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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 $20.29 trillion (nominal) in 2025 or $29.01 trillion (PPP), representing around one-sixth of the global economy. In 2023, Germany, France and Italy were the three largest economies in the European Union, accounting for approximately 53.1% of the EU's total GDP. Germany contributed 24.3%, while France accounted for 16.4% and Italy for 12.4%. In the same year, the social welfare expenditure of the European Union (EU) as a whole was 26.8% of its GDP.
The EU has total banking assets of more than $38 trillion, France accounts for 26% ($10 trillion) of Europe’s total banking assets followed by Germany with 18% ($7 trillion) and Italy with 8% ($3 trillion). Global assets under management in the EU is more than $12 trillion, with France accounting for more than 33% ($4 trillion) of Europe’s total AUM followed by Germany with 16% ($2 trillion) and Italy with 12% ($1 trillion). Paris is by far the richest city in the EU, with a GDP exceeding $1 trillion. Paris is a major economic hub in the EU, with Euronext Paris, the largest stock exchange in the EU by market cap. Frankfurt, Germany’s financial center, is the second-largest in the EU, hosting the Frankfurt Stock Exchange, although it is significantly smaller than Paris in terms of market cap and economic influence. (Full article...)