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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 .
List of Italian regions by GDP (billions of euro [1]) ; Region 2000 2010 2019 2010-2019 % GDP change % of nationwide 2019 GDP 1 Lombardy 259.86: 349.55: 468.77: 12.34: 22.28
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021. [8] [1] [11]
As of 2025, the New York metropolitan area is the world’s principal fintech and financial center [1] [2] and the largest metropolitan economy in the world, with a nominal gross metropolitan product of over US$2.5 trillion. [3] This is a list of cities in the world by nominal gross domestic product (GDP).
For easy comparison, all the GRDP figures are converted into US$ according to annual average exchange rates. [ 2 ] [ n 1 ] All values are rounded to the nearest hundred. Note: Trentino-Alto Adige has separate values measured for the two self-governing provinces that make up the region—the Province of Trento, commonly known as Trentino , and ...
Italy's great power strength includes a vast advanced economy [15] [16] (in terms of national wealth, net wealth per capita and national GDP), a strong manufacturing industry (ranking 7th on the list of countries by manufacturing output), [17] a large luxury goods market, [18] a large national budget and the third largest gold reserve in the world.
Based on the results, the World Bank announced that in 2021 Russia was the world's 4th largest economy (int$5.7 trillion and 3.8 percent of the world) and the largest economy in Europe and Central Asia when measured in PPP terms (15 percent of the regional total), followed by Germany (13 percent of the regional economy). [23]
This growth produced a prosperous Renaissance economy that was advanced compared to European countries. Italy's leading sectors were textiles (woollen and silk workmanship, widely exported), banking services, and maritime transport. [2] During the 1600s, the economic system weakened and enterprises linked to the major urban centers declined.