<Tr> <Th> Foreign reserves </Th> <Td> $0.2 trillion </Td> </Tr> <Tr> <Td_colspan="2"> Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars . </Td> </Tr> <P> The economy of Italy is the 3rd - largest national economy in the eurozone, the 8th - largest by nominal GDP in the world, and the 12th - largest by GDP (PPP). The country is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20 . Italy is the eighth largest exporter in the world with $514 billion exported in 2016 . Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade . The largest trading partners, in order of market share, are Germany (12.6%), France (11.1%), United States (6.8%), Switzerland (5.7%), United Kingdom (4.7%), and Spain (4.4%). </P> <P> In the post-war period, Italy was transformed from an agricultural based economy which had been severely affected by the consequences of the World Wars, into one of the world's most industrialized nations, and a leading country in world trade and exports . According to the Human Development Index, the country enjoys a very high standard of living, and has the world's 8th highest quality of life according to The Economist . Italy owns the world's third - largest gold reserve, and is the third net contributor to the budget of the European Union . The country is also well known for its influential and innovative business economic sector, an industrious (Italy is the second largest manufacturer in Europe behind Germany) and competitive agricultural sector (Italy is the world's largest wine producer), and for its creative and high - quality automobile, naval, industrial, appliance and fashion design . Italy is the largest market for luxury goods in Europe (third in the world) and the country's private wealth is one of the largest in the world . </P>

Where does italy's economy rank in the world