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 one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP estimated to be around $18.35 trillion (nominal) in 2023[2] representing around one sixth of the global economy.[25] Germany has by far the biggest national GDP of all EU countries, followed by France and Italy.

The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar.[26][27][28] 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 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 labor.[29] The GDP per capita (PPP) was $56,970 in 2023 ,[30] compared to $80,410 in the United States, $52,120 in Japan and $23,310 in China.[31] There are significant disparities in GDP per capita (PPP) between member states ranging from $106,372 in Luxembourg to $23,169 in Bulgaria.[32] With a low Gini coefficient of 31, the European Union has a more egalitarian distribution of income than the world average.[33][34]

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.[35][36] Euronext is the main stock exchange of the Eurozone and the world's sixth largest by market capitalisation.[37] The European Union's largest trading partners are the United States, China, the United Kingdom, Switzerland, Russia, Turkey, Japan, Norway, South Korea, India, and Canada.[38] In 2018, public debt in the union was 80% of GDP, with disparities between the lowest rate, Estonia with 8.4%, and the highest, Greece with 181.1%.[39]

Currency

Main articles: Euro, Eurozone, and Single Euro Payments Area
The Eurozone or euro area (dark blue) represents 347 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 8 states continued 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, 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.

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, Republic of 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).[40]

Budget

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.[41]

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.[42]

Sectors

Services

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.[43]

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.[44] The plan aims "to establish the building blocks of an integrated capital market in the EU by 2019".[45] The CMU initiative comprises 33 measures in all.[46] The plan was updated in 2017 and in 2019, since not a single legislation will deliver the CMU.[47] 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.[48][49][50][51]

According to the Global Financial Centres Index, the two largest financial centres in Europe, London and Zurich, are outside the European Union.[52] The two largest financial centres remaining within the EU will then be Frankfurt and Luxembourg City.

In the European Investment Bank's Investment survey 2021, 58% of firms in the service sector were expecting long term effects of COVID-19.[53][54] 56% of EU enterprises received governmental help to handle the pandemic's effects.[55][56][57]

The COVID-19 pandemic had a significant impact on sales. 49% of all EU enterprises claimed that their sales decreased since the start of 2020.[55][58] 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.[59][60][61]

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.[53][62]

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.[55][63] 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.[55][64]

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%).[65][66]

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.[67][68][69] 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.[70]

Agriculture

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 €45billion (less than 33% of the overall budget of €148 billion) of the EU's total spending.[71][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.[72]

Tourism

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

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.[73]

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.[citation needed]

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.[74][75][76] Employment opportunities by the green transition are associated with the use of renewable energy sources or building activity for infrastructure improvements and renovations.[77]

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

Companies

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[78] 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.[citation needed]

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.[79]

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, Automobiles 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.[55][80] 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.[81] 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.[82][83]

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)[84]
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

Wealth

European countries by median wealth per adult, 2022

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).[85]

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.

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%.[55][86] 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.[55][87][88]

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[89]
Member state 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Yearly growth
(2012–2022)
 Austria 0.7 0.0 0.7 1.0 2.0 2.3 2.4 1.5 -6.6 4.2 4.8 1.18
 Belgium 0.7 0.5 1.6 2.0 1.3 1.6 1.8 2.3 -5.4 6.3 3.2 1.45
 Bulgaria 0.8 -0.6 1.0 3.4 3.0 2.8 2.7 4.0 -4.0 7.6 3.4 2.19
 Croatia -2.3 -0.4 -0.4 2.5 3.6 3.4 2.8 3.4 -8.5 13.1 6.2 2.13
 Cyprus -3.4 -6.6 -1.8 3.4 6.6 5.7 5.6 5.5 -3.4 9.9 4.9 2.40
 Czech Republic -0.8 0.0 2.3 5.4 2.5 5.2 3.2 3.0 -5.5 3.6 2.4 1.94
 Denmark 0.2 0.9 1.6 2.3 3.2 2.8 2.0 1.5 -2.4 6.8 2.7 1.96
 Estonia 3.2 1.5 3.0 1.9 3.2 5.8 3.8 4.0 -1.0 7.2 -0.5 2.92
 Finland -1.4 -0.9 -0.4 0.5 2.8 3.2 1.1 1.2 -2.4 3.2 1.6 0.77
 France 0.3 0.6 1.0 1.1 1.1 2.3 1.9 1.8 -7.5 6.4 2.5 1.05
 Germany 0.4 0.4 2.2 1.5 2.2 2.7 1.0 1.1 -3.8 3.2 1.8 1.15
 Greece -7.1 -2.5 0.5 -0.2 -0.5 1.1 1.7 1.9 -9.0 8.4 5.9 0.02
 Hungary -1.3 1.8 4.2 3.7 2.2 4.3 5.4 4.9 -4.5 7.1 4.6 2.95
 Ireland -0.1 1.2 8.8 24.5 1.8 9.3 8.5 5.3 6.6 15.1 9.4 8.22
 Italy -3.0 -1.8 0.0 0.8 1.3 1.7 0.9 0.5 -9.0 8.3 3.7 0.31
 Latvia 7.0 2.0 1.9 3.9 2.4 3.3 4.0 0.6 -3.5 6.7 3.4 2.88
 Lithuania 3.8 3.6 3.5 2.0 2.5 4.3 4.0 4.7 0.0 6.3 2.4 3.37
 Luxembourg 1.6 3.2 2.6 2.3 5.0 1.3 1.2 2.9 -0.9 7.2 1.4 2.53
 Malta 4.1 5.5 7.6 9.6 3.4 10.9 7.4 7.1 -8.1 12.3 6.9 6.06
 Netherlands -1.0 -0.1 1.4 2.0 2.2 2.9 2.4 2.0 -3.9 6.2 4.3 1.67
 Poland 1.5 0.9 3.8 4.4 3.0 5.1 5.9 4.4 -2.0 6.9 5.3 3.56
 Portugal -4.1 -0.9 0.8 1.8 2.0 3.5 2.8 2.7 -8.3 5.7 6.8 1.16
 Romania 1.9 0.3 4.1 3.2 2.9 8.2 6.0 3.9 -3.7 5.7 4.6 3.37
 Slovakia 1.3 0.6 2.7 5.2 1.9 2.9 4.0 2.5 -3.3 4.8 1.8 2.22
 Slovenia -2.6 -1.0 2.8 2.2 3.2 4.8 4.5 3.5 -4.2 8.2 2.5 2.17
 Spain -3.0
 -1.4 1.4 3.8 3.0 3.0 2.3 2.0 -11.2 6.4 5.8 1.10
 Sweden -0.6 1.2 2.7 4.5 2.1 2.6 2.0 2.0 -2.2 6.1 2.8 2.11
 European Union (27) -0.7 -0.1 1.6 2.3 2.0 2.8 2.1 1.8 -5.6 5.4 3.5 1.37
Eurozone (20) -0.9 -0.2 1.4 2.0 1.9 2.6 1.8 1.6 -6.1 5.4 3.5 1.18
EU member states by GDP (nominal) in billions of €[90]
Member state 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Change from 2012 to 2022 Change in percentage
 Austria 318.653 323.910 333.146 344.269 357.608 369.362 385.274 397.147 380.889 405.241 447.218 128.565 40.35%
 Belgium 386.175 392.880 403.003 416.701 430.085 445.050 460.051 478.676 459.827 502.521 549.456 163.281 42.28%
 Bulgaria 42.257 42.050 43.026 45.812 48.773 52.531 56.225 61.559 61.639 71.077 84.561 42.304 100.11%
 Croatia 44.621 44.437 43.989 45.258 47.339 49.986 52.747 55.644 50.451 58.291 66.939 22.318 50.02%
 Cyprus 19.495 18.040 17.483 17.944 19.014 20.312 21.675 23.178 22.087 24.928 27.777 8.282 42.48%
 Czechia 162.588 159.462 157.821 169.558 177.439 194.133 210.970 225.614 215.805 238.250 276.229 113.641 69.90%
 Denmark 254.578 258.743 265.757 273.018 283.110 294.808 302.329 309.526 311.356 342.962 380.618 126.040 49.51%
 Estonia 17.917 18.911 20.048 20.631 21.748 23.834 25.932 27.951 27.430 31.169 36.011 18.094 100.99%
 Finland 201.037 204.321 206.897 211.385 217.518 226.301 233.462 239.858 238.038 250.920 268.645 67.608 33.63%
 France 2,088.804 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 2,639.092 550.288 26.34%
 Germany 2,745.310 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 1,131.500 41.22%
 Greece 188.381 179.884 177.236 176.369 174.494 176.903 179.558 183.351 165.406 181.675 208.030 19.649 10.43%
 Hungary 100.248 102.240 106.264 112.791 116.256 127.025 136.055 146.555 137.866 153.963 168.865 68.617 68.45%
 Ireland 175.219 179.286 195.470 263.507 269.725 298.528 327.441 356.357 375.250 434.070 506.282 331.063 188.94%
 Italy 1,624.359 1,612.751 1,627.406 1,655.355 1,695.787 1,736.593 1,771.391 1,796.649 1,661.240 1,822.345 1,946.479 322.120 19.83%
 Latvia 22.098 22.791 23.626 24.572 25.371 26.984 29.154 30.573 30.110 33.349 38.870 16.772 75.90%
 Lithuania 33.410 35.040 36.581 37.346 38.890 42.276 45.515 48.959 49.873 56.478 67.399 33.989 101.73%
 Luxembourg 46.526 49.095 51.791 54.142 56.208 58.169 60.121 62.432 64.524 72.361 77.529 31.003 66.64%
 Malta 7.365 7.944 8.751 9.997 10.541 11.937 13.044 14.286 13.354 15.293 17.213 9.848 133.71%
 Netherlands 652.966 660.463 671.560 690.008 708.337 738.146 773.987 813.055 796.530 870.587 958.549 305.583 46.80%
 Poland 385.389 388.356 406.413 429.835 424.735 465.773 499.004 532.505 526.147 576.383 654.594 269.205 69.85%
 Portugal 168.296 170.492 173.054 179.713 186.490 195.947 205.184 214.375 200.519 216.053 242.341 74.045 44.00%
 Romania 139.320 142.929 150.522 160.288 167.494 186.399 206.072 224.179 220.487 241.268 285.885 146.565 105.20%
 Slovakia 73.649 74.493 76.355 80.126 81.265 84.670 89.875 94.430 93.444 100.256 109.645 35.996 48.88%
 Slovenia 36.253 36.454 37.634 38.853 40.443 43.011 45.876 48.582 47.045 52.279 57.038 20.785 57.33%
 Spain 1,031.104 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 1,346.377 315.273 30.58%
 Sweden 430.037 441.851 438.834 455.495 466.267 480.026 470.673 476.870 480.556 540.734 562.526 132.489 30.81%
 European Union (27) 11,396.450 11,516.211 11,782.085 12,215.146 12,548.706 13,074.833 13,533.330 14,018.694 13,461.563 14,530.921 15,810.106 4,413.656 38.73%
Eurozone (20) 9,882.033 9,980.581 10,213.448 10,568.350 10,864.633 11,274.139 11,652.003 12,041.917 11,507.343 12,376.759 13,405.936 3,523.903 35.66%
EU member states by GDP (nominal) per capita in €[90]
Member state 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Change from 2012 to 2022 Change in percentage
 Austria 37,820 38,210 38,990 39,890 40,920 42,000 43,590 44,740 42,720 45,270 49,400 11,580 30.62%
 Belgium 34,770 35,210 35,950 36,960 37,960 39,130 40,260 41,660 39,830 43,350 46,990 12,220 35.15%
 Bulgaria 5,780 5,790 5,960 6,380 6,840 7,420 8,000 8,820 8,890 10,330 12,400 6,620 114.53%
 Croatia 10,450 10,450 10,380 10,760 11,350 12,100 12,890 13,680 12,470 14,730 17,130 6,680 63.92%
 Cyprus 22,570 20,930 20,510 21,170 22,330 23,630 24,910 26,280 24,760 27,690 30,430 7,860 34.82%
 Czechia 15,470 15,170 15,000 16,080 16,790 18,330 19,850 21,150 20,170 22,270 25,850 10,380 67.10%
 Denmark 45,530 46,100 47,090 48,050 49,420 51,140 52,180 53,210 53,410 58,590 64,450 18,920 41.56%
 Estonia 13,520 14,320 15,240 15,710 16,530 18,120 19,660 21,100 20,640 23,430 27,040 13,520 100.00%
 Finland 37,130 37,570 37,880 38,570 39,580 41,080 42,320 43,440 43,040 45,280 48,340 11,210 30.19%
 France 31,820 32,080 32,420 33,020 33,430 34,230 35,040 35,980 34,080 36,670 38,550 6,730 21.15%
 Germany 34,130 34,860 36,150 37,050 38,070 39,530 40,590 41,810 40,930 43,480 46,260 12,130 35.54%
 Greece 17,060 16,410 16,270 16,300 16,190 16,450 16,730 17,100 15,460 17,070 19,670 2,610 15.30%
 Hungary 10,110 10,330 10,770 11,460 11,850 12,980 13,920 15,000 14,140 15,860 17,440 7,330 72.50%
 Ireland 38,110 38,810 42,010 56,120 56,800 62,160 67,370 72,320 75,350 86,490 98,990 60,880 159.75%
 Italy 26,990 26,740 26,980 27,480 28,210 28,940 29,580 30,080 27,950 30,820 33,020 6,030 22.34%
 Latvia 10,870 11,320 11,850 12,430 12,950 13,900 15,130 15,980 15,840 17,710 20,610 9,740 89.60%
 Lithuania 11,180 11,850 12,480 12,860 13,560 14,950 16,250 17,520 17,840 20,110 23,800 12,620 112.88%
 Luxembourg 87,540 90,030 92,760 95,090 96,230 97,440 98,750 100,450 102,240 112,880 118,320 30,780 35.16%
 Malta 17,530 18,650 20,120 22,450 23,130 25,480 26,880 28,300 25,890 29,480 32,430 14,900 85.00%
 Netherlands 38,970 39,300 39,820 40,730 41,590 43,090 44,920 46,880 45,670 49,650 54,150 15,180 38.95%
 Poland 10,000 10,090 10,560 11,180 11,050 12,120 12,990 13,870 13,720 15,100 17,300 7,300 73.00%
 Portugal 16,010 16,300 16,640 17,350 18,060 19,020 19,950 20,840 19,470 20,990 23,530 7,520 46.97%
 Romania 6,950 7,150 7,560 8,090 8,500 9,510 10,580 11,560 11,440 12,610 15,010 8,060 115.97%
 Slovakia 13,620 13,760 14,090 14,780 14,960 15,570 16,500 17,320 17,110 18,430 19,980 6,360 46.70%
 Slovenia 17,630 17,700 18,250 18,830 19,590 20,820 22,140 23,260 22,370 24,800 27,040 9,410 53.37%
 Spain 22,050 21,910 22,230 23,230 23,990 24,980 25,760 26,440 23,630 25,820 28,280 6,230 28.25%
 Sweden 45,170 46,020 45,260 46,480 46,990 47,730 46,260 46,390 46,420 51,910 53,640 8,470 18.75%
 European Union (27) 25,770 26,010 26,580 27,500 28,190 29,320 30,290 31,310 30,030 32,440 35,220 9,450 36.67%
Eurozone (20) 29,000 29,240 29,870 30,820 31,590 32,710 33,730 34,750 33,160 35,660 38,470 9,470 32.66%
EU member states by Gini coefficients[6]
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

Unemployment rate by country in the EEA in March 2019

The EU seasonally adjusted unemployment rate was 6.7% in September 2018.[91] The euro area unemployment rate was 8.1%.[91] 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 (14.9%) and Greece (19.0 in July 2018).[91]

Unemployment rate

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[92] 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 12.5
 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

Public finance (with limits according to the Maastricht criterion)
Member state Public deficit as % of GDP (2022)
(E.U. limit : –3%)[93] 		Public debt as % of GDP (2022)
(E.U. limit : 60%)[94] 		HICP inflation rate (2021)
Max. 4.9% (as of 1 June 2022)[95][96] 		Long-term interest rate (2021)
Max. 2.6% (as of 1 June 2022)[95][97]
 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

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.

The European Union is the largest exporter in the world[98] and as of 2008 the largest importer of goods and services.[99][100] 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.[101]

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.[101]

In 2023, over half of EU enterprises exported products or services (51%), while 53% imported goods or services.[102][103][104] Slovenia, Slovakia, Austria, and the Czech Republic are the countries with the most exporting businesses, Malta and Cyprus have the fewest.[105][106]

10 largest trading partners (2016, UK included in the EU before Brexit)
Main trading partners (2021)[107]
Rank Partners Imports (million euro) % (of total) Exports (million euro) % (of total) Total trade (million euro) % (of 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)[107]
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% 446,146 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%
Trade balance, EU28 (as of 2018 before Brexit)
Sources: Eurostat [ext_lt_intertrd][109]
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

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

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.".[110] 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.[111] 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

References

  1. ^ "Population change - Demographic balance and crude rates at national level". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
  2. ^ a b c d e "World Economic Outlook database: October 2022". IMF.org. International Monetary Fund. Retrieved 11 October 2022.
  3. ^ a b "World Economic Outlook Database, April 2020". EuroStat. Retrieved 16 April 2020.
  4. ^ a b c d "The World Factbook – Central Intelligence Agency". www.cia.gov. Retrieved 13 October 2016.
  5. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 2 February 2020.
  6. ^ a b "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu/eurostat. Eurostat. Retrieved 9 May 2020.
  7. ^ a b "Inequalities in Human Development in the 21st Century" (PDF). UNDP. Retrieved 15 July 2020.
  8. ^ "Labor force, total - European Union". data.worldbank.org. World Bank. Retrieved 15 July 2020.
  9. ^ a b "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 15 May 2020.
  10. ^ a b "Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  11. ^ "New indicator on annual average salaries in the EU - Products Eurostat News - Eurostat". ec.europa.eu. Retrieved 11 March 2023.
  12. ^ "Database – Eurostat". ec.europa.eu.
  13. ^ a b c "Export and Import Partners of European Union". The World Factbook. CIA. 2015. Retrieved 10 July 2016.
  14. ^ a b "Client and Supplier Countries of the EU27 in Merchandise Trade (value %) (2021, excluding intra-EU trade)" (PDF). European Commission. 20 April 2022.
  15. ^ "Eurostat – Tables, Graphs and Maps Interface (TGM) table". ec.europa.eu. Retrieved 15 October 2016.
  16. ^ "Eurostat – Tables, Graphs and Maps Interface (TGM) table". ec.europa.eu. Retrieved 15 October 2016.
  17. ^ "Balance of payment statistics – Statistics Explained". ec.europa.eu. Retrieved 15 October 2016.
  18. ^ "International investment position statistics – Statistics Explained". ec.europa.eu.
  19. ^ a b c d e f "Euro area government deficit at 5.1% and EU at 4.7% of GDP" (PDF). ec.europa.eu. Eurostat. Retrieved 15 September 2022.
  20. ^ Source: OECD: Financing for sustainable development; Table 1, page 6. Quote, page 3: "In 2015, total net ODA from the 28 EU member states was USD 74 billion, representing 0.47% of their GNI. Net disbursements by EU Institutions were USD 13.8 billion, a slight fall of 0.5% in real terms compared to 2014."
  21. ^ EU Institutions $13.85 billion, EU member states $73.80 billion.[20]
  22. ^ a b c "The EU as a borrower – European Commission". ec.europa.eu. Retrieved 15 October 2016.
  23. ^ "Scope affirms the European Union's and Euratom's AAA rating with Stable Outlook". Scope Ratings. Retrieved 22 September 2023.
  24. ^ "Foreign reserves and own funds". European Central Bank. Retrieved 15 October 2016.
  25. ^ "Report for Selected Country Groups and Subjects". www.imf.org. Retrieved 12 October 2022.
  26. ^ "Triennial Central Bank Survey 2007" (PDF). BIS. 19 December 2007. Retrieved 25 July 2009.
  27. ^ Aristovnik, Aleksander; Čeč, Tanja (30 March 2010). "Compositional Analysis of Foreign Currency Reserves in the 1999–2007 Period. The Euro vs. The Dollar As Leading Reserve Currency" (PDF). Munich Personal RePEc Archive, Paper No. 14350. Retrieved 27 December 2010.
  28. ^ Boesler, Matthew (11 November 2013). "There Are Only Two Real Threats to the US Dollar's Status As The International Reserve Currency". Business Insider. Retrieved 8 December 2013.
  29. ^ "European Union - The World Factbook". www.cia.gov. 12 July 2022.
  30. ^ "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 30 January 2020.
  31. ^ "World Economic Outlook Database, October 2019". www.imf.org. Retrieved 31 January 2020.
  32. ^ "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 13 January 2020.
  33. ^ "Eurostat – Tables, Graphs and Maps Interface (TGM) table". ec.europa.eu. Retrieved 14 October 2016.
  34. ^ "GINI index (World Bank estimate) | Data". data.worldbank.org. Retrieved 14 October 2016.
  35. ^ "The World Factbook – Central Intelligence Agency". www.cia.gov. Archived from the original on 11 December 2007. Retrieved 12 October 2016.
  36. ^ "The World Factbook – Central Intelligence Agency". www.cia.gov. Archived from the original on 11 December 2007. Retrieved 12 October 2016.
  37. ^ "Monthly Reports". www.world-exchanges.org. Retrieved 12 October 2016.
  38. ^ Top Trading Partners Client and Supplier Countries of the EU28 in Merchandise Trade (value %) (2015, excluding intra-EU trade). Accessed 29 October 2018
  39. ^ "Eurostat – Tables, Graphs and Maps Interface (TGM) table". ec.europa.eu. Retrieved 13 October 2016.
  40. ^ "Romania becomes third eastern European EU country to be bailed out". The Guardian. 25 March 2009.
  41. ^ © European Union, Integrated Financial Reporting Package Overview, Financial year 2017 Retrieved 15 November 2019.
  42. ^ Special European Council, 17-21 July 2020 Retrieved 15 November 2020.
  43. ^ "Europäische Union: Anteile der Wirtschaftssektoren am Bruttoinlandsprodukt (BIP) von 2004 bis 2014". statista.de (in German). World Bank. Retrieved 22 March 2016.
  44. ^ European Commission, Overview of the Capital Markets Union, accessed 9 May 2018
  45. ^ European Commission, Capital markets union action plan, accessed 9 May 2018
  46. ^ Conference Report: European Financial Market Integration, 6 June 2016, accessed 20 September 2018
  47. ^ Vértesy, László (2019). "The legal and regulatory aspects of the free movement of capital - towards the Capital Markets Union". Journal of Legal Theory HU (4): 110–128.
  48. ^ "EU's capital markets union 2.0, explained". POLITICO. 8 June 2017. Retrieved 7 March 2018.
  49. ^ "What is the capital markets union?". European Commission – European Commission. Retrieved 7 March 2018.
  50. ^ "EU Capital Markets Union". Financial Times. Retrieved 7 March 2018.
  51. ^ White, Lucy (24 April 2018). "EU's Dombrovskis ignites fresh row over City's market access post-Brexit". Archived from the original on 26 April 2018. Retrieved 25 April 2018. Regarding Capital Markets Union, the European Commission's plan to improve access to non-bank financing across the EU, he said the "departure of the UK makes this project even more important and even more urgent. It will have to compensate for the EU's largest financial centre not being in the EU and not being in the single market any more"
  52. ^ "The Global Financial Centres Index 22" (PDF). Long Finance. September 2017.
  53. ^ a b Bank, European Investment (12 January 2022). EIB Investment Report 2021/2022: Recovery as a springboard for change. European Investment Bank. ISBN 978-92-861-5155-2.
  54. ^ "Impacts of the COVID-19 pandemic on EU industries" (PDF).
  55. ^ a b c d e f g Bank, European Investment (12 January 2022). EIB Investment Report 2021/2022: Recovery as a springboard for change. European Investment Bank. ISBN 978-92-861-5155-2.
  56. ^ "Coronavirus (COVID-19): SME policy responses". OECD. Retrieved 31 January 2022.
  57. ^ "Jobs and economy during the coronavirus pandemic". European Commission.
  58. ^ "Impact of Covid-19 crisis on services". ec.europa.eu. Retrieved 31 January 2022.
  59. ^ "The territorial impact of COVID-19: Managing the crisis and recovery across levels of government". OECD. Retrieved 23 March 2022.
  60. ^ "Home". www.oecd-ilibrary.org. Retrieved 23 March 2022.
  61. ^ "Cultural and creative sectors in post-COVID-19 Europe" (PDF).
  62. ^ "Covid-19: how the EU can help small businesses | News | European Parliament". www.europarl.europa.eu. 14 January 2021. Retrieved 31 January 2022.
  63. ^ "New EIB study: How do EU and US firms perceive and invest in climate change?". Science|Business. Retrieved 9 February 2022.
  64. ^ "Impacts of the COVID-19 pandemic on EU industries" (PDF).
  65. ^ Gandhi, Prashant; Khanna, Somesh; Ramaswamy, Sree (1 April 2016). "Which Industries Are the Most Digital (and Why)?". Harvard Business Review. ISSN 0017-8012. Retrieved 16 August 2022.
  66. ^ Johnson, Eric. "Council Post: Three Industries That Are In Dire Need Of Digitization". Forbes. Retrieved 16 August 2022.
  67. ^ Bank, European Investment (12 October 2023). EIB Investment Survey 2023 - European Union overview. European Investment Bank. ISBN 978-92-861-5609-0.
  68. ^ "Press corner". European Commission - European Commission. Retrieved 23 October 2023.
  69. ^ "Long-term competitiveness of the EU: looking beyond 2030" (PDF).
  70. ^ Bank, European Investment (12 October 2023). EIB Investment Survey 2023 - European Union overview. European Investment Bank. ISBN 978-92-861-5609-0.
  71. ^ "EU expenditure and revenue". Financial Programming and Budget. European Commission. Retrieved 15 September 2014.
  72. ^ "EU budget myths". EC Europa. European Commission. Retrieved 15 September 2014.
  73. ^ "Oil and petroleum products - a statistical overview". ec.europa.eu.
  74. ^ "5 facts about the EU's goal of climate neutrality". www.consilium.europa.eu. Retrieved 16 August 2022.
  75. ^ "The employment impact of climate change adaptation" (PDF).
  76. ^ "Assessing the Implications of Climate Change Adaptation on Employment in the EU" (PDF).
  77. ^ "Press corner". European Commission - European Commission. Retrieved 16 August 2022.
  78. ^ "The World's Largest Apparel Companies 2018: Christian Dior, Inditex And Nike Continue To Dominate". Forbes. Retrieved 9 November 2020.
  79. ^ "The world's 100 largest banks, 2021". S&P Global Market Intelligence.
  80. ^ "The recovery will be digital" (PDF).
  81. ^ "Green, Digital, Inclusive and Fair: How can Cohesion Policy Rise to the New Territorial Challenges?". RSA Europe. Retrieved 16 August 2022.
  82. ^ "Digital platform economy - European Commission proposes new measures in the fight against false self-employment". www.taylorwessing.com. 27 January 2022. Retrieved 16 August 2022.
  83. ^ "Digital transformation: importance, benefits and EU policy - EU monitor". www.eumonitor.eu. Retrieved 16 August 2022.
  84. ^ "Fortune Global 500 List 2022". Fortune.
  85. ^ Vértesy, László (2018). "Macroeconomic Legal Trends in the EU11 Countries" (PDF). Public Governance, Administration and Finances Law Review. 3 (1): 94–108. doi:10.53116/pgaflr.2018.1.9. S2CID 219380180. Archived from the original (PDF) on 12 August 2019. Retrieved 12 August 2019.
  86. ^ "From savings to spending: Fast track to recovery". European Stability Mechanism. Retrieved 23 March 2022.
  87. ^ Bank, European Central (17 November 2021). "Financial Stability Review, November 2021". {{cite journal}}: Cite journal requires |journal= (help)
  88. ^ "Global Economic Effects of COVID-19" (PDF). Congressional Research Service.
  89. ^ "Eurostat – Tables, Graphs and Maps Interface (TGM) table". Epp.eurostat.ec.europa.eu. Retrieved 2 May 2022.
  90. ^ a b "Gross domestic product at market prices (Current prices and per capita)". Eurostat.
  91. ^ a b c "Eurostat – Tables, Graphs and Maps Interface (TGM) table". ec.europa.eu.
  92. ^ "Archived copy". Archived from the original on 25 April 2021. Retrieved 25 April 2021.{{cite web}}: CS1 maint: archived copy as title (link)
  93. ^ "General government deficit (-) and surplus (+) - annual data". Eurostat. Retrieved 25 August 2022.
  94. ^ "General government gross debt – annual data". Eurostat. Retrieved 25 August 2022.
  95. ^ a b "Convergence Report 2022". European Central Bank (2022). 10 June 2020. Retrieved 8 December 2022.
  96. ^ "HICP - inflation rate". Eurostat. Retrieved 25 August 2022.
  97. ^ "EMU convergence criterion series - annual data". Eurostat. Retrieved 25 August 2022.
  98. ^ "Central Intelligence Agency". Cia.gov. Archived from the original on 19 August 2016. Retrieved 26 April 2011.
  99. ^ "World trade report 2009" (PDF). WTO information website.
  100. ^ "EU position in world trade". European Commission. Retrieved 24 May 2015.
  101. ^ 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.
  102. ^ Bank, European Investment (12 October 2023). EIB Investment Survey 2023 - European Union overview. European Investment Bank. ISBN 978-92-861-5609-0.
  103. ^ "European Economic forecast summer 2023" (PDF).
  104. ^ "World Trade Statistical Review 2023" (PDF).
  105. ^ Bank, European Investment (12 October 2023). EIB Investment Survey 2023 - European Union overview. European Investment Bank. ISBN 978-92-861-5609-0.
  106. ^ Netherlands, Statistics (9 September 2022). "4. Exports of services to a new EU country: opportunities and barriers". Statistics Netherlands. Retrieved 24 October 2023.
  107. ^ a b "Top Trading Partners 2021 – Trade Statistics" (PDF). trade.ec.europa.eu.
  108. ^ "Extra-EU27 trade, by main partners, total product". Epp.eurostat.ec.europa.eu. 17 October 2013. Retrieved 20 May 2014.
  109. ^ "Data services - Eurostat". ec.europa.eu. Retrieved 11 March 2023.
  110. ^ a b c Eurostat (20 February 2023). "Gross domestic product (GDP) at current market prices by NUTS 2 regions". Europa web portal. Retrieved 20 February 2023.
  111. ^ "Archived copy". Archived from the original on 9 December 2008. Retrieved 10 July 2008.{{cite web}}: CS1 maint: archived copy as title (link)
  112. ^ a b Eurostat (22 February 2022). "Gross domestic product (GDP) at current market prices by NUTS 2 regions". Europa web portal. Retrieved 22 February 2022.
  • ^ 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.
  • "Euro-indicators News release" (PDF). June 2005 inflation data. Archived from the original (PDF) on 25 June 2006. Retrieved 18 July 2005.
  • "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):

External links