Economy of Turin
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Turin is Italy's fourth largest economic center after Rome, Milan and Naples. In 2004, Turin produced a GDP of 25.439 billion
euros The euro (symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . T ...
, 2.2% of the national figure. The Turin greater metropolitan area produced 44.146 billion euros, 3.8% of the Italian GDP. Turin's taxable income was 12.455 billion euros.


Industry

The
Province of Turin The former Province of Turin ( it, Provincia di Torino; pms, Provinsa ëd Turin; french: Province de Turin) was a province in the Piedmont region of Italy. Its capital was the city of Turin. The province existed until 31 December 2014, when it wa ...
, is Italy's second largest export market (in terms of value of exports) with a share of 5.2% of the national total. Its industries include manufacturing and engineering; production of confectionery and chocolate; and banking and telecommunications. There has also been growth in construction, tourism and service industries. Founded in 1826, Caffarel (the inventor of gianduja) is the oldest chocolate factory in the world. Other prominent companies in the area include:
Fiat Fiat Automobiles S.p.A. (, , ; originally FIAT, it, Fabbrica Italiana Automobili di Torino, lit=Italian Automobiles Factory of Turin) is an Italian automobile manufacturer, formerly part of Fiat Chrysler Automobiles, and since 2021 a subsidiary ...
, Seat Pagine Gialle, EIAR (now RAI), Olivetti,
Lavazza Luigi Lavazza S.p.A. (), shortened and stylized as LAVAZZA, is an Italian manufacturer of coffee products. Founded in Turin in 1895 by Luigi Lavazza, it was initially run from a small grocery store at Via San Tommaso 10. The business (Italian: ...
, Cirio, Reale Mutua Assicurazioni, Toro Assicurazioni
Lancia Lancia () is an Italian car manufacturer and a subsidiary of FCA Italy S.p.A., which is currently a Stellantis division. The present legal entity of Lancia was formed in January 2007 when its corporate parent reorganised its businesses, but it ...
, Italdesign Giugiaro, Ghia, Italgas, Bertone, Pininfarina, Martini & Rossi, Seven,
Kappa Kappa (uppercase Κ, lowercase κ or cursive ; el, κάππα, ''káppa'') is the 10th letter of the Greek alphabet, representing the voiceless velar plosive sound in Ancient and Modern Greek. In the system of Greek numerals, has a value o ...
, Superga, Carlo Pignatelli. National banks with a presence in Turin include Intesa Sanpaolo and UniCredit Group. In 2006, there were 231,645 businesses registered in the Province of Turin and 112,255 in the city. These numbers represent just under 50% of all those in the Piedmont region and 4% of the Italian total. There were 21,987 foreign entrepreneurs, with the majority being non-EU. Difficulties which industry in Turin has faced include a long phase of industrial restructuring; a crisis in Fiat; and transfer of production to developing nations.


Automotive

Data from 2006 indicated that growth in Italian GDP at that time was due to resumption of exports of cars from the Fiat Group. Associated automotive industries also benefited. Such automotive companies include
Iveco IVECO, an acronym for Industrial Vehicles Corporation, is an Italian multinational transport vehicle manufacturing company. It designs and builds light, medium, and heavy commercial vehicles. The name IVECO first appeared in 1975 after a merger o ...
, Alfa Romeo, Abarth and
Lancia Lancia () is an Italian car manufacturer and a subsidiary of FCA Italy S.p.A., which is currently a Stellantis division. The present legal entity of Lancia was formed in January 2007 when its corporate parent reorganised its businesses, but it ...
, Pininfarina, Bertone and
Giugiaro Giorgetto Giugiaro (; born 7 August 1938) is an Italian automotive designer. He has worked on supercars and popular everyday vehicles. He was born in Garessio, Cuneo, Piedmont. Giugiaro was named Car Designer of the Century in 1999 and inducted ...
).
General Motors The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...
, while breaking a commercial and productive alliance with Fiat, continued research in the testing of diesel engines. The automotive components industry has expanded and modernised in response to Fiat's success. There is a network of over 350 companies. The Turin Chamber of Commerce's "From Concept to Car" project, involving 145 companies aimed to promote the excellence of the sector throughout the world.


Tertiary sector

Beginning in the 1980s, tertiary sector industry in Turin has grown in importance.


Banking

Turin hosts the headquarter of the Intesa Sanpaolo banking group, the second largest banking group in Italy measured by
market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by t ...
. 'Fondazione CRT', Reale Mutua Assicurazioni, Alleanza Toro and Fondiaria Sai are also present.


Innovative technology

In Turin, there are programs, for example, the 'New Turin Economy Project' working to assist collaboration in the private technology sector. Companies and institutions involved include: Polytechnic Institute ''Mario Boella'', ''Istituto Galileo Ferraris'' and the Centro ricerche Fiat (CRF, Fiat Research Center), Torino Wireless and the Ministry of University and Research, TILab (formerly CSELT). There is a concentration of such companies at ''Environment Park'' and Virtual Reality & Multi Media Park. In January 2009, Reply S.p.A. acquired the Motorola research centre in Turin in order to initiate research and development programmes governing Machine to Machine (M2M), the
Internet of Things The Internet of things (IoT) describes physical objects (or groups of such objects) with sensors, processing ability, software and other technologies that connect and exchange data with other devices and systems over the Internet or other comm ...
and cloud computing: all innovative technologies based on the exchange of information and interaction between networked devices, for automating mission critical processes.


Tourism

Already a destination for the '' Grand Tour'', Turin was one of the first Italian cities in history to have a tourist organization; for example, for the three hundred years of the miracle of the SS. Sacramento, the bookseller Giovanni Gaspare Craveri published the ''Guida de 'forestieri'' ("Foreigners' guide"). Craveri's guide subdivides the visit of the city in four days and describes in great detail also the surroundings. That of Craveri was followed by other guides, always edited by Turinese people proud of their city; for example in 1781 Onorato Derossi published his ''Nuova guida per la città di Torino'' ("New Guide for the city of Turin".) The
2006 Winter Olympics The 2006 Winter Olympics, officially the XX Olympic Winter Games ( it, XX Giochi olimpici invernali) and also known as Torino 2006, were a winter multi-sport event held from 10 to 26 February 2006 in Turin, Italy. This marked the second t ...
contributed to Turin's progress after a period of economic doldrums. However, some were not sure of its effect. :"Giorgetto Giugiaro, whose classic industrial designs range from Canon cameras to VW aid "Turin is a modest city intent on doing things,"... "If the villas we have in La Collinas were in Milan, people would call them the Beverly Hills of Europe. But our problem is that we are not able to talk about what we have." Giugiaro told me about a friend who owns two Rolls-Royces but won't take them out, for fear of showing off. "So he drives around town in an ordinary car and leaves his Rolls in the garage." The city's Versace store had to close because locals wouldn't be caught dead in such ostentatious clothes, and Hermès has to stock plain white paper shopping bags so patrons can carry its understated luxury home without risking any fashion statements along the way." In 2008, the Turin area was visited by 5.3 million tourists."La Stampa" , April 1, 2009, p. 70
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Recent changes

The conversion of large urban areas, previously occupied by factories has contributed to recent economic growth. Large public works such as ''Passante Ferroviario di Torino'' and the
metro Metro, short for metropolitan, may refer to: Geography * Metro (city), a city in Indonesia * A metropolitan area, the populated region including and surrounding an urban center Public transport * Rapid transit, a passenger railway in an urba ...
, have also reshaped the city. Since 2000, Turin, as a place of origin of Italian cinema has housed the National Museum of Cinema at Mole Antonelliana. In 2008, with 532,196 visitors, it reached the thirteenth most visited place among Italian museums. ''Cineporto'', a multipurpose facility dedicated to high-tech film productions and the Lumiq Studios, which produces film, television and advertising.


References

{{DEFAULTSORT:Economy Of Turin Turin