The economy of Romania has been dubbed as the Tiger of the East because of its high economic growth rate and rapid expansion; amongst the highest in the European Union. Romania has been characterized as the 11th largest economy in EU in terms of total nominal GDP and it is 8th largest in terms of purchasing power parity. Romania has been known as the 2nd wine producer in the EU. The vehicle manufacturing and IT-related services recorded significant growth in recent years. In terms of minerals diversity, the country ranks 10th in the world; about 60 different minerals are produced. Romanias main industries include iron, steel, nonferrous metals, food processing, chemicals, machinery and transportation equipment, electronics, and construction.