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Italy, officially the Italian Republic, is a country located in Southern Europe, which encompasses the Po River valley, the Italian Peninsula and the two largest islands in the Mediterranean Sea, Sicily and Sardinia. Italians also refer to it as lo Stivale, which means boot, due to its boot like shape. The official language of Italy is Standard Italian, a descendant of Tuscan dialect and a direct descendant of Latin. In fact, 75% of Italian words are of Latin origin. The 2006 estimated population was 59,093,092, and its area is 301,318 km˛. Rome is its capital and largest city. Giorgio Napolitano is the current President of the Italian Republic, and Romano Prodi is the Prime Minister. The President of the Italian Republic (Presidente della Repubblica) is elected for seven years by the parliament while the president nominates the prime minister. |
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Through the past decade Italy has worked hard for a strong monetary policy in order to meet the requirements of the Economic and Monetary Union. Subsequently, they have gained from lower inflation and interest rates. From its conception in 1999, Italy joined the Euro. Presently, Italy is a highly developed country. It is a founding member of what is now the European Union, and a member of G8.
In 2006 Italy was ranked the seventh largest economy in the world, behind the United States, Japan, Germany, China, UK, and France, and the fourth largest in Europe. Italy was the world's sixth-largest exporter of manufactured goods in 2004, according to the OECD. Italy's major exports are motor vehicles, aerospace and defense technology, chemicals, petrochemicals and electric goods, as well as firearms. The country's more noted exports are fashion, food industry, motor-yachts, and luxury vehicles.
Tourism is significant to the Italian economy. According to the World Tourism Organization Italy is ranked the fifth major tourist destination in the world, with more than 37 million tourists per year. |
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