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The economy of Italy is a highly developed social market economy. [31] It is the third-largest national economy in the European Union, the 8th-largest economy in the world by nominal GDP, and the 11th-largest by PPP-adjusted GDP. The country has the second-largest manufacturing industry in Europe, which is also the 7th-largest in the world.
Italy currently generates 11% of the European Union's greenhouse gas emissions, but have had the most rapid decrease of the member countries since 2005. [71] All economic sectors decreased their contribution to the emissions, but with agriculture showing the smallest reduction. Italy has of year 2020 decreased its emissions by 13% compared to 2005.
A more recent modelling approach uses empirical, statistical methods to investigate how the economy is affected by weather variation. [ 10 ] : 2495 [ 39 ] : 755 This approach can causatively identify effects of temperature, rainfall and other climate variables on agriculture, energy demand, industry and other economic activity.
Contemporary climate change (global warming) has also had numerous effects on Italy. In particular, compared to the 1960s and 1970s, from the mid-1980s onwards there was a recorded increase in the average temperature. [86] [87] Italy is particularly at risk as it is in a transition area between North Africa and Continental Europe.
According to the California Department of Food and Agriculture, "California agriculture is a $42.6 billion dollar industry that generates at least $100 billion in related economic activity." [ 37 ] The state's agricultural sales first exceeded $30 billion in 2004, [ 33 ] making it more than twice the size of any other state's agriculture industry.
New economic data puts the California economy at $2.747 trillion — bigger than most nations. The ranking puts in fifth in the world, just ahead of the United Kingdom, which is on $2.625 trillion.
In the recent decades, however, Italy's economic growth has been particularly stagnant, with an average of 1.23% compared to an EU average of 2.28%. Previously, Italy's economy had accelerated from 0.7% growth in 1996 to 1.4% in 1999 and continued to rise to about 2.90% in 2000, which was closer to the EU projected growth rate of 3.10%.
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