Economy of Rome

Rome is a major EU and international financial, cultural and a business centre. Rome's trade is 0.1% of world economic trade. With a 2005 GDP of €94.376 billion (US$121.5 billion),[1] the city produces 6.7% of the national GDP after Milan which provides 10%[1], and its unemployment rate, lowered from 11.1% to 6.5% between 2001 and 2005, is now one of the lowest rates of all the European Union capital cities.[1] Rome grows +4.4% annually and continues to grow at a higher rate in comparison to any other city in the rest of the country.[1] This means that were Rome a country, it would be the world's 52nd richest country by GDP, near to the size to that of Egypt. Rome also had a 2003 GDP per capita of €29,153 (US$39,412), which was second in Italy, (after Milan), and is more than 134.1% of the EU average GDP per capita.[2] Also, Rome hosts the head offices of the vast majority of the major Italian companies and corporations, as well as the headquarters of 3 of the world's 100 largest companies: Enel, Eni, and Telecom Italia.[3]

Rome, hosts major international and worldwide political and cultural organizations, such as the International Fund for Agricultural Development (IFAD), World Food Programme (WFT), and the NATO Defence College. Rome is currently a beta+ world city, along with other metropoleis such as Berlin and Montreal,[4] and was ranked in the Global Cities Index as the world's 28th most important city.[5] Rome was in 2008, also ranked 15th out of all the cities of the world for global importance, mainly for cultural experience.[6]

History

Trajan's market
Night view of the Trajan's Market which was built by Apollodorus of Damascus

Ancient Rome commanded a vast area of land, with tremendous natural and human resources. As such, Rome's economy remained focused on farming and trade. Agricultural free trade changed the Italian landscape, and by the 1st century BC, vast grape and olive estates had supplanted the yeoman farmers, who were unable to match the imported grain price. The annexation of Egypt, Sicily and Tunisia in North Africa provided a continuous supply of grains. In turn, olive oil and wine were Italy's main exports. Two-tier crop rotation was practiced, but farm productivity was overall low, around 1 ton per hectare.

Some economists like Peter Temin consider the Roman Empire a market economy, similar in its degree of capitalistic practices to 17th century Netherlands and 18th century England.[7]

After the Decline of the Roman Empire, Rome fell into decay, with its ex-economic and political power passing on to other cities, such as Milan, Florence, Venice and Palermo.[8] Even though Rome still had the powerful pope, the city ceased to be a major centre for commerce, trade and finance.[8]

The Roman economy, however, boomed in the 16th and 17th centuries, especially when the Medici popes Leo X and Clement VII were in power.[9] The renaissance transformed Rome into a city of the arts, culture, politics, banking, commerce and trade, especially when the Florentine merchants involved in papal affairs, yielded huge profits.[9]

Rome grew momentously after the war, as one of the driving forces behind the "Italian economic miracle" of post-war reconstruction and modernisation. It became a fashionable city in the 1950s and early 1960s, the years of la dolce vita ("the sweet life"), with popular classic films such as Ben Hur, Quo Vadis, Roman Holiday and La Dolce Vita,[10] being filmed in the city's iconic Cinecittà Studios. A new rising trend in population continued until the mid-1980s, when the commune had more than 2,800,000 residents; after that, population started to slowly decline as more residents moved to nearby suburbs.

Sectors

Tourism

Rome Vatican Museums
The Vatican Museums are the world's 37th most visited tourist destination, with over 4.2 million tourists a year.[11]

Rome today is one of the most important tourist destinations of the world, due to the incalculable immensity of its archaeological and artistic treasures, as well as for the charm of its unique traditions, the beauty of its panoramic views, and the majesty of its magnificent "villas" (parks). Among the most significant resources: plenty of museums - (Musei Capitolini, the Vatican Museums, Galleria Borghese, and a great many others) — aqueducts, fountains, churches, palaces, historical buildings, the monuments and ruins of the Roman Forum, and the Catacombs. Rome is the 3rd most visited city in the EU, after London and Paris, and receives an average of 7-10 million tourists a year, which sometimes doubles on holy years. 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.[11] In 2005 the city registered 19.5 million of global visitors, up of 22.1% from 2001.[1] In 2006 Rome has been visited by 6.03 million of international tourists, reaching the 8th place in the ranking of the world's 150 most visited cities.[12]

Fashion

Fontana.della.barcaccia.arp
Via Condotti, Rome's main upscale shopping street. Seen from the top of the Spanish steps.

Rome is widely recognized as a world fashion capital. Although not as important as Milan, Rome is the world's 4th most important center for fashion in the world, according to the 2009 Global Language Monitor after Milan, New York City and Paris, and beating London.[13] Major luxury fashion houses and jewelry chains, such as Bulgari, Fendi,[14] Laura Biagiotti and Brioni (fashion), just to name a few, are headquartered or were founded in the city. Also, other major labels, such as Chanel, Prada, Dolce & Gabbana, Armani and Versace have luxury boutiques in Rome, primarily along its prestigious and upscale Via dei Condotti.

Cinema

Rome hosts the Cinecittà Studios,[15] the largest film and television production facility in continental Europe and the centre of the Italian cinema, where a large number of today's biggest box office hits are filmed. The 99-acre (40 ha) studio complex is 5.6 miles (9 km) from the centre of Rome and is part of one of the biggest production communities in the world, second only to Hollywood, with well over 5,000 professionals — from period costume makers to visual effects specialists. More than 3,000 productions have been made on its lot, from recent features like The Passion of the Christ, Gangs of New York, HBO's Rome, The Life Aquatic and Dino De LaurentiisDecameron, to such cinema classics as Ben-Hur, Cleopatra, and the films of Federico Fellini.

Founded in 1937 by Benito Mussolini, the studios were bombed by the Western Allies during the Second World War. In the 1950s, Cinecittà was the filming location for several large American film productions, and subsequently became the studio most closely associated with Federico Fellini. Today Cinecittà is the only studio in the world with pre-production, production, and full post-production facilities on one lot, allowing directors and producers to walk in with their script and "walk out" with a completed film.

Commerce, communications and transport

Although the economy of Rome is characterized by the absence of heavy industry and it is largely dominated by services, high-technology companies (IT, aerospace, defense, telecommunications), research, construction and commercial activities (especially banking), and the huge development of tourism are very dynamic and extremely important to its economy. Rome's main international airport, Fiumicino, is the largest in Italy, and the city hosts the head offices of the vast majority of the major Italian companies, as well as the headquarters of three of the world's 100 largest corporations: Enel, Eni, and Telecom Italia.[3]

Industry

Rome is also developed in industry. Mainly in the technology sector, telecommunications, pharmaceutical and food industries. Most factories are located in an area called Tiburtina Valley in the east of the city. Other important industrial areas are located in nearby towns such as Aprilia and Pomezia.

References

  1. ^ a b c d Rapporto Censis 2006 Archived 2008-04-18 at the Wayback Machine
  2. ^ name="observatoribarcelona.org"
  3. ^ a b DeCarlo, Scott (2006-03-30). "The World's 2000 Largest Public Companies". Forbes. Retrieved 2007-01-16.
  4. ^ "Archived copy". Archived from the original on 2013-10-10. Retrieved 2014-02-03.CS1 maint: Archived copy as title (link)
  5. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2011-09-04. Retrieved 2011-10-02.CS1 maint: Archived copy as title (link)
  6. ^ "Page not found – Foreign Policy".
  7. ^ Temin, Peter. "A Market Economy in the Early Roman Empire." Archived 2010-06-15 at the Wayback Machine
  8. ^ a b "mariamilani Ancient Rome". www.mariamilani.com.
  9. ^ a b "Papal Banking in Renaissance Rome: Benvenuto Olivieri and Paul III, 1534-1549. - Free Online Library". www.thefreelibrary.com.
  10. ^ "La Dolce Vita". 19 April 1961 – via www.imdb.com.
  11. ^ a b "Archived copy". Archived from the original on 2009-10-02. Retrieved 2009-08-25.CS1 maint: Archived copy as title (link)
  12. ^ Caroline Bremner (2007-10-11). "Top 150 City Destinations: London Leads the Way". Euromonitor International. Retrieved 2008-08-03. This article has the complete list of 150 cities
  13. ^ "The Global Language Monitor » Fashion". Languagemonitor.com. 2009-07-20. Archived from the original on 2009-11-01. Retrieved 2009-10-17.
  14. ^ "FENDI". Fendi. Retrieved 2010-11-19.
  15. ^ "history of Cinecittà Studios in Rome". Romefile.com. Retrieved 2009-10-17.
Index of Italy-related articles

The following is an alphabetical list of articles related to Italy.

Nerva

Nerva (; Latin: Marcus Cocceius Nerva Caesar Augustus; 8 November 30 – 27 January 98) was Roman emperor from 96 to 98. Nerva became emperor when aged almost 66, after a lifetime of imperial service under Nero and the rulers of the Flavian dynasty. Under Nero, he was a member of the imperial entourage and played a vital part in exposing the Pisonian conspiracy of 65. Later, as a loyalist to the Flavians, he attained consulships in 71 and 90 during the reigns of Vespasian and Domitian, respectively.

On 18 September 96, Domitian was assassinated in a palace conspiracy involving members of the Praetorian Guard and several of his freedmen. On the same day, Nerva was declared emperor by the Roman Senate. This was the first time the Senate elected a Roman emperor. As the new ruler of the Roman Empire, he vowed to restore liberties which had been curtailed during the autocratic government of Domitian.

Nerva's brief reign was marred by financial difficulties and his inability to assert his authority over the Roman army. A revolt by the Praetorian Guard in October 97 essentially forced him to adopt an heir. After some deliberation Nerva adopted Trajan, a young and popular general, as his successor. After barely fifteen months in office, Nerva died of natural causes on 27 January 98. Upon his death he was succeeded and deified by Trajan.

Although much of his life remains obscure, Nerva was considered a wise and moderate emperor by ancient historians. Nerva's greatest success was his ability to ensure a peaceful transition of power after his death by selecting Trajan as his heir, thus founding the Nerva–Antonine dynasty.

Outline of Italy

The following outline is provided as an overview of and topical guide to Italy:

Italy is a unitary parliamentary republic in South-Central Europe, located primarily upon the Italian Peninsula. It is where Ancient Rome originated as a small agricultural community about the 8th century BC, which spread over the course of centuries into the colossal Roman empire, encompassing the whole Mediterranean Sea and merging the Ancient Greek and Roman cultures into one civilization. This civilization was so influential that parts of it survive in modern law, administration, philosophy and arts, providing the groundwork that the Western world is based upon.

Outline of Rome

The following outline is provided as an overview of and topical guide to Rome:

Rome – capital of Italy and a special comune (named Comune di Roma Capitale). Rome also serves as the capital of the Lazio region. With 2,876,076 residents in 1,285 km2 (496.1 sq mi), it is also the country's most populated comune. It is the fourth-most populous city in the European Union by population within city limits. It is the center of the Metropolitan City of Rome, which has a population of 4.3 million residents. Rome is located in the central-western portion of the Italian Peninsula, within Lazio (Latium), along the shores of the Tiber. The Vatican City is an independent country inside the city boundaries of Rome, the only existing example of a country within a city: for this reason, Rome has been often defined as the capital of two states. Rome is a very old city, founded over 28 centuries ago, and it was the center of power of the ancient Roman civilization.

Rome

Rome (Latin and Italian: Roma [ˈroːma] (listen)) is the capital city and a special comune of Italy (named Comune di Roma Capitale). Rome also serves as the capital of the Lazio region. With 2,872,800 residents in 1,285 km2 (496.1 sq mi), it is also the country's most populated comune. It is the fourth most populous city in the European Union by population within city limits. It is the centre of the Metropolitan City of Rome, which has a population of 4,355,725 residents, thus making it the most populous metropolitan city in Italy. Rome is located in the central-western portion of the Italian Peninsula, within Lazio (Latium), along the shores of the Tiber. The Vatican City (the smallest country in the world) is an independent country inside the city boundaries of Rome, the only existing example of a country within a city: for this reason Rome has been often defined as capital of two states.Rome's history spans 28 centuries. While Roman mythology dates the founding of Rome at around 753 BC, the site has been inhabited for much longer, making it one of the oldest continuously occupied sites in Europe. The city's early population originated from a mix of Latins, Etruscans, and Sabines. Eventually, the city successively became the capital of the Roman Kingdom, the Roman Republic and the Roman Empire, and is regarded by some as the first ever metropolis. It was first called The Eternal City (Latin: Urbs Aeterna; Italian: La Città Eterna) by the Roman poet Tibullus in the 1st century BC, and the expression was also taken up by Ovid, Virgil, and Livy. Rome is also called the "Caput Mundi" (Capital of the World). After the fall of the Western Empire, which marked the beginning of the Middle Ages, Rome slowly fell under the political control of the Papacy, and in the 8th century it became the capital of the Papal States, which lasted until 1870. Beginning with the Renaissance, almost all the popes since Nicholas V (1447–1455) pursued over four hundred years a coherent architectural and urban programme aimed at making the city the artistic and cultural centre of the world. In this way, Rome became first one of the major centres of the Italian Renaissance, and then the birthplace of both the Baroque style and Neoclassicism. Famous artists, painters, sculptors and architects made Rome the centre of their activity, creating masterpieces throughout the city. In 1871, Rome became the capital of the Kingdom of Italy, which, in 1946, became the Italian Republic.

Rome has the status of a global city. In 2016, Rome ranked as the 14th-most-visited city in the world, 3rd most visited in the European Union, and the most popular tourist attraction in Italy. Its historic centre is listed by UNESCO as a World Heritage Site. The Vatican Museums are among the world's most visited museums while the Colosseum was the most popular tourist attraction in the world with 7.4 million visitors in 2018. Host city for the 1960 Summer Olympics, Rome is the seat of several specialized agencies of the United Nations, such as the Food and Agriculture Organization (FAO), the World Food Programme (WFP) and the International Fund for Agricultural Development (IFAD). The city also hosts the Secretariat of the Parliamentary Assembly of the Union for the Mediterranean (UfM) as well as the headquarters of many international business companies such as Eni, Enel, TIM, Leonardo S.p.A., and national and international banks such as Unicredit and BNL. Its business district, called EUR, is the base of many companies involved in the oil industry, the pharmaceutical industry, and financial services. Rome is also an important fashion and design centre thanks to renowned international brands centered in the city. Rome's Cinecittà Studios have been the set of many Academy Award–winning movies.

Transport in Rome

Rome has an extensive internal transport system and is one of the most important road, rail and air hubs in Italy.

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