxes.[42]

During the 1940s, 50s, 60s and 70s, the economy of southern Italy has had a remarkable growth. Unemployment has been decreasing, since the 2003 contreversial "Biagi law",[43] as unemployment in Campania has fallen from 23.7% in 1999 to 11.2% in 2007, and in Sicily from 24.5% to 13%[44].

Today, Southern Italy has Italy's lowest GDP per capita, that of € 16,300-16,600 in 2006,[45] and a 2003 GDP nominal of US$369 billion. The area's richest region, Campania, has a GDP nominal of € 94.3 billion in 2006, and a GDP per capita of € 16,294.

[edit] Regional differences

A chart showing the different GDP per capita distribution amongst Italian regions:

Gross Domestic Product in Italy (2006)[46]
Rank NUTS-2 region 2006 GDP (PPP)
per capita
in Euros		 % of the average GDP
of EU27 in 2006
1 North-Western Italy 29,800 126.0
2 North-Eastern Italy 29,200 123.4
3 Central Italy 27,300 115.4
4 Insular Italy 16,600 70.1
5 Southern Italy 16,300 68.9

[edit] Banking in Italy

The Banca Commerciale in Milan.
Main article: Banking in Italy

Banking in Italy has, as of 11 October 2008, an average leverage ratio (assets/liabilities) of 12 to 1, while the banks's short-term liabilities are equal to 86% of the Italian GDP or 43% of the Italian national debt.[47]

This is a list of Italian banks ranked by market capitalization.

(According to Il Sole 24 ore, 31 July 2007)

Rank Company Market Capitalisation (Euro)
1 Unicredit - Capitalia 81.39 billion
2 Intesa Sanpaolo 69.2 billion
3 Mediobanca 12.38 billion
4 Ubi Banca 11.5 billion
5 Banco Popolare 11.34 billion
6 B Monte Paschi Siena 11.32 billion
7 B Carifirenze 5.3 billion
8 Banca Pop. Milano 4.3 billion
9 Banca Carige 3.9 billion
10 Credito Emiliano 2.8 billion

[edit] Tourism

Main article: Tourism in Italy
A view of Florence, one of Italy's most popular destinations for tourists.

Tourism is one of the fastest growing and most profitable sectors the national economy: with 43.7 million international tourist arrivals and total receipts estimated at $42.7 billion, Italy is the fourth highest tourist earner in the world.[48] Italy is the fifth most visited country in the world, behind France (76.0 million), Spain (55.6 million), United States (49.4 million), and China (46.8). Despite a slump in the late-1980s and during the Persian Gulf War, Italy has, eversince the mid-1990s, rebuilt a strong tourist industry.[49] People mainly come to Italy for its rich art, cuisine, archaeology, history, fashion, and culture, its beautiful coastline and beaches, its good Mediterranean weather, its mountains, its lakes, and priceless ancient monuments, especially those from the Greek civilization and Roman civilization.

Nowadays, Rome, Italy's capital, is one of the most visited cities in the world, with an average of 7-10 million tourists a year.[50] The Colosseum (4 million tourists) and the Vatican Museums (4.2 million tourists) are the 39th and 37th (respectively) most visited places in the world, according to a recent study.[51] Other main sights in the city include the Pantheon, the Trevi Fountain, Piazza Navona, St Peter's Basilica, the Roman Forum,[52] Castel Sant'Angelo, the Basilica of St. John Lateran,[53] the Spanish Steps, Villa Borghese park, Piazza del Popolo, the Trastevere and the Janiculum.[54]

Other visited cities and popular destinations in Italy include Venice, Florence, Milan and Naples, and also the Amalfi Coast, the Sicilian coastline and Mount Etna, Pompeii and Mount Vesuvius, the Ligurian coastline, the Italian lakes (such as Lake Como, Lake Maggiore and Lake Garda), the Palladian Villas of the Veneto and the Leaning Tower of Pisa, to name but a few.[55]

[edit] Automobile Industry

Main article: Automobile industry in Italy
A Ferrari 599 GTB Fiorano. Ferraris are amongst Italy's most iconic supercars.
Car companies such as Fiat, Alfa Romeo and Ferrari are based in Italy. Pictured here is the new Fiat 500 manufactured in Turin.

The automobile industry in Italy (formerly the vehicle industry in Italy) is a quite large employer in the country, with a labour force of over 196,000 (2004) working in the industry.[56] Italy is the 5th largest automobile producer in Europe (2006).[57] Today the Italian automotive industry is almost totally dominated by Fiat Group, in 2001 over 90% of vehicles were produced by it. Italian automotive part industry covered over 2,131 firms and employed almost 250,000 people in 2006.[58] Italy's automotive industry is best known of its automobile designs and small city cars, sports and supercars. The automotive industry makes a significant contribution of 8.5% to Italian GDP.[59]. Italian car companies include Fiat, Lancia, Iveco, Bertone, Maserati, Ferrari, Abarth, Pagani and Lamborghini, to name a few. Italy is also very famous for its supercar and sportscar industry, with iconic automobiles such as Ferraris, Lamborghinis, Maseratis and Paganis[60]

[edit] Sectors

Eni's headquarters in EUR, Rome's business district. Eni is Italy's biggest company and the world's 18th[5]

The northern part of Italy produces primarily grains, rice, maize corn, sugar beets, soybeans, meat, fruits and dairy products, while the south specializes in producing fruits, vegetables, oil and durum wheat. Italy, depending on the year, is the first or the second largest producer of wine in the world.[61]

Italy has a smaller number of world-class multinational corporations than other economies of comparable size, but there are a large number of small and medium companies. This has produced a manufacturing sector often focused on the export of niche market and luxury products, capable of facing the competition from China and other emerging Asian economies based on lower labour costs.[62]

The energy sector is highly dependent on imports from abroad: in 2006 the country imported more than 86% of its total energy consumption (99.7% of the solid fuels demand, 92.5% of oil, 91.2% of natural gas and 15% of electricity).[63][64]

[edit] Exports

Italian exports in 2005.

Italy's major exports are precision machinery, motor vehicles (utilitaries, luxury vehicles, motorcycles, scooters), chemicals and electric goods, but the country's more famous exports are in the fields of food and clothing. Italy has the world's 6th highest exports, US$ 546,900,000,000 (est.) in 2008, and the world's 24th highest petroleum exports, which were US$ 521,400 in 2004, even beating Germany and France[65].

Italy's closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. Italy's largest EU trade partners, in order of market share, are Germany (12.9%), France (11.4%), and Spain (7.4%)[1].

[edit] Labour

Following the 2003 "Biagi law", a controversial labour reform, unemployment has been steadily decreasing, reaching 6.2% in 2007, the lowest rate since the 1970s.[66] In the south the average unemployment rate is far higher than the national average, but, in recent years, progress was made nonetheless, with the unemployment rate falling from 23.7% in 1999 to 11.2% in 2007 for Campania, and from 24.5% to 13% for Sicily.[67] There is a significant underground economy, especially in the south where it partially offsets the high official unemployment rate, absorbing substantial numbers of people, working for low wages and without standard social benefits and protections.

[edit] External links

[edit] References

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  45. ^ EUROPA - Press Releases - Regional GDP per inhabitant in the EU27, GDP per inhabitant in 2006 ranged from 25% of the EU27 average in Nord-Est in Romania to 336% in Inner Londo...
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v • d • e
Member states of the European Union
Member states by: political system · GDP
v • d • e
Organisation for Economic Co-operation and Development (OECD)
v • d • e
Members of the World Trade Organization (WTO)
A world map showing most of the countries highlighted in either green or light green except for Russia, Alaska and some countries in North Africa.

Albania · Angola · Antigua and Barbuda · Argentina · Armenia · Australia · Bahrain · Bangladesh · Barbados · Belize · Benin · Bolivia · Botswana · Brazil · Brunei · Burkina Faso · Burma · Burundi · Cambodia · Cameroon · Canada · Cape Verde · Central African Republic · Chad · Chile · PR China · Colombia · Democratic Republic of the Congo · Republic of the Congo · Costa Rica · Côte d'Ivoire · Croatia · Cuba · Djibouti · Dominica · Dominican Republic · Ecuador · Egypt · El Salvador · European Union¹ · Fiji · Gabon · The Gambia · Georgia · Ghana · Grenada · Guatemala · Guinea · Guinea-Bissau · Guyana · Haiti · Honduras · Hong Kong² · Iceland · India · Indonesia · Israel · Jamaica · Japan · Jordan · Kenya · South Korea · Kuwait · Kyrgyzstan · Lesotho · Liechtenstein · Macau² · Macedonia · Madagascar · Malawi · Malaysia · Maldives · Mali · Mauritania · Mauritius · Mexico · Moldova · Mongolia · Morocco · Mozambique · Namibia · Nepal · New Zealand · Nicaragua · Niger · Nigeria · Norway · Oman · Pakistan · Panama · Papua New Guinea · Paraguay · Peru · Philippines · Qatar · Rwanda · St. Kitts and Nevis · St. Lucia · St. Vincent and the Grenadines · Saudi Arabia · Senegal · Sierra Leone · Singapore · Solomon Islands · South Africa · Sri Lanka · Suriname · Swaziland · Switzerland · Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu³ · Tanzania · Thailand · Togo · Tonga · Trinidad and Tobago · Tunisia · Turkey · Uganda · Ukraine · United Arab Emirates · United States · Uruguay · Venezuela · Vietnam · Zambia · Zimbabwe

  1. All twenty-seven member states of the European Union are also members of the WTO in their own right: Austria • Belgium • Bulgaria • Cyprus • Czech Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia • Lithuania • Luxembourg • Malta • Netherlands and Netherlands Antilles • Poland • Portugal • Romania • Slovakia • Slovenia • Spain • Sweden • United Kingdom.
  2. Special administrative region of the People's Republic of China.
  3. Designated name for the Republic of China (commonly known as Taiwan)
Retrieved from "http://en.wikipedia.org/wiki/Economy_of_Italy"