Italy is the world's 9th largest economy with a GDP of USD 2.06 trillion in 2013. Italy's economy contracted by 2.6 percent in 2012 and 1.9 percent in 2013, still affected by the current global recession. Italy's population is 61 million. In 2013 Italy was the 22th largest market for U.S. exports, which totaled approximately USD 16.5 billion. The U.S. is Italy's 9th largest supplier. Germany, France, the United States, Spain, Switzerland, and the United Kingdom are Italy's most important trading partners, with China continuing to gain ground. U.S. imports from Italy totaled USD 38.7 billion in 2013. U.S. cumulative direct investment in Italy was USD 26.8 billion in 2012, ranking Italy11th in Europe. U.S investment is concentrated in manufacturing, computer services and software, and energy, with significant industrial relationships in the aerospace and automotive sectors. Pharmaceuticals represent the second sector for U.S. investors in Italy in terms of sales (20%) and employment (14%). U.S. bio-pharmaceutical companies have an annual turnover of 4.7 billion euro (30% of the total industry). Tourism is an important source of external revenue, as are exports of engineering products, mechanical machinery, and textiles/fashion. Industrial activity is concentrated in the north in a swath that runs from Turin in the west through Milan to Venice in the east. This is one of the most industrialized and prosperous areas in Europe and accounts for more than 50 percent of national income. By contrast, Italy's southern region, or "Mezzogiorno" is less developed. Italy is a founding member of the European Union (EU) and uses the Euro as its national currency. Italy's current government came into being on February 22, 2014 when 39-year old Florence mayor and Democratic Party (PD) leader Matteo Renzi replaced Enrico Letta as Prime Minister. Renzi's center left PD dominates his governing coalition, which is no longer a grand coalition but still includes the New Center Right party, the Civic Choice party, and the Union of the Center. Renzi's goals extend the goals of the preceding Letta and Mario Monti governments: stimulating the Italian economy; reforming the electoral system; and streamlining Italy's political institutions. As new regulations and laws are passed by the new government, new opportunities may arise.