The economy of Italy is the seventh-largest economy in the world and the fourth-largest in Europe, according to the International Monetary Fund. Italy belongs to the Group of Eight (G8) industrialized nations; it is a member of the European Union and OECD. The country is divided into a developed industrial north dominated by large private companies and an agricultural, state-assisted south.
Rome is the largest city and capital of Italy. The economy of Rome is characterized by the absence of heavy industry and is largely dominated by services, high-technology companies (IT, aerospace, defense, telecommunications), research, construction and commercial activities (especially banking), and the huge development of tourism are very dynamic and extremely important to its economy.
Rome has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.
The latest cost of living rank for each of the 13 Basket Groups is now available.