Italy has a diversified industrial economy with high gross domestic product (GDP) per capita and developed infrastructure. According to the International Monetary Fund, the World Bank and the CIA World Factbook, in 2010 Italy was the eighth-largest economy in the world and the fourth-largest in Europe in terms of nominal GDP, and the tenth-largest economy in the world and fifth-largest in Europe in terms of purchasing power parity (PPP) GDP. Italy is member of the Group of Eight (G8) industrialized nations, the European Union and the OECD.
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