Economy of the European Union

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Economy of the European Union

Currency 1 Euro () = 100 eurocents Other currencies in member states
Bulgarian lev Czech koruna Danish krone Hungarian forint Latvian lats Lithuanian litas Polish z oty Romanian leu Swedish krona BritishPound sterling

Statistics GDP ranking GDP (Nominal) GDP (PPP) GDP growth rate GDP per capita 1st (2010) US $16.282 trillion (2010) 12.279 trillion (2010) US $15.170 trillion (12.5 trillion) (2010) 1.8% (2010) US$32,615 (25,000) (nominal US$30,388 (21,400) (PPP) (2010) 70.5% services 27.3% industry 2.1% agriculture 2.1% (2010)

GDP by sector(2006) Inflation

Labour force

239.3 million[4] Trading partners

Exports

1.349 trillion (2010) $1.787 trillion (2010)

Sources: [11] [12] [13] [14] [15]

Public finances Public debt Public deficit Expenditure Revenue 9,828.2 billion (80% of GDP) (2010) -784.1 billion (-6.4% of GDP) (2010) 50.3% of GDP (2010) 44% of GDP (2010)
Sources: [http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2 -26042011-AP/EN/2-26042011-AP-EN.PDF

The economy of the European Union generates a GDP of over 12,279.033 trillion (US$16,228.23 trillion in 2010) according to the IMF, making it the largest economy in the world. The EU economy consists of a single market and the EU is represented as a unified entity in the WTO.
Contents
[hide]

1 Currency

2 Budget 3 Economic variation 4 Economies of member states 5 Economic growth 6 Energy resources 7 Trade 8 Unemployment 9 Industries

o o

9.1 Agriculture 9.2 Tourism

[edit]Currency
Main articles: Euro and Eurozone The official currency of the European Union is the euro, used in all its documents and policies.The Stability and Growth Pact sets out the fiscal criteria to maintain for stability and (economic) convergence. The euro is also the most widely used currency in the EU, which is in use in 17 member states known as the Eurozone. All other member states, apart from Denmark and the United Kingdom, which have special opt-outs, have committed to changing over to the euro once they have fulfilled the requirements needed to do so. Also, Sweden can effectively opt out by choosing when or whether to join the European Exchange Rate Mechanism, which is the preliminary step towards joining. The remaining states are committed to join the Euro through their Treaties of Accession.

[edit]Budget
Further information: Budget of the European Union The operation of the EU has an agreed budget of 141 billion for the year 2011, and 862 billion for the period 20072013,[1] this represents around 1% of the EU's GDP. By comparison, the UK expenditure for 2004 was estimated at about 759 billion and France's was estimated at about 801 billion. In 1960, the then "EU" (EEC) budget was 0.03% of GDP.[2]

[edit]Economic

variation

Below is a table showing, respectively, the GDP and the GDP (PPP) per capita for the European Union and for each of its 27 member states, sorted by GDP (PPP). This can be used as a rough gauge to the relative standards of living among member states, with Luxembourg the highest and Romania the lowest. Eurostat, based in Luxembourg, is the Official Statistical Office of the European Communities releasing yearly GDP figures for the member states as well as the EU as a whole, which are regularly updated, supporting this way a measure of wealth and a base for the European Union's budgetary and economic policies. Figures are stated in euro.

2007 GDP per capita in NUTS 3 areas

GDP 2010 Population

millions of in millions

Member States
euro

GDP (PPP) per capita 2010

euro

GDP GDP (PPP) (Nominal) per capita 2010 Eurozone per capita 2010 perc. of EU27 yes/no
euro

European Union Germany France United Kingdom Italy Spain Netherlands Poland Belgium Sweden Austria Denmark Greece Finland Portugal Ireland Czech Republic Romania Hungary Slovakia Luxembourg

12,268,387 2,498,800 1,932,802 1,696,583 1,548,816 1,062,591 591,477 354,316 352,941 346,667 284,410 234,005 230,173(p) 180,253 172,699 153,938 145,049 121,941 98,446 65,905 41,597

501 81.8 64.7 62.0 60.3 46.0 16.6 38.2 10.8 9.3 8.4 5.5 11.3 5.3 10.6 4.4 10.5 21.5 10.0 5.4 0.5

24,500 29,000 26,100 27,800 24,300 24,700 32,800 15,300 28,900 30,100 30,700 30,400 21,700(p) 28,300 19,800 30,700 19,500 11,000 15,700 18,100 69,100

24,500 30,600 29,800 27,200 25,600 23,100 35,600 9,300 32,400 37,000 33,900 42,300 20,400(p) 33,600 16,200(p) 34,400 13,100(2009) 5,700 9,800 12,100 82,100

100.0% 118% 107% 114% 100% 101% 134% 62% 118% 123% 125% 125% 89% 116% 81% 125% 80% 45% 64% 74% 283% yes yes no yes yes yes no yes no yes no yes yes yes yes no no no yes yes

Bulgaria Slovenia Lithuania Latvia Cyprus Estonia Malta EU Candidates

36,033 35,974 27,410 17,971 17,465 14,501 6,233 GDP 2008

millions of

7.6 2.0 3.3 2.2 0.8 1.3 0.4 Population

in millions

10,600 21,300 14,200 12,600 24,000 15,900 20,400 GDP (PPP) per capita 2009
euro

4,600(2009) 17,600(p) 8,300 8,000 21,700 10,800 15,100

43% 87% 58% 52% 98% 65% 83%

no yes no no yes yes yes

GDP GDP (PPP) (Nominal) per capita 2010 Eurozone per capita 2009 perc. of EU27
euro yes/no

euro

Iceland Croatia Turkey Macedonia Montenegro

8,688 45,376 441,019 6,852 6,637 GDP 2008

millions of

0.3 4.5 71.0 2.0 0.6

26,800 15,000 11,800 8,600 35%

27,100(2009) 10,400(p) 7,600 3,300(2009)

110% 61% 48% 36%

no no no no

Current and previous EU applicants

GDP (PPP) Population per capita in millions 2009

euro

GDP (Nominal) per capita 2009

euro

GDP (PPP) per capita Eurozone 2009 yes/no

perc. of EU27

euro

Albania Norway Serbia Switzerland

9,990

[3]

3.2 4.6 7.3 7.7 35,800 43,700

3,151 63,800 5,090 50,900 146% 179%

no no no no

275,060 37,180
[4]

354,680