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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.
Article 99 of the Constitution of Italy lays down that "the National Council for Economics and Labour is composed, as set out by law, of experts and representatives of economic categories in such proportions as to take account of their numerical and qualitative importance". Elections of members of the CNEL are held under Law n. 936 of 30 ...
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
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.
Italy is considered a high-tax country, with a tax-to-GDP ratio of nearly 43%—well above the OECD average of 34%. However, the issue is the distribution of taxes, which distorts how much some ...
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Milan is the economic capital of Italy, [250] and a global financial centre and fashion capital of the world. Banca Monte dei Paschi di Siena, founded in 1472, is the world's oldest or second oldest bank in continuous operation. Eni is considered one of the world's oil and gas supermajors. [251]
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%.