Economy of Rome

Rome is a major financial, cultural, and business center in the EU and around the world. Though its trade makes up only a small part of global trade, the city plays an important role in Italy's economy. In 2005, Rome's economy was worth about €94.376 billion (US$121.5 billion), which is about 6.7% of Italy's total economy. This places Rome close to being the world's 52nd richest country if it were counted on its own, similar in size to Egypt.

The city also has a strong record of employment, with unemployment rates dropping from 11.1% to 6.5% between 2001 and 2005. Rome is one of the European Union capital cities with the lowest unemployment. In terms of income per person, Rome's economy was second in Italy after Milan, with each person earning more than the average in the EU.

Rome is home to many big Italian companies and three of the world's largest companies: Enel, Eni, and Telecom Italia. The city also hosts important international organizations such as the International Fund for Agricultural Development (IFAD), World Food Programme (WFP), Food and Agricultural Organization (FAO), and the NATO Defence College. In rankings of global cities, Rome is considered a beta+ world city, similar to Berlin and Montreal, and has been ranked among the top thirty most important cities in the world.

History

Ancient Rome had a lot of land and resources, so its economy was mostly about farming and trade. They grew lots of grapes and olives, and they got grain from places like Egypt, Sicily, and Tunisia. They sold olive oil and wine to other places.

Some thinkers think the Roman Empire worked a bit like modern economies. After the empire fell, Rome wasn't as important for trade anymore, but it became lively again in the 1500s and 1600s, especially with art and culture. After World War II, Rome grew a lot and became very popular in the 1950s and 1960s, making famous movies in its studios. The city's population grew until the mid-1980s before slowly shrinking as people moved to the suburbs.

Sectors

Tourism

Main article: Tourism in Rome

Rome is one of the world’s top tourist spots. This is because of its many old buildings, art, and beautiful views. Visitors can see museums, old water systems called aqueducts, fountains, churches, big houses, and old ruins. Rome is the third most visited city in Europe, after London and Paris, with millions of people coming each year. Famous places like the Colosseum and the Vatican Museums are very popular with tourists.

Fashion

Rome is a key city for fashion. It is the fourth most important fashion center in the world, after Milan, New York City, and Paris. Many famous fashion brands and jewelry shops started or have big stores in Rome. You can find stores from well-known names like Chanel, Prada, and Armani in the city, especially on a famous street called Via dei Condotti.

Cinema

Rome is home to Cinecittà Studios, the biggest film and TV studio in Europe. Many famous movies have been made there, including Roman Holiday and Ben-Hur. The studio has facilities for every part of making a movie, from planning to finishing the film. It was started in 1937 and has been the place where many big productions come to life.

Commerce, communications and transport

Rome’s economy is mostly about services, technology, research, and tourism. The city has many offices for big Italian companies and some of the world’s largest corporations. Rome’s main airport, Fiumicino, is the largest in Italy.

Industry

Rome has industry too, mainly in technology, telecommunications, medicine, and food. Most factories are in an area called Tiburtina Valley on the east side of the city. Other important industrial areas are in nearby towns like Aprilia and Pomezia.