Economy of the European Union

Economy of the European Union
Headquarters European Central Bank in Frankfurt, Germany
Currency 1 Euro (€) = 100 cents
Statistics
GDP ranking 1st (2012)
GDP (Nominal) US$16.584 trillion (2012)
€12.899 trillion (2012)
GDP (PPP) US$16.092 trillion (2012)
GDP growth rate -0,2% (2012)
GDP per capita US$32,999 (nominal)
US$32,021 (PPP) (2012)
GDP by sector (2006) 70.5% services
27.3% industry
  2.1% agriculture
Inflation 2.6 % (2012)
Population below poverty threshold 17%
Labour force 240.2 million[2]
Labour force by occupation (2011) 69.8% services
25.2% industry
  5.0% agriculture
Unemployment 10.9% (February 2013)
Sources: [3] [4] [5] [6]

[7] [8]

Trading partners
Export of goods €1.687 trillion (2012)
$2.167 trillion (2012)
Export of services €657.4 billion (2012)
$844.6 billion (2012)

Export goods (2012)

machinery and transport equipment 41.9%; other manufactured goods 22.7%; chemicals and related products 16.4%; food, drinks and tobacco 5.9%; mineral fuels and lubricants 7.3%; raw materials 2.8%; commodities and transactions 3.0%

Main export partners (2012) [9]

 United States 17.3%
 China 8.5%
  Switzerland 7.9%
 Russia 7.3%
 Turkey 4.5%
 Japan 3.3%
 Norway 3.0%
Import of goods €1.792 trillion (2012)
$2.302 trillion (2012)
Import of services €510.6 billion (2012)
$656.0 billion (2012)

Import goods (2012)

machinery and transport equipment 25.2%; other manufactured goods 21.6%; mineral fuels and lubricants 30.5%; chemicals and related products 9.0%; food, drinks and tobacco 5.2%; raw materials 4.5%; commodities and transactions 4.0%

Main import partners (2012) [10]

 China 16.2%
 Russia 11.9%
 United States 11.5%
  Switzerland 5.8%
 Norway 5.6%
 Japan 3.6%
 Turkey 2.7%
FDI inward stock € 3.947 trillion (2012)
FDI outward stock € 5.206 trillion (2012)
Sources: [11] [12] [13] [14] [15] [16] [17] [18] [19]
Balance of Payments
Current account € 70.404 billion (2012)
Sources: [20]
Public finances
Government debt € 11,011.8 billion
(85.3% of GDP) (2012)
Deficit spending € -514.1 billion
(-4.0% of GDP) (2012)
Expenditure 49.4% of GDP (2012)
Revenue 45.4% of GDP (2012)
Sources: [21]

The economy of the European Union generates a GDP of over €12.894 trillion (US$16.566 trillion in 2012)[1] according to Eurostat, which makes it the largest economy in the world if treated as a single economy. The European Union (EU) economy consists of an Internal Market and the EU is represented as a unified entity in the World Trade Organization (WTO).

CurrencyEdit

The official currency of the European Union is the euro used in all its documents and policies. The Stability and Growth Pact sets out the fiscal criteria to maintain for stability and (economic) convergence. The euro is also the most widely used currency in the EU, which is in use in 18 member states known as the Eurozone.

All other member states, apart from Denmark and the United Kingdom, which have special opt-outs, have committed to adopting the euro once they have fulfilled the requirements needed to do so. Also, Sweden can effectively opt out by choosing when or whether to join the European Exchange Rate Mechanism, which is the preliminary step towards joining. The remaining states are committed to join the Euro through their Treaties of Accession.

BudgetEdit

The operation of the EU has an agreed budget of €141 billion for the year 2011, and €862 billion for the period 2007–2013,[2] this represents around 1% of the EU's GDP.

Economic variationEdit

Below is a table showing, respectively, the GDP and the GDP (PPP) per capita for the European Union and for each of its member states, sorted by GDP (PPP). This can be used as a rough gauge to the relative standards of living among member states, with Luxembourg the highest and Bulgaria the lowest. Eurostat, based in Luxembourg, is the Official Statistical Office of the European Communities releasing yearly GDP figures for the member states as well as the EU as a whole, which are regularly updated, supporting this way a measure of wealth and a base for the European Union's budgetary and economic policies. Figures are stated in euro.

Member states GDP 2013
millions of
euro
Population
in millions[3]
GDP (PPP)
per capita 2012
euro
GDP (Nominal)
per capita 2013
euro
GDP (PPP)
per capita 2012
EU27 = 100

Eurozone
yes/no
 European Union 13,075,215 505.7 25,500 25,500(2012) 100%
 Germany 2,737,600 80.5 31,300 33,300 123% yes
 France 2,059,272 65.6 27,500 31,300 109% yes
 United Kingdom 1,908,540 63.9 28,300 29,800 106% no
 Italy 1,560,024 59.7 25,200 25,600 101% yes
 Spain 1,022,988 46.7 24,400 22,300(2012) 96% yes
 Netherlands 602,658 16.8 32,800 35,900 128% yes
 Sweden 420,088 9.6 32,700 43,800 126% no
 Poland 389,695 38.5 16,800 10,100 67% no
 Belgium 381,401 11.2 30,400 34,300 120% yes
 Austria 313,197 8.5 33,300 36,400(2012) 130% yes
 Denmark 249,125 5.6 32,100 44,400 126% no
 Finland 193,443 5.4 29,100 35,600 115% yes
 Greece 182,054 11.29 19,200 17,200 75% yes
 Portugal 165,666 10.5 19,200(p) 15,800 75% yes
 Ireland 163,938(2012) 4.6 33,200 35,700(2012) 129% yes
 Czech Republic 149,387 10.5 20,300 14,200 81% no
 Romania 142,822 20.1 12,500 6,500(2012) 50% no
 Hungary 98,071 9.9 16,700 9,900 67% no
 Slovakia 72,134 5.4 19,100 13,300 77% yes
 Croatia 43,313 4.3 15,600 10,200 62% no
 Luxembourg 45,478 0.5 67,100 80,700(2012) 263% yes
 Bulgaria 39,940 7.3 12,100 5,500 47% no
 Slovenia 35,275 2.1 20,900 17,100 84% yes
 Lithuania 34,601 3.0 17,900 11,700 72% no
 Latvia 23,372 2.0 15,900 10,600(b) 64% yes
 Estonia 18,435 1.3 18,000 13,800 71% yes
 Cyprus 16,504 0.9 23,500(p) 19,000 92% yes
 Malta 7,186 0.4 22,100 17,000 86% yes
EU Candidates GDP 2013
millions of
euro
Population
in millions
GDP (PPP)
per capita 2012
euro
GDP (Nominal)
per capita 2013
euro
GDP (PPP)
per capita 2011
perc. of EU27

Eurozone
yes/no
 Iceland 11,000 0.3 28,500 34,000 113% no
 Turkey 616,345 75.6 13,100(2011) 7,500(2011) 56% no
 Macedonia 7,454 (2012) 2.1 8,900(2011) 3,600(2011) 35% no
 Montenegro 3149(2012) 0.6 43% no
 Serbia 31,988 7.2 8,700(2011) 4,100(2012) 35% no
Current EU applicants GDP 2010
millions of
euro
Population
in millions
GDP (PPP)
per capita 2011
euro
GDP (Nominal)
per capita 2009
euro
GDP (PPP)
per capita 2011
perc. of EU27

Eurozone
yes/no
 Albania 8,975[4] 3.2 7,800(e) 2,803 30% no
 Bosnia & Herzegovina[5] 3.8 7,300 28% no
EFTA members GDP 2013
millions of
euro
Population
in millions
GDP (PPP)
per capita 2012
euro
GDP (Nominal)
per capita 2013
euro
GDP (PPP)
per capita 2011
perc. of EU27

Eurozone
yes/no
 Norway 384,747 5.1 49,900 75,700 195% no
  Switzerland 489,978 8.1 40,800 61,100 160% no

p: provisional value
e: estimated value
Source: GDP Millions of PPS:EUROSTAT,[1] GDP(PPP) per inhabitant: EUROSTAT,[1] GDP per capita in PPS :EUROSTAT,[6] GDP per capita expressed in PPS in percentage of EU (2011): EUROSTAT[7]

Past and future GDP at market prices (millions of euro)[8][nb 1]
2007 2008 2009 2010 2011 2012 2013
 European Union 12,397,498.0 12,466,896.5 11,752,175.4 12,256,226.4 12,649,146.5 12,957,700.3 13,381,221.5
Member states
 Austria 274,019.8 282,746.0 274,818.2 286,197.3 300,891.3 310,133.3 322,190.4
 Belgium 335,610.0 346,130.0 340,398.0 354,378.0 370,436.4 381,779.9 396,273.8
 Bulgaria 30,772.4 35,430.5 34,932.8 36,033.5 38,989.9 - -
 Croatia 43,380.4 47,760.2 45,666.1 45,899.2 46,021.6 46,781.0 48,175.2
 Cyprus 15,901.5 17,157.1 16,853.5 17,333.6 17,928.6 18,409.6 19,167.5
 Czech Republic 131,908.6 154,269.7 141,449.8 149,313.3 157,538.3 155,688.8 160,030.9
 Denmark 227,533.9 235,133.0 223,985.3 235,608.6 241,148.1 249,122.9 258,155.3
 Estonia 16,069.4 16,304.2 13,839.6 14,305.3 16,011.6 17,006.0 18,163.9
 Finland 179,830.0 185,651.0 173,267.0 180,253.0 190,257.4 198,251.5 206,115.5
 France 1,886,792.1 1,933,195.0 1,889,231.0 1,932,801.5 1,987,699.4 2,027,969.8 2,092,928.4
 Germany 2,428,500.0 2,473,800.0 2,374,500.0 2,476,800.0 2,570,000.0 2,626,427.9 2,705,181.1
 Greece 222,771.1 232,920.3 231,642.0 227,317.9 217,828.8 212,139.9 214,309.2
 Hungary 99,430.5 105,545.1 91,402.5 97,094.8 99,285.5 95,398.7 100,059.5
 Ireland 189,932.9 179,989.8 160,595.9 155,992.3 156,109.2 158,864.9 164,621.6
 Italy 1,554,198.9 1,575,143.9 1,526,790.4 1,556,028.6 1,586,209.0 1,617,154.7 1,660,133.6
 Latvia 21,026.5 22,889.8 18,521.3 17,974.8 19,605.9 20,701.6 21,888.0
 Lithuania 28,738.8 32,461.7 26,654.4 27,607.5 30,806.9 32,781.8 34,545.2
 Luxembourg 37,490.5 39,436.5 37,392.6 40,266.9 41,778.3 42,893.0 45,035.9
 Malta 5,434.3 5,814.6 5,812.7 6,154.2 6,440.0 6,690.0 7,008.3
 Netherlands 571,773.0 594,481.0 571,145.0 588,414.0 607,435.2 622,714. 639,563.6
 Poland 311,001.7 363,153.7 310,418.2 354,310.0 369,318.3 355,346.3 372,417.2
 Portugal 169,319.2 171,983.1 168,503.6 172,571.2 171,632.4 168,286.4 172,647.7
 Romania 124,728.5 139,765.4 118,196.0 124,058.9 131,527.8 136,278.1 147,800.8
 Slovakia 54,810.8 64,500.1 62,895.5 65,887.4 69,944.5 71,614.0 75,123.1
 Slovenia 34,562.3 37,279.5 35,310.6 35,415.8 36,446. 38,018.4
 Spain 1,053,161.0 1,087,749.0 1,047,831.0 1,051,342.0 1,074,940.5 1,094,290. 1,123,495.9
 Sweden 337,944.2 333,255.7 291,347.0 346,536.4 386,201.6 396,188.4 409,582.5
 United Kingdom 2,054,237.7 1,800,710.8 1,564,467.9 1,706,301.9 1,747,315.6 1,862,190.7 1,931,407.6
Candidate countries
 Macedonia 5,966.5 6,692.6 6,702.4 6,948.1 7,275.8 7,743.6 8,386.1
 Turkey 479,209.1 506,431.9 440,367.3 552,842.4 546,713.3 566,640.2 620,400.7
EFTA countries
 Iceland 14,932.4 10,303.7 8,673.7 9,494.8 10,080.4 10,713.4 11,346.1
 Norway 287,712.2 311,284.9 270,010.7 315,233.8 343,998.3 364,416.8 383,818.3
  Switzerland 317,222.0 343,346.1 354,734.9 398,877.5 477,197.4 502,272.1 521,523.8
Main economic partners
 USA 10,236,191.2 9,716,820.8 9,993,547.5 10,957,607.3 10,831,809.8 11,822,419.8 12,148,404.6
 Japan 3,197,025.7 3,308,478.8 3,613,140.2 4,122,481.1 4,285,853.3 4,735,371.4 4,785,085.4

Economies of member statesEdit

GDP per capita in 2012

Economic performance varies from state to state. The Growth and Stability Pact governs fiscal policy with the European Union. It applies to all member states, with specific rules which apply to the eurozone members that stipulate that each state's deficit must not exceed 3% of GDP and its public debt must not exceed 60% of GDP. However, many larger members have consistently run deficits substantially in excess of 3%, and the eurozone as a whole has a debt percentage exceeding 60% (see below).

The following table shows information relating to the member states of the European Union, ordered according to the 'Size' of their economies. (NB: Were the table ordered according to 'GDP per capita' this would perhaps better reflect the strength of an individual economy. But this is not how such tables are commonly structured.) The colours denote how a member state is performing relative to the rest of the European Union, above average (green) or below average (red). The smallest and greatest values in each column are emphasised.

The data for GDP and GDP per capita (PPP) are based on the World Economic Outlook, October 2013 (International Monetary Fund).[9]

Member State
sorted by GDP
GDP
in billions
of USD
(2013)
[9]
GDP
% of EU
(2012)
Annual
change
 % of GDP
(2012)
GDP
per capita
in PPP US$
(2013)
Public Debt[10]
% of GDP
(2013 Q3)
Deficit (-)/
Surplus (+)[10]
% of GDP
(2012)
Inflation
% Annual[11]
(2012)
Unemp.[12]
%
2013 M12
 European Union[13] 17,371.6 100.0 −0.3 32,152 86.8 −3.9 2.6 10.8
 Germany 3,636.0 20.6% 0.7 40,007 78.4 0.1 2.1 5.0
 France 2,737.4 15.7% 0.0 35,784 92.7 −4.8 2.2 10.9
 United Kingdom 2,535.8 14.7% 0.3 37,307 89.1 −6.1 2.8 7.2
 Italy 2,072.0 12.1% −2.4 30,289 132.9 −3.0 3.3 12.9
 Spain 1,358.7 7.9% −1.4 29,851 93.4 −10.6 2.4 25.8
 Netherlands 880.0 4.6% −1.0 41,710 73.6 −4.1 2.8 7.1
 Sweden 558.0 3.1% 0.8 41,188 40.7 −0.2 1.0 8.2
 Poland 516.1 2.9% 1.9 21,214 58.0 −3.9 3.7 9.9
 Belgium 506.6 2.9% −0.2 37,881 103.7 −4.0 2.6 8.5
 Austria 415.4 2.4% 0.8 42,597 77.1 −2.5 2.6 4.9
 Denmark 331.0 1.9% −0.5 37,900 46.3 −4.1 2.4 7.0
 Finland 256.9 1.5% −0.2 35,617 54.8 −1.8 3.2 8.3
 Greece 241.8 1.5% −6.4 24,012 171.8 −9.0 1.0 26.7
 Portugal 220.0 1.3% −3.2 23,068 128.7 −6.4 2.8 15.3
 Ireland 217.9 1.3% 0.9 39,547 124.8 −8.2 1.9 11.9
 Czech Republic 198,3 1.2% −1.3 27,200 46 −4.4 3.5 6.8
 Romania 189.7 1.0% 0.7 13,396 38.9 −3.0 3.4 7.3
 Hungary 132.4 0.8% −1.7 20,065 80.2 −2.0 5.7 8.8
 Slovakia 95.8 0.6% 2.0 24,605 57.2 −4.5 3.7 13.6
 Luxembourg 59.8 0.3% 0.3 78,670 27.7 −0.6 2.9 6.1
 Bulgaria 53.0 0.3% 0.8 14,499 17.3 −0.8 2.4 13.1
 Lithuania 47.6 0.3% 3.7 22,747 39.6 −3.2 3.2 11.3
 Slovenia 46.9 0.3% −2.3 27,890 62.6 −3.8 2.8 10.2
 Latvia 31.0 0.2% 5.6 19,120 38 −1.3 2.3 11.5
 Estonia 24.5 0.1% 3.2 23,144 10.0 −0.2 4.2 9.3
 Cyprus 21.8 0.1% −2.4 25,265 109.6 −6.4 3.1 16.8
 Malta 9.5 0.1% 0.8 27,840 76.6 −3.3 3.2 6.9

Economic growthEdit

Population and GDP per capita of EU member states and some candidates

The EU's share of Gross world product (GWP) is stable at around one fifth.[14]

The twelve new member states of the European Union have enjoyed a higher average percentage growth rate than their elder members of the EU. Slovakia has the highest GDP growth in the period 2005–2011 among all countries of the European Union (See Tatra Tiger). Notably the Baltic states have achieved massive GDP growth, with Latvia topping 11%, close to China, the world leader at 9% on average for the past 25 years (though these gains have been in great part cancelled by the late-2000's recession).

Reasons for this massive growth include government commitments to stable monetary policy, export-oriented trade policies, low flat-tax rates and the utilisation of relatively cheap labour. For the last year (2011), Estonia had the highest GDP growth from all the states in EU (7,6%). The current map of EU growth is one of huge regional variation, with the larger economies suffering from stagnant growth and the new nations enjoying sustained, robust economic growth.

Although EU27 GDP is on the increase, the percentage of Gross world product is decreasing due to the emergence of economic powers such as China, India and Brazil. In the medium to long term, the EU will be looking forward to increase GDP growth in Italy and the UK to stabilise growth in European Union states. This is to ensure sustained economic prosperity.

EU Member States GDP growth rates[15]
Member State 2005 2006 2007 2008 2009 2010 2011 2012 2013 2005 – 2013[16]
 Austria 2.4 3.7 3.7 1.4 −3.8 1.8 2.8 0.9
 Belgium 1.8 2.7 2.9 1.0 −2.8 2.3 1.8 −0.1 0.2 9.8
 Bulgaria 6.4 6.5 6.4 6.2 −5.5 0.4 1.8 0.6 0.9 23.7
 Croatia 4.2 4.9 5.1 2.1 −6.9 -2.3 -0.2 -1.9 -1.0 3.4
 Cyprus 3.9 4.1 5.1 3.6 −1.9 1.3 0.4 −2.4 −5.4 8.7
 Czech Republic 6.8 7.0 5.7 3.1 −4.5 2.5 1.8 −1.0 -0.9 20.5
 Denmark 2.4 3.4 1.6 −0.8 −5.7 1.6 1.1 −0.4 0.4 3.6
 Estonia 8.9 10.1 7.5 −4.2 −14.1 2.6 9.6 3.9 0.8 25.1
 Finland 2.9 4.4 5.3 0.3 −8.5 3.4 2.8 −1.0 -1.4 8.2
 France 1.9 2.7 2.3 −0.1 −3.1 1.7 2.0 0.0 0.2 7.6
 Germany 0.7 3.7 3.3 1.1 −5.1 4.0 3.3 0.7 0.4 12.1
 Greece 2.3 5.5 3.5 −0.2 −3.1 −4.9 −7.1 −7.0 −3.9 −14.9
 Hungary 4.0 3.9 0.1 0.9 −6.8 1.1 1.6 −1.7 1.1 4.2
 Ireland 6.1 5.5 5.0 −2.2 −6.4 −1.1 2.2 0.2
 Italy 0.9 2.2 1.7 −1.2 −5.5 1.7 0.4 −2.4 -1.9 −4.1
 Latvia 10.1 11.0 10.0 −2.8 −17.7 −1.3 5.3 5.2 4.1 23.9
 Lithuania 7.8 7.8 9.8 2.9 −14.8 1.6 6.0 3.7 3.3 28.9
 Luxembourg 5.3 4.9 6.6 −0.7 −5.6 3.1 1.9 -0.2 2.1 18.3
 Malta 3.6 2.6 4.1 3.9 −2.8 4.1 1.6 0.6 2.4 20.1
 Netherlands 2.0 3.4 3.9 1.8 −3.7 1.5 0.9 −1.2 -0.8 7.8
 Poland 3.6 6.2 6.8 5.1 1.6 3.9 4.5 2.0 1.6 41.2
 Portugal 0.8 1.4 2.4 0.0 −2.9 1.9 −1.3 −3.2 -1.4 −2.3
 Romania 4.2 7.9 6.3 7.3 −6.6 −1.1 2.3 0.6 3.5 26.2
 Spain 3.6 4.1 3.5 0.9 −3.8 −0.2 0.1 −1.6 −1.2 5.1
 Slovakia 6.7 8.3 10.5 5.8 −4.9 4.4 3.0 1.8 0.9 41.9
 Slovenia 4.0 5.8 7.0 3.4 −7.9 1.3 0.7 −2.5 -1.1 10.7
 Sweden 3.2 4.3 3.3 −0.6 −5.0 6.6 2.9 0.9 1.5 17.1
 United Kingdom 3.2 2.8 3.4 −0.8 −5.2 1.7 1.1 0.3 1.7 8.2
 European Union 2.2 3.4 3.2 0.4 −4.5 2.0 1.7 −0.4 0.1 8.1
Eurozone 1.7 3.2 3.0 0.4 −4.4 2.0 1.6 −0.7 -0.5 6.3

Energy resourcesEdit

The European Union has large coal, oil, and natural gas reserves. There are six oil producers in the European Union, primarily in North Sea oilfields. The United Kingdom by far is the largest producer, however Denmark, Germany, Italy, Romania and the Netherlands all produce oil. If it is treated as a single unit, which is not conventional in the oil markets, the European Union is the seventh largest producer of oil in the world, producing 3,424,000 (2001) barrels a day.

It is also the world's second largest consumer of oil, consuming much more than it can produce, at 14,590,000 (2001) barrels a day. Much of the difference comes from Russia and the Caspian Sea basin. All countries in the EU have committed to the Kyoto Protocol, and the European Union is one of its biggest proponents. The European Commission published proposals for the first comprehensive EU energy policy on 10 January 2007.

see also: Renewable energy in the European Union and Category:Energy in the European Union

TradeEdit

  EU
  Top 10 trading partners (2010)
  Top 11–20 trading partners (2010)
EU imports, exports and balance of trade in goods from 2007 to 2012 (in billions of euro)
EU current account(quarterly data ) in millions of euro.

The European Union is the largest exporter in the world[17] and as of 2008 the largest importer of goods and services.[18] Internal trade between the member states is aided by the removal of barriers to trade such as tariffs and border controls. In the eurozone, trade is helped by not having any currency differences to deal with amongst most members.[19]

The European Union Association Agreement does something similar for a much larger range of countries, partly as a so-called soft approach ('a carrot instead of a stick') to influence the politics in those countries. The European Union represents all its members at the World Trade Organization (WTO), and acts on behalf of member states in any disputes. When the EU negotiates trade related agreement outside the WTO framework, the subsequent agreement must be approved by each individual EU member.[19]

Main trading partners(2012)[20]
Rank Partners Imports (million euro) % (of total) Exports (million euro) % (of total) Total trade (million euro) % (of total)
- Total EU 1,791,727 100% 1,686,774 100% 3,478,501 100%
1  United States 205,778 11.5% 291,880 17.3% 497,658 14,3%
2  China 289,915 16,2% 143,874 8,5% 433,789 12,5%
3  Russia 213,212 11,9% 123,262 7,3% 336,474 9,7%
4   Switzerland 104,544 5.8% 133,341 7.9% 237,885 6,8%
5  Norway 100,437 5,6% 49,821 3.0% 150,258 4,3%
6  Turkey 47,789 2,7% 75,172 4,5% 122,961 3,5%
7  Japan 63,813 3.6% 55,490 3,3% 119,303 3,4%
8  Brazil 37,090 2,1% 39,595 2,3% 76,685 2,2%
9  India 37,295 2.1% 38,468 2,3% 75,764 2.2%
10  South Korea 37,861 2,1% 37,763 2,2% 75,624 2,2%
11  Saudi Arabia 34,594 1.9% 29,985 1,8% 64,580 1,9%
12  Canada 30,514 1,5% 31,291 1,9% 61,805 1,8%
13  Algeria 32,597 1,8% 21,008 1,2% 53,605 1,5%
14  Singapore 21,517 1,2% 30,342 1,8% 51,859 1,5%
15  Australia 14,479 0,8% 33,845 2,0% 48,324 1,4%
16  Mexico 19,364 1,1% 27,920 1,7% 47,284 1,4%
17  South Africa 20,545 1,1% 26,622 1,6% 47,167 1,4%
18  United Arab Emirates 8,294 0,5% 37,119 2,2% 45,413 1,3%
19  Nigeria 32,937 1,8% 11,444 0,7% 44,382 1,3%
20  Hong Kong 10,546 0,6% 33,655 2,2% 44,201 1,3%
21  Libya 32,771 1,8% 6,375 0,4% 39,145 1,1%
22  Ukraine 14,588 0,8% 23,795 1,4% 38,383 1,1%
23  Taiwan 22,524 1,3% 15,797 0,9% 38,321 1,1%
24  Malaysia 20,342 1.1% 14,530 0,9% 34,872 1,0%
25  Thailand 16,924 0,9% 14,799 0,9% 31,723 0,9%
26  Kazakhstan 24,413 1,4% 6,912 0,4% 31,325 0,9%
27  Israel 12,634 0,7% 17,023 1,0% 29,657 0,9%
28  Morocco 9,134 0,5% 16,938 1,0% 26,072 0,7%
29  Indonesia 15,396 0,9% 9,648 0,6% 25,044 0,7%
30  Egypt 8,461 0,5% 15,413 0,9% 23,874 0,7%
31  Vietnam 18,514 1,0% 5,351 0,3% 23,865 0,7%
32  Tunisia 9,515 0,5% 11,083 0,7% 20,599 0,6%
33  Argentina 9,926 0,6% 8,558 0,5% 18,483 0,5%
34  Chile 9,634 0,5% 8,486 0,5% 18,120 0,5%
35  Iraq 12,758 0,7% 4,653 0,3% 17,412 0,5%
36  Azerbaijan 13,852 0,8% 2,945 0,2% 16,796 0,5%
37  Croatia 5,471 0,3% 11,194 0,7% 16,664 0,5%
38  Qatar 10,151 0,6% 5,965 0,4% 16,115 0,5%
39  Colombia 8,591 0,5% 5,542 0,3% 14,133 0,4%
40  Serbia 4,712 0,3% 9,117 0,5% 13,829 0,4%
41  Angola 7,095 0,4% 6,200 0,4% 13,296 0,4%
42  Iran 5,527 0,3% 7,356 0,4% 12,883 0,4%
43  Belarus 4,542 0,3% 7,839 0,5% 12,382 0,4%
44  Venezuela 4,510 0,3% 6,533 0,4% 11,043 0,3%
45  Bangladesh 9,212 0,5% 1,533 0,1% 10,745 0,3%
46  Kuwait 5,864 0,3% 4,532 0,3% 10,396 0,3%
47  Philippines 5,128 0,3% 4,791 0,3% 9,919 0,3%
48  Gibraltar 578 0,0% 9,233 0,5% 9,810 0,3%
49  Peru 6,294 0,4% 3,478 0,2% 9,772 0,3%
50  Pakistan 4,073 0,2% 4,101 0,2% 8,174 0,2%
Trade with partner country groupings(2012)[20]
Rank Partner region Imports (million euro) % (of total) Exports (million euro) % (of total) Total trade (million euro) % (of total)
- Total EU 1,791,727 100% 1,686,774 100% 3,478,501 100%
- ACP 99,196 5,5% 86,652 5,1% 185,848 5,3%
- Andean Community 17,728 1,0% 11,738 0,7% 29,467 0,8%
- ASEAN 100,035 5,6% 81,324 4,8% 181,360 5,2%
- BRIC 577,513 32,2% 345,198 20,5% 922,711 26,5%
- CACM 9,546 0,5% 5,354 0,3% 14,900 0,4%
- EU Candidate Countries 55,386 3,1% 89,654 5,3% 145,040 4,2%
- CIS 273,505 15,3% 172,641 10,2% 446,1460 12,8%
- EFTA 208,739 11,7% 186,222 11,0% 394,961 11,4%
- Latin America Countries 109,978 6,1% 110,297 6,5% 220,275 6,3%
- MEDA(Excl. EU and Turkey) 73,341 4,1% 92,812 5,5% 166,153 4,8%
- Mercosur 49,196 2,7% 50,266 3,0% 99,461 2,9%
- NAFTA 255,657 14,3% 351,090 20,8% 606,746 17,4%

UnemploymentEdit

Unemployment rate by country in the EU-27 in March 2009
Unemployment rates in Europe's major economies.

The euro area seasonally-adjusted unemployment rate was 12.1% in November 2013, stable since April. The EU unemployment rate was 10.9%, stable since May. In both zones, the rates increased compared with November 2012, when they were 11.8% and 10.8% respectively. Among the Member States, the lowest unemployment rates were recorded in Austria (4.8%), Germany (5.2%) and Luxembourg (6.1%), and the highest in Greece (27.4% in September 2013) and Spain (26.7%).[22]

The following tables show the current unemployment rate of all Member States for March 2009 with comparisons to March 2008, 2007, 2006 and 2005 and comparisons to the United States and Japan:

IndustriesEdit

The services sector is by far the most important sector in the European Union, making up 69.4% of GDP, compared to the manufacturing industry with 28.4% of GDP and agriculture with only 2.3% of GDP.

AgricultureEdit

The agricultural sector is supported by subsidies from the European Union in the form of the Common Agricultural Policy (CAP). This currently represents 40–50% of the EU's total spending. It used to guarantee a minimum price for farmers in the EU. This is criticised as a form of protectionism, inhibiting trade, and damaging developing countries; one of the most vocal opponents is the UK, the third largest economy within the bloc, which has repeatedly refused to give up the annual UK rebate unless the CAP undergoes significant reform; France, the biggest beneficiary of the CAP and the bloc's second largest economy, is its most vocal proponent.

TourismEdit

The European Union is a major tourist destination, attracting visitors from outside of the Union and citizens travelling inside it. Internal tourism is made more convenient by the Schengen treaty and the euro. All citizens of the European Union are entitled to travel to any member state without the need of a visa.

France is the world's number one tourist destination for international visitors, followed by Spain, Italy and the United Kingdom at 2nd, fifth and sixth spots respectively. It is worth noting however a significant proportion of international visitors to EU countries are from other member states.

London, the capital of the United Kingdom is also the world's most visited city and the highest in tourism receipts, before Paris.[23]

CompaniesEdit

The European Union's member states are the birthplace of many of the world's largest leading multinational companies, and home to its global headquarters. Among these are distinguished companies ranked first in the world within their industry/sector, like Allianz, which is the largest financial service provider in the world by revenue; WPP plc which is the world's largest advertising agency by revenue; Airbus, which is the world's largest aircraft manufacturer;[24] Air France-KLM, which is the largest airline company in the world in terms of total operating revenues; Amorim, which is the world's largest cork-processing and cork producer company; ArcelorMittal, which is the largest steel company in the world; Inditex which is the biggest fashion group in the world; Groupe Danone, which has the world leadership in the dairy products market.

Anheuser-Busch InBev is the largest beer company in the world; L'Oréal Group, which is the world's largest cosmetics and beauty company; LVMH, which is the world's largest luxury goods conglomerate; Nokia Corporation, which is the world's largest manufacturer of mobile telephones; Royal Dutch Shell, which is one of the largest energy corporations in the world; and Stora Enso, which is the world's largest pulp and paper manufacturer in terms of production capacity, in terms of banking and finance the EU has some of the worlds largest notably HSBC and Grupo Santander, the largest bank in Europe in terms of Market Capitalisation.

Many other European companies rank among the world's largest companies in terms of turnover, profit, market share, number of employees or other major indicators. A considerable number of EU-based companies are ranked among the worlds' top-ten within their sector of activity. Europe is also home to many prestigious car companies such as Audi, Mercedes, Jaguar Land Rover, Volkswagen, BMW group as well as volume manufacturers such as Fiat, PSA group and Renault.

Regional variationEdit

Comparing the richest areas of the EU can be a difficult task. This is because the NUTS 1 & 2 regions are not homogenous, some of them being very large regions, such as NUTS-1 Hesse (21,100 km²) or NUTS-1 Île-de-France (12,011 km²), whilst other NUTS regions are much smaller, for example NUTS-1 Hamburg (755 km²) or NUTS-1 Greater London (1,580 km²). An extreme example is Finland, which is divided for historical reasons into mainland Finland with 5.3 million inhabitants and Åland, an autonomous archipelago with a population of 27,000, or about the population of a small Finnish city.

One problem with this data is that some areas, including Greater London, are subject to a large number of commuters coming into the area, thereby artificially inflating the figures. It has the effect of raising GDP but not altering the number of people living in the area, inflating the GDP per capita figure. Similar problems can be produced by a large number of tourists visiting the area. The data is used to define regions that are supported with financial aid in programs such as the European Regional Development Fund. The decision to delineate a Nomenclature of Territorial Units for Statistics (NUTS) region is to a large extent arbitrary (i.e. not based on objective and uniform criteria across Europe), and is decided at European level (See also: Regions of the European Union).

Top 10: economically strongest NUTS-1 and NUTS-2 regionsEdit

The 10 NUTS-1 and NUTS-2 regions with the highest GDP per capita are almost all, except two, in the first fifteen member states: Prague and Bratislava are the only ones in the 12 new member states that joined in May 2004 and January 2007.[25] The leading regions in the ranking of NUTS-2 regional GDP per inhabitant in 2011 were Inner London in the United Kingdom (321% of the average), the Grand Duchy of Luxembourg (266%) and Bruxelles/Brussels in Belgium (222%). Figures for these three regions, however, are artificially inflated by the commuters who do not reside in these regions ("Net commuter inflows in these regions push up production to a level that could not be achieved by the resident active population on its own. The result is that GDP per inhabitant appears to be overestimated in these regions and underestimated in regions with commuter outflows."[25]).

Another example of artificial inflation is Groningen. The calculated GDP per capita is very high due to the large natural gas reserves in this region. However, Groningen is in fact one of the poorest parts in the Netherlands. Among the 41 NUTS-2 regions exceeding the 125% level, eleven were in Germany, five in the Netherlands and in Austria, three each in Belgium, Italy and United Kingdom, two each in Spain and Finland and one in Czech Republic, Denmark, Ireland,France, Slovakia and Sweden, as well as in the single region Grand Duchy of Luxembourg. The NUTS Regulation lays down a minimum population size of 3 million and a maximum size of 7 million for the average NUTS-1 region, whereas a minimum of 800,000 and a maximum of 3 million for NUTS-2 regions ¹ [22]. This definition, however, is not respected by Eurostat. E.g.: the région of Île-de-France, with 11.6 million inhabitants, is treated as a NUTS-2 region, while the state Free Hanseatic City of Bremen, with only 664,000 inhabitants, is treated as a NUTS-1 region.

Source: Eurostat[25]

Economically weakest NUTS-2 regionsEdit

The eight lowest regions in the ranking in 2011 were all in Bulgaria and Romania, with the lowest figures recorded in Severozapaden in Bulgaria and Nord-Est in Romania (both 29% of the average), followed by Severen tsentralen in Bulgaria (31%) and Yuzhen tsentralen in Bulgaria (32%). Among the 75 regions below the 75% level, fifteen were in Poland, nine in Greece, seven each in the Czech Republic and Romania, six in Hungary, five each in Italy and Portugal, four each in Portugal and the United Kingdom, three in Slovakia, two each in Spain, France and Croatia, one in Slovenia as well as the member states Estonia, Latvia and Lithuania. [25]

Source: Eurostat[25]

Richest and poorest NUTS regions (GDP PPP 2011)Edit

Source: Eurostat[25]

See alsoEdit

ReferencesEdit

  1. ^ a b c "Eurostat – Tables, Graphs and Maps Interface (TGM) table". Epp.eurostat.ec.europa.eu. Retrieved 26 April 2011. 
  2. ^ "EU budget at a glance". Europa, EU information website. Retrieved 6 November 2007. 
  3. ^ Population in EU at the start of the year
  4. ^ [1]
  5. ^ BiH Application
  6. ^ "Eurostat – Tables, Graphs and Maps Interface (TGM) table". Epp.eurostat.ec.europa.eu. 11 March 2011. Retrieved 26 April 2011. 
  7. ^ "GDP per capita in the Member States ranged from 46% to 271% of the EU27 average in 2011" (PDF). 20 June 2012. Retrieved 20 June 2012. 
  8. ^ GDP at market prices
  9. ^ a b "Report for Selected Countries and Subjects". International Monetary Fund. October 2013. Retrieved 8 November 2013. 
  10. ^ a b "General government gross debt". Eurostat. Retrieved 22 January 2014. 
  11. ^ "Annual Inflation". 
  12. ^ "Unemployment in the EU". 
  13. ^ . International Monetary Fund. 12 April 2014 http://www.imf.org/external/pubs/ft/weo/2014/01/weodata/weorept.aspx?pr.x=61&pr.y=19&sy=2012&ey=2019&scsm=1&ssd=1&sort=country&ds=.&br=1&c=946%2C137%2C122%2C181%2C124%2C918%2C964%2C182%2C968%2C423%2C935%2C128%2C939%2C936%2C961%2C172%2C174%2C944%2C178%2C941&s=NGDPD%2CPPPPC&grp=0&a=. Retrieved 12 April 2014.  Missing or empty |title= (help)
  14. ^ "2020_REPORT" (PDF). Retrieved 26 April 2011. 
  15. ^ "Eurostat – Tables, Graphs and Maps Interface (TGM) table". Epp.eurostat.ec.europa.eu. 11 March 2011. Retrieved 26 April 2011. 
  16. ^ "Eurostat – Tables, Graphs and Maps Interface (TGM) table". Epp.eurostat.ec.europa.eu. 2 April 2014. Retrieved 5 April 2014. 
  17. ^ "Central Intelligence Agency". Cia.gov. Retrieved 26 April 2011. 
  18. ^ "World trade report 2009". WTO information website. 
  19. ^ a b Se-jeong, Kim (19 July 2009). "EU-Korea FTA Will Be a Long Process: Greek Ambassador". The Korea Times. Retrieved 15 August 2009. 
  20. ^ a b EU top trading partners
  21. ^ Extra-EU27 trade, by main partners, total product
  22. ^ http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/3-08012014-BP/EN/3-08012014-BP-EN.PDF
  23. ^ http://newsroom.mastercard.com/wp-content/uploads/2012/06/MasterCard_Global_Destination_Cities_Index_2012.pdf
  24. ^ "Airbus beats Boeing in 2010". News.ninemsn.com.au. Retrieved 26 April 2011. 
  25. ^ a b c d e f Eurostat (27 February 2014). "GDP per capita in the EU in 2011: seven capital regions among the ten most prosperous". Europa web portal. Retrieved 28 February 2014. 
  • ^ Cells shaded in green indicate forecast figure
  • ^ One region may be classified by Eurostat as a NUTS-1, NUTS-2 as well as a NUTS-3 region. Several NUTS-1 regions are also classified as NUTS-2 regions such as Brussels-Capital or Ile-de-France. Many countries are only classified as a single NUTS-1 and a single NUTS-2 region such as Latvia, Lithuania, Luxemburg and (although over 3 million inhabitants) Denmark.
  • "Euro-indicators News release". June 2005 inflation data. Retrieved 18 July 2005. 
  • "Euro-indicators News release". May 2005 unemployment data. Retrieved 18 July 2005. 
  • "World Bank". GNI data (July 2005). Retrieved 4 August 2005. 

The following links are used for the GDP growth and GDP totals (IMF):

External linksEdit

Last modified on 17 April 2014, at 17:19