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Economy of the European Union

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Economy of European Union
CurrencyEuro (EUR, €) and 7 others
Calendar year
Trade organisations
WTO, G20, G7 and others
Country group
Statistics
PopulationNeutral increase 448,753,823 (EU27, 2023 est.)[6]
GDP
  • Increase $19.40 trillion (nominal; 2024)[7]
  • Increase $28.04 trillion (PPP; 2024)[7]
GDP growth
  • Increase 3.7% (2022)[7]
  • Increase 0.6% (2023)[7]
  • Increase 1.1% (2024)[7]
GDP per capita
  • Increase $43,350 (nominal; 2024)[7]
  • Increase $62,660 (PPP; 2024)[7]
GDP by sector
  • Positive decrease 2.6% (2024 est.)[7]
Population below poverty line
  • 9.8% (2013)[8]
  • Positive decrease 21.4% at risk of poverty or social exclusion (AROPE for EU27, 2023)[9]
Steady 29.6 low (EU27, 2023)[10]
Labour force
  • Increase 220,026,545 (2022)[12]
  • Increase 73.1% employment rate (Target: --, EU27; 2019)[13]
  • Increase 72.7% employment rate (EA19, 2019)[13]
Labour force by occupation
Unemployment
  • Positive decrease 6.0% (EU27, September 2023)[14]
  • Positive decrease 6.5% (EA19, September 2023)[14]
Average gross salary
€2,792 monthly (2021)[15]
€2,351 monthly (2023)[16]
Main industries
External
Exports$8.705 trillion (2021 est.)[17]
Export goods
machinery, motor vehicles, pharmaceuticals and other chemicals, fuels, aircraft, plastics, iron and steel, wood pulp and paper products, alcoholic beverages, furniture
Main export partners
Imports$8.037 trillion (2021 est.)[17]
Import goods
fuels and crude oil, machinery, vehicles, pharmaceuticals and other chemicals, precious gemstones, textiles, aircraft, plastics, metals, ships
Main import partners
FDI stock
  • €4 trillion (inward, 2012)[19]
  • €5.2 trillion (outward, 2012)[20]
Increase €161.6 billion; 1.1% of GDP (2015)[21]
$13.05 trillion (31 December 2014 est.)[17]
Increase −€2,557.4 billion; 17.5% of GDP (2015)[22]
Public finances
  • Positive decrease 88.1% of GDP (EU27; 2021)[23]
  • Increase €12.741 trillion (EU27; 2021)[23]
  • €675.8 billion deficit (EU27; 2021)[23]
  • −4.7% of GDP (2021)[23]
Revenues46.9% of GDP (EU27; 2021)[23]
Expenses51.6% of GDP (EU27; 2021)[23]
Economic aiddonor: ODA, $87.64 billion[25]
  • Scope:[27]
  • AAA
  • Outlook: Stable
$0.6 trillion (2010)[28]
All values, unless otherwise stated, are in US dollars.
Eurozone's inflation

The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States, and the third largest at purchasing power parity (PPP), after China and the US. The European Union's GDP is estimated to be $19.40 trillion (nominal) in 2024[7] or $28.04 trillion (PPP), representing around one-sixth of the global economy.[29] Germany has the biggest national GDP of all EU countries, followed by France and Italy. In 2022, the social welfare expenditure of the European Union (EU) as a whole was 19.5% of its GDP.[30][31][32]

The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar.[33][34][35] The euro is used by 20 of its 27 members, overall, it is the official currency in 26 countries, in the eurozone and in six other European countries, officially or de facto. The EU as a region has produced the world's second-highest number of Nobel laureates in the economics field.[36]

The European Union economy consists of an internal market of mixed economies based on free market and advanced social models. For instance, it includes an internal single market with free movement of goods, services, capital, and labour.[37] The GDP per capita (PPP) was $56,970 in 2023 ,[38] compared to $80,410 in the United States, $52,120 in Japan and $28,800 in China.[39] There are significant disparities in GDP per capita (PPP) between member states ranging from $106,372 in Luxembourg to $23,169 in Bulgaria.[40] With a medium Gini coefficient of 29.6,[41] the European Union has a more egalitarian distribution of income than the world average.[42][43]

EU investments in foreign countries total $9.1 trillion, while the foreign investments made in the union total $5.1 trillion in 2012, by far the highest foreign and domestic investments in the world.[44][45] Euronext is the main stock exchange of the Eurozone and the world's fourth largest by market capitalisation.[46] The European Union's largest trading partners are China, the United States, the United Kingdom, Switzerland, Russia, Turkey, Japan, Norway, South Korea, India, and Canada.[47] In 2022, public debt in the union was 83.5% of GDP, with disparities between the lowest rate, Estonia with 18.5%, and the highest, Greece with 172.6%.[48]

There has been general growth in GDP per capita and employment, but regional differences within EU nations remain, with considerable discrepancies between capital and non-capital areas, particularly in younger Member States.[49] In North-Western Europe, nearly 75% of women are part of the workforce, compared to roughly 68% in Southern Europe.[50][51]

Currency

[edit]
Main articles: Euro, Eurozone, and Single Euro Payments Area
The Eurozone or euro area (dark blue) represents around 350 million people. The euro is the second-largest reserve currency in the world.

Beginning in the year 1999 with some EU member states, now 20 out of 27 EU states use the euro as official currency in a currency union. The remaining 7 states continue to use their own currency with the possibility to join the euro later. The euro is the most widely used currency in the EU.

Since 1992, the Maastricht Treaty sets out rigid economic and fiscal convergence criteria for the states joining the euro. Starting 1997, the Stability and Growth Pact has been started to ensure continuing economic and fiscal stability and convergence.

Denmark is not a part of the eurozone due to its special opt-outs concerning the later joining of the euro. In contrast, the remaining states can effectively opt out by choosing when or whether to join the European Exchange Rate Mechanism, which is the preliminary step towards joining. They are, however, committed to join the euro by their Treaties of Accession.

Starting with Greece in 2009, five of the 20 eurozone states have been struggling with a sovereign debt crisis, commonly called the European debt crisis. All these states started reforms and got bailout packages (Greece, Ireland, Portugal, Spain, Cyprus). As of 2015, all countries but Greece have recovered from their debt crisis.[needs update] Other non-eurozone states also experienced a debt crisis and also went through successful bailout programmes, i.e. Hungary, Romania and Latvia (the latter before it joined the eurozone).[52]

Budget

[edit]
Further information: Budget of the European Union

The EU has a long-term budget, named Multiannual Financial Framework (MFF), of €1,082.5 billion for the period 2014–2020, representing 1.02% of the EU-28's GNI.[53]

The overall budget for the period 2021-2027 is of €1.8 trillion combining the MFF of €1,074.3 billion with an extraordinary recovery fund of €750 billion, known as Next Generation EU, to support member states hit by the COVID-19 pandemic.[54]

Sectors

[edit]

Services

[edit]
Main articles: Capital Markets Union and European Single Market

The services sector is by far the most important sector in the European Union, making up 64.7% of GDP, compared to the manufacturing industry with 23.8% of GDP and agriculture with only 1.5% of GDP.[55]

Financial services are well developed within the Single Market of the Union. Companies have a greater reliance on bank lending than in the United States, although a shift towards companies raising more funding through capital markets is planned through the CMU initiative, the EU plan put forward by the Commission in September 2015 to mobilise the free movement of capital within the EU.[56] The plan aims "to establish the building blocks of an integrated capital market in the EU by 2019".[57] The CMU initiative comprises 33 measures in all.[58] The plan was updated in 2017 and in 2019, since not a single legislation will deliver the CMU.[59] The Commissioner for Financial Stability, Financial Services and Capital Markets Union, Mairead McGuinness, former Vice-President of the European Parliament, is responsible for delivery of the initiative.[60][61][62][63]

According to the Global Financial Centres Index, the two largest financial centres in Europe, London and Zürich, are outside the European Union.[64] The two largest financial centres remaining within the EU will then be Frankfurt and Luxembourg.

In the European Investment Bank's Investment survey 2021, 58% of firms in the service sector were expecting long term effects of COVID-19.[65][66] 56% of EU enterprises received governmental help to handle the pandemic's effects.[67][68][69]

The COVID-19 pandemic had a significant effect on sales. 49% of all EU enterprises claimed that their sales decreased since the start of 2020.[67][70] The pandemic has affected sectors differently, with the number of enterprises losing money in the hotels, restaurants, arts, and leisure industries reaching roughly 25% compared to previous times, and transportation also being affected.[71][72][73]

Without government assistance, 35% of European small and medium-sized firms (SMEs) in manufacturing and services indicated their businesses would not have survived the effects of the pandemic.[65][74]

In 2020, 86% of enterprises reported previous-year investment activity, while in 2021 only 79% reported investment. 23% of EU firms changed their investment plans in 2021, with only 3% reporting a higher amount.[67][75] The highest proportion of enterprises that have reduced their investment plans due to a drop in sales are in Poland, where 49% of firms have reduced investment, and in Belgium, where 47% of firms stated the same.[67][76]

Most green or digital businesses in the EU operate in manufacturing (33%) or infrastructure (30%). The service sector has the greatest percentage of businesses that have not engaged in digitalisation or the green transition (41%).[77][78]

EU enterprises were growing in terms of innovation in 2023. 39% of EU enterprises created or introduced new goods, processes, or services in the previous fiscal year, compared to 57% of US firms. In the EU, over 12% of businesses introduced ideas that were novel to the country or the global market.[79][80][81] Investment in intangible assets (research and development, software, training, or business processes) by EU enterprises accounted for around 38% of overall investment. Businesses in the EU were also optimistic about 2023, with 14% more predicting an increase rather than a drop in investment.[82]

Agriculture

[edit]

The agricultural sector is supported by subsidies from the European Union in the form of the Common Agricultural Policy (CAP). In 2013 this represented approximately €45 billion (less than 33% of the overall budget of €148 billion) of the EU's total spending.[83][needs update] It was used originally 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 was the United Kingdom, the second largest economy within the union until its withdrawal in January 2020, which repeatedly refused to give up the annual UK rebate unless the CAP should undergo significant reform; France, the biggest beneficiary of the CAP and the union's third largest (now its second-largest) economy, is its most vocal proponent. The CAP is however witnessing substantial reform. In 1985, around 70% of the EU budget was spent on agriculture. In 2011, direct aid to farmers and market-related expenditure amount to just 30% of the budget, and rural development spending to 11%. By 2011, 90% of direct support had become non-trade-distorting (not linked to production) as reforms have continued to be made to the CAP, its funding and its design.[84]

Tourism

[edit]

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 Germany. It is worth noting, however, that a significant proportion of international visitors to EU countries are from other member states.

Energy

[edit]
Main article: Energy policy of the European Union
Wind power stations in Cerová, Slovakia

The European Union has uranium, coal, oil, and natural gas reserves. There are six oil producers in the European Union, primarily in North Sea oilfields. The United Kingdom, whilst it was a member of the European Union was by far the largest producer; Denmark, Germany, Italy, Romania and the Netherlands produce oil. The European Union produced 19.8 million tonnes of oil equivalent (Mtoe) of crude oil in 2019. The EU is one of the largest consumers of oil, consuming much more than it can produce. It consumed about 350 Mtoe in 2019, importing 96.8% of the oil. The largest suppliers are Russia, Iraq, Nigeria, Saudi Arabia, Kazakhstan, and Norway. Transport is the largest consumer of oil, at 66.1% in 2019.[85]

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.[86]

During the green transition, workers in carbon-intensive industries are more likely to lose their jobs. In the years to come, the transition to a carbon-neutral economy will put more jobs at danger in regions with higher percentages of employment in carbon-intensive industries.[87][88][89] Employment opportunities by the green transition are associated with the use of renewable energy sources or building activity for infrastructure improvements and renovations.[90]

Energy costs remain a major obstacle to investment to 46% of EU firms. 34% of EU firms say that stricter climate standards and regulations will affect their business over the next five years. This is compared to 42% of US firms.[91] 27% of companies in the European Union see sustainability and the green transition as a business opportunity.[92][93]

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

Companies

[edit]
Main article: List of companies of the European Union

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 and AXA, which are the two largest financial service providers in the world by revenue; WPP plc and Publicis which are the world's largest advertising agencies by revenue; Amorim, which is the world's largest cork-processing and cork producer company; ArcelorMittal, which is the largest steel company in the world; Christian Dior SE[94] which is the biggest fashion group in the world and Inditex is the world’s second biggest fashion group; Groupe Danone, which has the world leadership in the dairy products market.[95]

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 was the world's largest manufacturer of mobile telephones; Shell plc, Électricité de France, TotalEnergies, Eni which are 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 world's largest notably BNP Paribas, HSBC, Crédit Agricole, Grupo Santander, Société Générale and Groupe BPCE the largest bank in Europe in terms of Market Capitalisation and assets.[96]

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 world's top-ten within their sector of activity. Europe is also home to many prestigious car companies such as Aston Martin, Alpine, BMW, Bugatti, Ferrari, Jaguar, Lamborghini, Land Rover, Maserati, Mercedes-Benz, Porsche, Volvo, as well as volume manufacturers such as Automobile Dacia, Citroën, Fiat, Opel, Peugeot, Renault, Seat, Volkswagen and more.

In Europe, 33% of jobs are within enterprises that have not digitally transformed. These companies were also less likely to train their employees throughout the COVID-19 outbreak.[67][97] Across the European Union, the most commonly mentioned investment barrier is the lack of trained labor. 75% of businesses in transition regions found this to be problematic. Numerous reasons, such as demographics and rising demand for skills that are less common on the market, such as those needed to support digitalization activities, might contribute to the lack of competent workers.[98] In all areas of Europe, digital businesses have produced "better" employment with greater earnings than their non-digital counterparts. Additionally, they are more inclined to recognize and reward individuals who do well.[99][100]

The EU lags significantly behind the US and China in venture capital investments, with the EU capturing only 5% of global venture capital compared to 52% in the US and 40% in China.[101]

Venture capital funds in the EU account for just 5% of the global total, whereas those in the United States and China secure 52% and 40%, respectively. The financing gap for EU scale-ups (companies that have achieved a valuation between $500 million and $10 billion) is significant, with companies raising 50% less capital than those in Silicon Valley. This disparity exists across industries and is unaffected by the business cycle or year of establishment.[101][102]

European scale-ups face significant challenges in securing sufficient financing compared to their counterparts in the United States. Venture capital in the EU has been historically lower, amounting to only 0.3% of the EU's annual GDP. This is compared to almost 0.19% in the United States. While the EU has about 50% of the number of companies with a market valuation below $500 million compared to the United States, this share drops to 10-15% for companies with valuations between $500 million and $10 billion.[101]

The following is a list of the largest EU based stock market listed companies in 2022. The ordered by revenue in millions of US Dollars and is based on the Fortune Global 500.

Further information: List of largest companies by revenue
Fortune top 10 EU corporations by revenue (2022)[103]
World rank Corporation Ticker Revenues ($m) Profits ($m) Assets ($m) Employees Headquarters Industry
8 Volkswagen Group VWAGY $295,819.8 $18,186.6 $601,028.4 672,789 Germany Wolfsburg Motor vehicle and parts
27 TotalEnergies TTE $184,634 $16,032 $293,458 101,309 France Courbevoie Petroleum refining
29 Stellantis STLA $176,663 $16,789.1 $195,297.9 281,595 Netherlands Hoofddorp Motor vehicle and parts
38 Mercedes-Benz Group DMLRY $158,306.1 $27,200.8 $295,427.8 172,425 Germany Stuttgart Motor vehicle and parts
47 Allianz ALIZY $144,516.6 $7,815.2 $1,295,530.8 155,411 Germany Munich Insurance: Life, health
48 AXA AXAHY $144,446.8 $8,623.9 $881,733.3 92,398 France Paris Insurance: Life, health
56 Fortum — $132,894.2 $873.7 $170,164.6 19,140 Finland Espoo Energy
59 BMW Group BMWYY $131,521.6 $14,639.6 $260,972.2 118,909 Germany Munich Motor vehicle and parts
62 Deutsche Telekom DTEGY $128,630.8 $4,937.4 $320,209.9 216,528 Germany Bonn Telecommunications
72 Assicurazioni Generali ARZGY $117,155 $3,366.1 $666,537.8 74,621 Italy Trieste Insurance: Life, health

Economies of member states

[edit]

Wealth

[edit]

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 2005–2015 among all countries of the European Union (See Tatra Tiger). Notably the Baltic states have achieved high 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-2000s recession).[104]

Reasons for this growth include government commitments to stable monetary policy, export-oriented trade policies, low flat-tax rates and the utilisation of relatively cheap labour. In 2015 Ireland had the highest GDP growth of all the states in EU (25.1%). The current map of EU growth is one of huge regional variation, with the larger economies suffering from stagnant growth and most of the newer states enjoying sustained, robust economic growth.

The European Union's financial system is characterized by a large banking sector, with bank assets comprising 300% of GDP, compared to 85% in the United States. However, the EU has relatively small capital markets, with listed equity making up only 68% of GDP compared to 170% in the United States, and a limited presence of hedge funds and private equity funds.[105]

Approximately 26% of European scale-ups are acquired through mergers and acquisitions, a figure comparable to San Francisco but lower than the 37% observed in cities such as London. [106]

In mid-2021, the European Union's gross saving rate was 18% of gross disposable income, higher above the prior COVID-19 pandemic average of 11–13%.[67][107] In the second quarter of 2020, families' primary income fell by 7.3% compared to the second quarter of 2019, and their secondary income (from social security payments and other transfers) increased by 6.5% of gross income.[67][108][109]

Although EU27 GDP is rising, the percentage of gross world product is decreasing because of the emergence of economies such as China, India and Brazil.

Population and GDP per capita of European countries (2010)

In the tables below, colours indicate best and worst performer of the year concerned.

EU member states by real GDP growth rates[110]
Member state 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Yearly growth
(2013–2023)
 Austria 0.0 0.7 1.0 2.0 2.3 2.4 1.5 -6.6 4.2 4.8 -0.8 1.05
 Belgium 0.5 1.6 2.0 1.3 1.6 1.8 2.2 -5.3 6.9 3.0 1.4 1.54
 Bulgaria -0.5 0.9 3.4 3.0 2.7 2.7 4.0 -4.0 7.7 3.9 1.8 2.33
 Croatia -0.4 -0.4 2.5 3.6 3.4 3.0 3.4 -8.5 13.0 7.0 3.1 2.65
 Cyprus -6.6 -1.8 3.4 6.6 5.7 5.6 5.5 -3.4 9.9 5.1 2.5 2.95
 Czech Republic 0.0 2.3 5.4 2.5 5.2 3.2 3.0 -5.5 3.6 2.4 -0.3 1.96
 Denmark 0.9 1.6 2.3 3.2 2.8 2.0 1.5 -2.4 6.8 2.7 1.9 2.11
 Estonia 1.5 3.0 1.9 3.2 5.8 3.8 4.0 -1.0 7.2 -0.5 -3.0 2.35
 Finland -0.9 -0.4 0.5 2.8 3.2 1.1 1.2 -2.4 2.8 1.3 -1.0 0.75
 France 0.6 1.0 1.1 1.1 2.3 1.9 1.8 -7.5 6.4 2.5 0.7 1.08
 Germany 0.4 2.2 1.5 2.2 2.7 1.0 1.1 -3.8 3.2 1.8 -0.2 1.09
 Greece -2.5 0.5 -0.2 -0.5 1.1 1.7 1.9 -9.3 8.4 5.6 2.0 0.79
 Hungary 1.8 4.2 3.7 2.2 4.3 5.4 4.9 -4.5 7.1 4.6 -0.9 2.98
 Ireland 1.2 8.8 24.5 1.8 9.3 8.5 5.3 6.6 15.1 9.4 -3.2 7.94
 Italy -1.8 0.0 0.8 1.3 1.7 0.9 0.5 -9.0 8.3 4.0 0.9 0.69
 Latvia 2.0 1.9 3.9 2.4 3.3 4.0 0.6 -3.5 6.7 3.0 -0.3 2.18
 Lithuania 3.6 3.5 2.0 2.5 4.3 4.0 4.7 0.0 6.3 2.4 -0.3 3.00
 Luxembourg 3.2 2.6 2.3 5.0 1.3 1.2 2.9 -0.9 7.2 1.4 -1.1 2.28
 Malta 5.5 7.6 9.6 3.4 10.9 7.4 7.1 -8.2 12.5 8.1 5.6 6.32
 Netherlands -0.1 1.4 2.0 2.2 2.9 2.4 2.0 -3.9 6.2 4.3 0.1 1.77
 Poland 0.9 3.8 4.4 3.0 5.1 5.9 4.4 -2.0 6.9 5.3 0.2 3.45
 Portugal -0.9 0.8 1.8 2.0 3.5 2.8 2.7 -8.3 5.7 6.8 2.3 1.75
 Romania 0.3 4.1 3.2 2.9 8.2 6.0 3.9 -3.7 5.7 4.1 2.1 3.35
 Slovakia 0.6 2.7 5.2 1.9 2.9 4.0 2.5 -3.3 4.8 1.9 1.6 2.20
 Slovenia -1.0 2.8 2.2 3.2 4.8 4.5 3.5 -4.2 8.2 2.5 1.6 2.55
 Spain -1.4 1.4 3.8 3.0 3.0 2.3 2.0 -10.9 6.7 6.2 2.7 2.80
 Sweden 1.2 2.7 4.5 2.1 2.6 2.0 2.0 -2.2 6.1 2.7 -0.2 2.14
 European Union (27) -0.1 1.6 2.3 2.0 2.8 2.1 1.8 -5.6 6.0 3.5 0.4 1.52
Eurozone (20) -0.2 1.4 2.0 1.9 2.6 1.8 1.6 -6.1 5.9 3.4 0.4 1.34
EU member states by GDP (nominal) in millions of €[111]
Member state 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Change from 2013 to 2023 Change in percentage
 Austria 321.192 330.114 342.084 355.666 367.295 383.234 395.707 380.318 406.232 448.007 473.227 152.035 47.33%
 Belgium 392.880 403.003 416.701 430.085 445.050 460.051 478.676 460.748 507.930 554.044 582.583 189.703 48.29%
 Bulgaria 42.056 43.025 45.798 48.752 52.502 56.200 61.531 61.608 71.060 85.801 93.948 51.892 123.39%
 Croatia 44.607 44.194 45.499 47.654 50.329 53.202 56.131 50.947 58.898 68.370 76.472 31.865 71.43%
 Cyprus 18.040 17.483 17.944 19.014 20.312 21.675 23.178 22.087 24.928 27.777 29.757 11.717 64.95%
 Czechia 160.470 158.992 170.527 179.146 196.739 213.505 229.407 220.311 246.012 286.977 317.387 156.917 97.79%
 Denmark 259.531 265.636 272.193 282.265 294.355 301.017 308.546 312.118 345.236 382.309 376.430 116.899 45.04%
 Estonia 18.911 20.048 20.631 21.748 23.834 25.932 27.951 27.430 31.169 36.011 37.682 18.771 99.26%
 Finland 203.497 205.855 210.192 215.717 224.706 231.905 238.518 236.387 248.764 266.124 273.320 69.823 34.31%
 France 2,117.189 2,149.765 2,198.432 2,234.129 2,297.242 2,363.306 2,437.635 2,317.832 2,502.118 2,639.092 2,803.100 685.911 32.40%
 Germany 2,811.350 2,927.430 3,026.180 3,134.740 3,267.160 3,365.450 3,474.110 3,403.730 3,617.450 3,876.810 4,121.160 1,309.810 46.59%
 Greece 178.114 176.072 175.363 174.448 177.379 180.616 185.181 167.540 184.575 207.854 225.197 47.083 26.43%
 Hungary 102.240 106.264 112.791 116.256 127.025 136.055 146.555 137.920 153.980 168.550 196.391 94.151 92.09%
 Ireland 179.286 195.470 263.507 269.725 298.528 327.441 356.357 375.250 434.070 506.282 504.620 325.334 181.46%
 Italy 1,612.751 1,627.406 1,655.355 1,695.787 1,736.593 1,771.391 1,796.649 1,661.240 1,821.935 1,962.846 2,085.376 472.625 29.31%
 Latvia 22.791 23.626 24.572 25.371 26.984 29.154 30.573 30.110 33.349 38.386 40.310 17.519 76.87%
 Lithuania 35.040 36.581 37.346 38.890 42.276 45.515 48.959 49.873 56.478 67.399 72.048 37.008 105.62%
 Luxembourg 49.095 51.791 54.142 56.208 58.169 60.121 62.432 64.524 72.361 77.529 79.310 30.215 61.54%
 Malta 7.944 8.751 9.997 10.541 11.937 13.044 14.297 13.352 15.324 17.432 19.382 11.438 143.98%
 Netherlands 660.463 671.560 690.008 708.337 738.146 773.987 813.055 796.530 870.587 958.549 1,032.841 372.378 56.38%
 Poland 388.356 406.413 429.835 424.735 465.773 499.004 532.505 526.147 576.383 654.594 747.748 359.392 92.54%
 Portugal 170.676 173.187 179.393 186.381 195.509 204.998 214.490 201.033 216.494 243.957 267.384 96.708 56.66%
 Romania 142.936 150.529 160.289 167.497 186.399 206.201 224.767 221.076 242.260 281.761 324.369 181.433 126.93%
 Slovakia 74.493 76.355 80.126 81.265 84.670 89.875 94.430 93.444 100.256 109.645 122.156 47.663 63.98%
 Slovenia 36.454 37.634 38.853 40.443 43.011 45.876 48.582 47.045 52.279 57.038 63.090 26.636 73.07%
 Spain 1,020.677 1,032.608 1,078.092 1,114.420 1,162.492 1,203.859 1,245.513 1,119.010 1,222.290 1,346.377 1,462.070 441.393 43.25%
 Sweden 439.807 435.641 452.424 464.968 475.647 467.163 475.342 478.882 538.597 551.781 540.695 100.888 22.94%
 European Union (27) 11,516.141 11,782.564 12,215.765 12,548.314 13,075.680 13,534.336 14,019.674 13,471.033 14,639.398 15,919.177 16,962.391 5,446.250 47.29%
Eurozone (20) 9,980.505 10,213.928 10,568.983 10,864.262 11,275.015 11,653.032 12,042.896 11,517.207 12,474.436 13,507.074 14,372.465 4,391.960 44.01%
EU member states by GDP (nominal) per capita in €[111]
Member state 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Change from 2013 to 2023 Change in percentage
 Austria 38,210 38,990 39,890 40,920 42,000 43,590 44,740 42,720 45,270 49,400 52,250 14,430 38.15%
 Belgium 35,210 35,950 36,960 37,960 39,130 40,260 41,660 39,930 43,848 47,430 49,540 14,770 42.48%
 Bulgaria 5,790 5,960 6,380 6,840 7,420 8,000 8,820 8,880 10,330 13,270 14,580 8,790 151.81%
 Croatia 10,480 10,430 10,810 11,420 12,190 13,000 13,800 12,590 14,880 17,500 19,700 9,230 88.16%
 Cyprus 20,930 20,510 21,170 22,330 23,630 24,910 26,280 24,760 27,690 30,430 32,100 9,530 42.22%
 Czechia 15,280 15,140 16,230 17,040 18,700 20,270 21,740 20,980 23,430 26,670 29,180 13,900 90.97%
 Denmark 46,240 47,070 47,900 49,270 51,060 51,950 53,040 53,540 58,970 64,730 63,290 17,050 36.87%
 Estonia 14,320 15,240 15,710 16,530 18,120 19,660 21,100 20,640 23,430 27,040 27,590 13,270 92.67%
 Finland 37,570 37,880 38,570 39,580 41,080 42,320 43,440 43,040 45,230 48,170 49,280 11,710 31.17%
 France 32,080 32,420 33,020 33,430 34,230 35,040 35,980 34,080 36,670 38,550 40,800 8,980 28.22%
 Germany 34,860 36,150 37,050 38,070 39,530 40,590 41,810 40,930 43,480 46,260 48,750 14,620 42.84%
 Greece 16,410 16,270 16,300 16,190 16,450 16,730 17,100 15,420 17,060 19,530 20,920 4,510 27.48%
 Hungary 10,330 10,770 11,460 11,850 12,980 13,920 15,000 14,150 15,860 17,410 20,480 10,150 98.26%
 Ireland 38,810 42,010 56,120 56,800 62,160 67,370 72,320 75,350 86,490 98,990 95,290 56,480 145.53%
 Italy 26,740 26,980 27,480 28,210 28,940 29,580 30,080 27,950 30,820 32,980 35,440 8,450 31.31%
 Latvia 11,320 11,850 12,430 12,950 13,900 15,130 15,980 15,840 17,710 20,350 21,440 10,120 89.40%
 Lithuania 11,850 12,480 12,860 13,560 14,950 16,250 17,520 17,840 20,110 23,820 25,070 13,220 111.56%
 Luxembourg 90,360 93,090 95,070 96,330 97,520 98,890 100,700 102,350 113,050 118,710 118,770 31,140 35.54%
 Malta 18,680 20,170 22,490 23,190 25,540 26,930 28,330 25,910 29,570 32,770 35,340 16,660 89.19%
 Netherlands 39,300 39,820 40,730 41,590 43,090 44,920 46,880 45,670 49,650 54,150 57,770 18,800 48.24%
 Poland 10,090 10,560 11,180 11,050 12,120 12,990 13,870 13,720 15,100 17,300 19,840 9,750 96.63%
 Portugal 16,300 16,640 17,350 18,060 19,020 19,950 20,840 19,470 20,990 23,530 25,740 9,440 57.91%
 Romania 7,150 7,560 8,090 8,500 9,510 10,580 11,560 11,430 12,630 14,920 17,030 9,880 138.18%
 Slovakia 13,760 14,090 14,780 14,960 15,570 16,500 17,320 17,110 18,430 19,980 22,090 8,330 60.54%
 Slovenia 17,700 18,250 18,830 19,590 20,820 22,140 23,260 22,370 24,800 27,050 29,750 12,050 68.07%
 Spain 21,910 22,230 23,230 23,990 24,980 25,760 26,440 23,630 25,820 28,280 30,320 8,270 37.51%
 Sweden 46,020 45,260 46,480 46,990 47,730 46,260 46,390 46,420 51,910 53,690 52,040 6,870 15.21%
 European Union (27) 26,010 26,580 27,500 28,190 29,320 30,290 31,310 30,050 32,690 35,440 37,610 11,840 45.94%
Eurozone (20) 29,240 29,870 30,820 31,590 32,710 33,730 34,760 33,190 35,950 38,730 40,990 11,990 41.34%
EU member states by Gini coefficients[10]
Member state 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
 Austria 27.4 27.6 27.0 27.6 27.2 27.2 27.9 26.8 27.5 27.0 26.7 27.8
 Belgium 26.3 26.5 25.9 25.9 26.2 26.3 26.1 25.7 25.1 25.4 24.1 24.9
 Bulgaria 35.0 33.6 35.4 35.4 37.0 37.7 40.2 39.6 40.8 40.0 39.7 38.4
 Croatia 31.2 30.9 30.9 30.2 30.4 29.8 29.9 29.7 29.2 28.3 29.2 28.5
 Cyprus 29.2 31.0 32.4 34.8 33.6 32.1 30.8 29.1 31.1 29.3 29.4 29.4
 Czech Republic 25.2 24.9 24.6 25.1 25.0 25.1 24.5 24.0 24.0 24.2 24.9 24.8
 Denmark 26.6 26.5 26.8 27.7 27.4 27.7 27.6 27.9 27.5 27.3 27.0 27.7
 Estonia 31.9 32.5 32.9 35.6 34.8 32.7 31.6 30.6 30.5 30.5 30.6 31.9
 Finland 25.8 25.9 25.4 25.6 25.2 25.4 25.3 25.9 26.2 26.5 25.7 26.6
 France 30.8 30.5 30.1 29.2 29.2 29.3 29.3 28.5 29.2 29.2 29.3 29.8
 Germany 29.0 28.3 29.7 30.7 30.1 29.5 29.1 31.1 29.7 30.5 31.2 28.8
 Greece 33.5 34.3 34.4 34.5 34.2 34.3 33.4 32.3 31.0 31.4 32.4 31.4
 Hungary 26.9 27.2 28.3 28.6 28.2 28.2 28.1 28.7 28.0 28.0 27.6 27.4
 Ireland 29.8 30.5 30.7 31.1 29.8 29.5 30.6 28.9 28.3 28.3 26.9 27.9
 Italy 32.5 32.4 32.8 32.4 32.4 33.1 32.7 33.4 32.8 32.5 32.9 32.7
 Latvia 35.1 35.7 35.2 35.5 35.4 34.5 34.5 35.6 35.2 34.5 35.7 34.3
 Lithuania 33.0 32.0 34.6 35.0 37.9 37.0 37.6 36.9 35.4 35.1 35.4 36.2
 Luxembourg 27.2 28.0 30.4 28.7 28.5 31.0 30.9 31.3 32.3 31.2 29.6 29.5
 Malta 27.2 27.1 27.9 27.7 28.1 28.5 28.3 28.7 28.0 30.3 31.2 31.1
 Netherlands 25.8 25.4 25.1 26.2 26.7 26.9 27.1 27.4 26.8 28.2 26.4 26.3
 Poland 31.1 30.9 30.7 30.8 30.6 29.8 29.2 27.8 28.5 27.2 26.8 26.3
 Portugal 34.2 34.5 34.2 34.5 34.0 33.9 33.5 32.1 31.9 31.2 33.0 32.0
 Romania 33.5 34.0 34.6 35.0 37.4 34.7 33.1 35.1 34.8 33.8 34.3 32.0
 Slovakia 25.7 25.3 24.2 26.1 23.7 24.3 23.2 20.9 22.8 20.9 21.8 21.2
 Slovenia 23.8 23.7 24.4 25.0 24.5 24.4 23.7 23.4 23.9 23.5 23.0 23.1
 Spain 34.0 34.2 33.7 34.7 34.6 34.5 34.1 33.2 33.0 32.1 33.0 32.0
 Sweden 26.0 26.0 26.0 26.9 26.7 27.6 28.0 27.0 27.6 26.9 26.8 27.6
 European Union 30.5 30.4 30.6 30.9 30.8 30.6 30.3 30.4 30.2 30.0 30.2 29.6
Eurozone 30.6 30.5 30.7 31.0 30.7 30.7 30.4 30.6 30.2 30.0 30.2 29.6

Labour market

[edit]
Unemployment rate by country in the EEA in March 2019

The EU seasonally adjusted unemployment rate was 6.7% in September 2018.[112] The euro area unemployment rate was 8.1%.[112] Among the member states, the lowest unemployment rates were recorded in the Czech Republic (2.3%), Germany and Poland (both 3.4%), and the highest in Spain (12.3% in 2024) and Greece (19.0 in July 2018).[112]

Unemployment rate

[edit]

The following table shows the history of the unemployment rate for all European Union member states:

Unemployment rate by country (base month is March of each year)
Member state[113] 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
 Austria 5.0 4.9 4.7 4.6 5.4 5.6 5.6 5.9 5.8 4.9 4.8 4.8 6.7 4.2 4.5
 Belgium 8.0 8.5 6.9 7.1 8.3 8.5 8.7 8.2 7.7 6.1 5.5 4.9 6.7 5.6 5.6
 Bulgaria 6.3 9.9 11.2 12.1 13.0 11.9 10.0 8.1 6.4 5.3 4.5 4.4 5.9 4.3 4.2
 Croatia 8.9 10.8 13.7 15.5 16.5 17.7 16.6 14.0 11.9 9.0 7.0 6.5 8.2 6.5 6.6
 Cyprus 4.6 6.7 6.9 10.7 14.9 16.2 16.2 13.0 12.2 8.9 7.6 6.3 7.8 5.9 6.3
 Czech Republic 5.9 7.7 6.8 6.9 7.2 6.5 5.6 4.1 3.3 2.1 2.0 2.0 3.4 2.3 2.6
 Denmark 5.3 7.6 7.4 7.7 7.1 6.6 6.4 6.1 6.0 5.1 5.4 4.8 5.7 4.5 4.6
 Estonia 4.3 11.9 19.2 14.0 11.1 9.1 7.9 6.7 5.5 6.1 4.6 5.1 6.7 5.4 6.7
 Finland 7.6 8.5 7.9 7.6 8.1 8.4 9.2 9.4 8.9 8.0 6.3 6.7 7.5 6.4 6.6
 France 8.9 9.3 9.1 9.5 10.3 10.2 10.3 10.2 9.5 9.2 8.6 7.4 8.1 7.4 7.1
 Germany 7.6 7.3 6.1 5.4 5.3 5.1 4.8 4.3 3.9 3.5 3.2 3.8 3.8 2.9 2.8
 Greece 9.1 11.6 16.0 22.7 27.1 26.9 26.0 23.9 22.3 20.2 17.8 15.9 17.1 12.9 11.2
 Hungary 9.6 11.4 11.1 11.3 10.6 7.9 7.3 5.6 4.6 3.5 3.2 3.4 4.0 3.2 3.8
 Ireland 11.1 13.2 14.3 15.0 13.6 12.0 9.8 8.9 7.2 5.9 5.1 5.0 7.7 5.1 4.1
 Italy 7.6 8.4 8.0 10.5 11.9 12.7 12.4 11.6 11.7 11.0 10.1 7.4 10.0 8.3 7.8
 Latvia 14.8 20.4 16.7 15.9 11.9 11.1 9.8 9.7 8.8 7.7 6.4 7.4 7.6 7.0 6.0
 Lithuania 11.6 17.8 16.5 14.0 12.1 11.5 9.3 8.1 7.6 6.6 6.1 7.2 6.5 6.9 7.6
 Luxembourg 5.4 4.6 4.7 5.1 5.7 6.0 6.4 6.4 5.7 5.6 5.6 6.5 6.1 4.5 4.9
 Malta 6.6 6.9 6.5 6.5 6.2 5.9 5.7 5.1 4.0 3.9 3.7 3.9 3.8 3.0 2.8
 Netherlands 3.9 5.1 4.8 5.5 6.9 7.8 7.0 6.4 5.1 3.9 3.3 2.9 4.6 3.3 3.5
 Poland 7.9 10.0 9.4 9.8 10.6 9.7 7.8 6.5 5.0 3.8 3.6 3.0 3.9 3.0 2.7
 Portugal 10.1 11.6 12.5 15.0 17.2 14.7 13.2 12.1 9.9 7.6 6.6 6.3 6.6 5.7 6.8
 Romania 6.0 7.3 6.8 7.0 6.9 7.0 6.7 6.2 5.2 4.4 3.8 4.5 5.9 5.7 5.5
 Slovakia 10.7 14.9 13.6 13.7 14.1 13.6 11.9 10.2 8.6 7.0 5.8 6.0 7.2 6.5 6.0
 Slovenia 5.3 6.9 8.1 7.9 10.8 10.1 9.2 8.3 7.0 5.5 4.4 4.5 5.0 4.0 3.7
 Spain 17.4 19.5 20.7 23.9 26.3 25.2 23.0 20.2 18.0 15.9 14.2 14.4 15.4 13.5 11.7[114]
 Sweden 7.8 8.8 7.9 7.5 8.3 8.0 7.5 7.3 6.4 6.1 7.3 6.8 9.5 7.6 7.2
 European Union 8.6 9.7 9.5 10.3 10.9 10.5 9.7 9.4 8.5 7.5 6.8 6.4 7.4 6.2 6.0
Unemployment rates in selected European countries and in the EU28 between 01/2004 and 04/2014

Public finance

[edit]
Public finance (with limits according to the Maastricht criterion)
Member state Public deficit as % of GDP (2022)
(E.U. limit : –3%)[115] 		Public debt as % of GDP (2022)
(E.U. limit : 60%)[116] 		HICP inflation rate (2021)
Max. 4.9% (as of 1 June 2022)[117][118] 		Long-term interest rate (2021)
Max. 2.6% (as of 1 June 2022)[117][119]
 Austria –3.2 78.4 2.8 –0.09
 Belgium –3.9 105.1 3.2 –0.01
 Bulgaria –2.8 22.9 2.8 0.19
 Croatia 0.4 68.4 2.7 0.45
 Cyprus 2.1 86.5 2.3 0.37
 Czech Republic –3.6 44.1 3.3 1.90
 Denmark 3.3 30.1 1.9 –0.06
 Estonia –0.9 18.4 4.5 0.06
 Finland –0.9 73.4 2.1 –0.09
 France –4.7 111.6 2.1 0.01
 Germany –2.6 66.3 3.2 –0.37
 Greece –2.3 171.3 0.6 0.88
 Hungary –6.2 73.3 5.2 3.06
 Ireland 1.6 44.7 2.4 0.06
 Italy –8.0 144.4 1.9 0.81
 Latvia –4.4 40.8 3.2 0.00
 Lithuania –0.6 38.4 4.6 0.16
 Luxembourg 0.2 24.6 3.5 –0.36
 Malta –5.8 53.4 0.7 0.5
 Netherlands 0.0 51.0 2.8 –0.33
 Poland -3.7 49.1 5.2 1.95
 Portugal –0.4 113.9 0.9 0.30
 Romania –6.2 47.3 4.1 3.62
 Slovakia –2.0 57.8 2.8 –0.08
 Slovenia –3.0 69.9 2.0 0.07
 Spain –4.8 113.2 3.0 0.35
 Sweden 0.7 33.0 2.7 0.27
 European Union –3.4 84.0 2.9 0.39
Eurozone –3.6 91.5 2.6 0.06

Trade

[edit]
Further information: List of the largest trading partners of the European Union
The European Union–Mercosur Free Trade Agreement would form one of the world's largest free trade areas.
10 largest trading partners (2016, UK included in the EU before Brexit)

The European Union is the largest exporter in the world[120] and as of 2008 the largest importer of goods and services.[121][122] 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.[123]

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 state government.[123]

In 2023, over half of EU enterprises exported products or services (51%), while 53% imported goods or services.[124][125][126] Slovenia, Slovakia, Austria, and the Czech Republic are the countries with the most exporting businesses, Malta and Cyprus have the fewest.[127][128]

44% of EU firms that import from China reported facing transport and logistics problems in 2023, compared to 22% of firms that import solely from within the European Union.[129] 34% of EU firms were impacted by disruptions in logistics and transport.[130]

In 2023, the share of EU exports to the United States rose to 21%, compared to 14% in 2010.[131]


Main trading partners (2021)[132]
Partner Imports
(mil €) 		%
total 		Exports
(mil €) 		%
total 		Total
trade
(mil €) 		%
total
 European Union 2,118,818 100% 2,180,623 100% 4,299,442 100%
1  China 472,715 22,2% 223,413 10,3% 696,127 16,2%
2  United States 232,454 11,0% 399,391 18,3% 631,845 14,7%
3  United Kingdom 146,927 6,9% 283,603 13,0% 430,530 10,0%
4   Switzerland 123,672 5,8% 156,480 7,2% 280,152 6,5%
5  Russia 162,342 7,7% 89,275 4,1% 251,617 5,9%
6  Turkey 77,983 3,7% 79,255 3,6% 157,238 3,7%
7  Norway 74,666 3,5% 56,532 2,6% 131,198 3,1%
8  Japan 62,269 2,9% 62,351 2,9% 124,621 2,9%
9  South Korea 55,440 2,6% 51,857 2,4% 107,297 2,5%
10  India 46,155 2,2% 41,844 1,9% 87,999 2,1%
11  Brazil 32,917 1,6% 33,856 1,6% 66,773 1,6%
12  Taiwan 35,576 1,7% 28,411 1,3% 63,987 1,5%
13  Mexico 23,384 1,1% 37,718 1,7% 61,101 1,4%
14  Canada 23,457 1,1% 37,249 1,7% 60,706 1,4%
15  Ukraine 24,074 1,1% 28,293 1,3% 52,367 1,2%
16  Vietnam 38,507 1,8% 10,628 0,5% 49,136 1,1%
17  Saudi Arabia 20,842 1,0% 25,007 1,2% 45,849 1,1%
18  South Africa 22,059 1,0% 22,010 1,0% 44,069 1,0%
19  Morocco 17,979 0,9% 25,133 1,2% 43,112 1,0%
20  Singapore 15,604 0,7% 27,276 1,3% 42,880 1,0%
21  Australia 9,207 0,4% 33,072 1,5% 42,279 1,0%
22  Malaysia 29,152 1,4% 11,762 0,5% 40,914 1,0%
23  United Arab Emirates 9,426 0,4% 29,813 1,4% 39,239 0,9%
24  Israel 12,599 0,6% 24,257 1,1% 36,856 0,9%
25  Thailand 22,044 1,0% 13,311 0,6% 35,355 0,8%
26  Serbia 13,998 0,7% 18,305 0,8% 32,304 0,8%
27  Algeria 19,099 0,9% 12,645 0,6% 31,744 0,7%
28  Egypt 9,053 0,4% 21,548 1,0% 30,601 0,7%
29  Hong Kong 6,854 0,3% 23,468 1,1% 30,322 0,7%
30  Nigeria 17,514 0,8% 11,169 0,5% 28,683 0,5%
Trade with partner country groupings (2012)[132]
Partner Imports
(mil €) 		%
total 		Exports
(mil €) 		%
total 		Total
trade
(mil €) 		%
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% 446,146 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%
Main trading partners 2008–2011
Main trade partners[133] 2008 2009 2010 2011
Exports (million euro) Imports (million euro) Total Trade (million euro) Exports Imports Total Trade Exports Imports Total Trade Exports Imports Total Trade
Total EU 1,319,819 1,582,932 2,902,751 1,101,746 1,234,317 2,336,063 1,360,059 1,531,043 2,891,102 1,561,890 1,726,514 3,288,404
 United States 247,818 182,351 430,169 203,587 154,862 358,449 242,451 173,067 415,518 263,791 191,555 455,346
 China 78,276 247,815 326,091 82,391 214,238 296,629 113,426 282,509 395,935 136,372 293,693 430,065
 Russia 104,843 178,294 283,137 65,587 118,122 183,709 86,134 160,709 246,843 108,355 199,922 308,277
  Switzerland 100,537 82,348 182,885 88,693 80,570 169,263 110,401 85,228 195,629 142,022 93,202 235,224
 Norway 43,698 95,888 139,586 37,476 68,864 106,340 41,914 78,981 120,895 46,678 93,813 140,491
 Japan 42,347 76,177 118,524 35,932 58,233 94,165 43,948 67,258 111,206 49,018 69,549 118,567
 Turkey 54,415 45,963 100,378 44,385 36,228 80,613 61,747 42,397 104,144 73,096 48,143 121,239
 India 31,349 29,540 60,889 27,477 25,414 52,891 34,866 33,308 68,112 40,558 39,906 80,464
 South Korea 25,491 39,565 65,056 21,596 32,370 53,966 27,957 39,391 67,348 32,510 36,175 68,685
 Brazil 26,302 35,855 62,157 21,574 25,926 47,500 31,466 33,238 64,704 35,752 38,939 74,691
 Canada 25,468 25,043 50,511 21,934 19,285 41,219 26,758 24,697 51,455 29,885 30,708 60,593
 Singapore 22,213 16,137 38,350 20,404 14,579 34,983 24,550 18,760 43,310 27,256 19,184 46,440
 South Africa 20,800 24,597 45,397 16,083 19,229 35,312 21,755 20,406 42,161 26,212 21,807 48,019
 Saudi Arabia 21,081 22,001 43,082 19,068 11,766 30,834 23,216 16,300 39,516 26,401 28,440 54,841
 Taiwan 11,595 24,069 35,660 10,021 17,875 27,896 14,782 24,138 38,920 16,212 24,230 40,532
 Hong Kong 21,786 12,258 34,044 19,667 13,277 32,944 27,250 14,302 41,552 30,763 10,969 41,732
 Australia 26,689 13,785 40,474 21,930 9,923 31,853 26,955 12,454 39,409 31,159 14,944 46,103
 Algeria 15,391 28,259 43,650 14,807 17,410 32,217 15,584 21,069 36,653 17,279 27,844 45,123
 Libya 5,836 35,308 41,144 6,484 20,870 27,354 7,087 29,230 36,317 2,093 10,444 12,537
 Mexico 21,976 13,981 35,597 15,988 10,135 26,123 21,342 13,748 35,090 23,908 16,985 40,893
Trade balance, EU28 (as of 2018 before Brexit)
Sources: Eurostat [ext_lt_intertrd][134]
Trade balance, EU27 (as of 2020 post Brexit)
Sources: Eurostat, December 2019

Euro area international trade in goods surplus €23.1 bn €23.4 bn surplus for EU27

Regional variation

[edit]
Main article: List of European regions by GDP

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). 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 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).

NUTS-1 and NUTS-2 regions

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See also: List of countries by GDP (PPP) per capita, List of metropolitan areas in the European Union by GDP, and First-level NUTS of the European Union

The top 10 NUTS-1 and NUTS-2 regions with the highest GDP per capita are almost all, except one, in the first fifteen-member states: Prague is the only one in the 13 new member states that joined in May 2004, January 2007 and July 2013. The leading regions in the ranking of NUTS-2 regional GDP per inhabitant in 2019 were the Grand Duchy of Luxembourg (260%), the Southern region of Ireland (240%), and Prague, Czech Republic (205%). Figures for these three regions, however, were 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.".[135] Another example of artificial inflation is Groningen. The calculated GDP per capita is very high because of the large natural gas reserves in this region, but Groningen is one of the poorest parts in the Netherlands.

Among the 16 NUTS-2 regions exceeding the 160% level in 2020, two were in Belgium, Germany, Ireland and the Netherlands and one each in the Czech Republic, Denmark, France, Poland, Romania, 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.[136] This definition, however, is not respected by Eurostat. For example, 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.

Among the lowest regions in the ranking in 2021 most were in Bulgaria, with the lowest figure recorded in South-Central Region. Among the poorest 20 regions, six were in Greece, five in Bulgaria, three in Hungary, two in France and one each in Croatia, Poland, Romania and Slovakia.

See also

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References

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  • ^ Cells shaded in green indicate forecast figure[clarification needed]
  • ^ 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.
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  • "Euro-indicators News release" (PDF). May 2005 unemployment data. Archived from the original (PDF) on 25 June 2006. 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):

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