section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Turin developed as a Fordist city in the early 20th century, which meant a shift from a service-based economy to an industry-based one. In the vein of many Fordist economies Turin's economy relies heavily upon its automotive and aerospace industries. Despite the general decline of the automotive industry since the oil crisis of 1973, the city still relies heavily upon its automotive industry. Since before the Second World War, the automotive industry has been the largest employer in the city, and almost all exports from Turin are manufactured goods. The city serves as the headquarters to Fiat (Fabbrica Italiana Automobili Torino; Turin Italian Automobiles Factory), which has since been absorbed by its parent company, the Fiat Chrysler Automobiles group (now Stellantis) headquartered in Amsterdam, the eighth largest automotive company in the world. Turin is still home to a sizeable Fiat factory.
  
  From the 1980s, Turin diversified its economy and is shifting back towards a service economy. Tech and innovation industries are booming in Turin, which was ranked third in number of innovative startups and firms in the information-tech sector, and has some of the most patent applications to the European Patent Office of any city. In 2008 the city generated a GDP of $68 billion, ranking as the world's 78th richest city by purchasing power, and 16th in Europe, according to PricewaterhouseCoopers. Turin accounts for 8 percent of Italy's GDP. The city has been ranked in 2010 by Globalization and World Cities Research Network as a Gamma-level city.
  
  Other companies operating in Turin are Maserati, Lancia, Alfa Romeo, Iveco, Pininfarina, Bertone, Sparco, Italdesign Giugiaro, New Holland, Comau, Magneti Marelli, Graziano Oerlikon, Ghia, Fioravanti (automotive), Rai (national broadcasting company), Banca Investis, FCA Bank, Intesa Sanpaolo, Reale Mutua (finance), Invicta, Kappa, Superga (fashion), Ferrero, Lavazza, Martini & Rossi (food & beverage), Alpitour (hospitality and tourism), TILab (ex- CSELT), and Aurora (pen manufacturer).
  
  The city is also well known for its aerospace industry Alenia Aeronautica, Thales Alenia Space and Avio. The International Space Station modules Harmony, Columbus, Tranquility, as well as the Cupola and all MPLMs were produced in Turin. The future European launcher projects beyond Ariane 5 will also be managed from Turin by the new NGL company, a subsidiary of EADS (70%) and Aircraft Division of Leonardo (30%).