Italy PDF Print E-mail
Written by Offshore-World   
Monday, 21 April 2008
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Italy, officially the Italian Republic, is located on theItalian Peninsula in Southern Europe, and on the two largest islands in theMediterranean Sea, Sicily and Sardinia. Italy shares its northern Alpineboundary with France, Switzerland, Austria and Slovenia. The independent statesof San Marino and the Vatican City are enclaves within the Italian Peninsula,while Campione d'Italia is an Italian exclave in Switzerland.

The climate in Italy is highly diverseand can be far from the stereotypical Mediterranean climate depending on thelocation. Most of the inland northern areas of Italy (for example Turin, Milanand Bologna) have a continental climate often classified as humid subtropicalclimate. The coastal areas of Liguria and most of the peninsula south ofFlorence generally fit the Mediterranean stereotype. The coastal areas of thepeninsula can be very different from the interior higher altitudes and valleys,particularly during the winter months when the higher altitudes tend to becold, wet, and often snowy. The coastal regions have mild winters and warm andgenerally dry summers, although lowland valleys can be quite hot in summer. InOctober 2007, Italy officially reached more than 59.5 million persons. Italycurrently has the fourth largest population in the European Union, and the 23rdlargest population in the world.

Italy is a destination for immigrants from all over theworld. At the end of 2006, foreigners comprised 5% of the population or2,938,922 persons, an increase of 270,000 since the previous year. In someItalian cities, such as Brescia, Milan, Padua, and Prato, immigrants total morethan 10% of the population.  Themost recent wave of migration has been from surrounding European nations,particularly Eastern Europe, replacing North Africans as a major source ofmigrants.

Italy has a diversified industrial economy with roughly thesame total and per capita output as France and the UK. This capitalisticeconomy remains divided into a developed industrial north, dominated by privatecompanies, and a less-developed, welfare-dependent, agricultural south, with20% unemployment. Most raw materials needed by industry and more than 75% ofenergy requirements are imported. According to GDP calculations, Italy wasranked as the seventh-largest economy in the world in 2006, and thefourth-largest in Europe. According to World Bank data, Italy has high levelsof freedom to invest, do business, and trade. On the other hand, Italy hasinefficient bureaucracy, relatively low property rights and high levels ofcorruption (compared to other European countries), heavy taxes, and heavypublic consumption at around half of GDP. Tourism is also very important to theItalian economy: with over 37 million tourists a year, Italy is ranked asthe fifth major tourist destination in the world. Although there are norestrictions on foreign ownership of properties in Italy, high transactioncosts and taxes and laws that restrict rent increases and provide tenantsecurity, are detrimental to the rental market.

 

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