<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> 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>
where does italy 's economy rank in the world
where does italy 's economy rank in the world
8th - largest by nominal GDP 12th - largest by GDP ( PPP )
8th - largest by nominal GDP 12th - largest by GDP ( PPP )