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Economy of Rome



Being the capital city of Italy, Rome hosts all the principal institutions of the nation, like the Presidency of the Republic, the government (and its single Ministeri), the Parliament, the main judicial Courts, and the diplomatic representatives of all the countries for the states of Italy and the Vatican City (curiously, Rome also hosts, in the Italian part of its territory, the Embassy of Italy for the Vatican City, a unique case of an Embassy within the boundaries of its own country). Many international institutions are located in Rome, notably cultural and scientific ones – such as the American Institute, the British School, the French Academy, the Scandinavian Institutes, the German Archaeological Institute – for the honour of scholarship in the Eternal City, and Specialized Agencies of the United Nations, such as the FAO. Rome, also hosts major international and worldwide political and cultural organisations, such as the International Fund for Agricultural Development (IFAD), World Food Programme (WFP), the NATO Defence College and ICCROM, the International Center for the Study of the Preservation and Restoration of Cultural Property [1]. Rome is currently an beta+ world city, falling down from its alpha- status in 2008, along with Berlin, Stockholm, Athens, Prague, Montreal and Vancouver, to name a few. With a score of 2.56, Rome was also ranked in 2010 as 28th in the Global Cities Index (moving up two places from its 2008 position), being the highest-ranking city in Italy (Milan comes second at 42nd). Furthermore, Rome was in 2008, also ranked 15th out of all the cities of the world for global importance, mainly for cultural experience.

With a 2005 GDP of €94.376 billion (US$121.5 billion), the city produces 6.7% of the national GDP (more than any other single city in Italy), 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. Rome grows +4.4%
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