Economy of the European Union

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]

Economy of European Union

The Paris metropolitan area is the largest metropolitan area in the EU both in terms of population and GDP
Currency	Euro (EUR, €) and 7 others
Fiscal year	Calendar year
Trade organisations	WTO, G20, G7 and others
Country group	Developed/Advanced[1] High-income economy[2] Welfare state[3][4][5]
Statistics
Population	448,753,823 (EU27, 2023 est.)[6]
GDP	$19.40 trillion (nominal; 2024)[7] $28.04 trillion (PPP; 2024)[7]
GDP growth	3.7% (2022)[7] 0.6% (2023)[7] 1.1% (2024)[7]
GDP per capita	$43,350 (nominal; 2024)[7] $62,660 (PPP; 2024)[7]
GDP by sector	Agriculture: 1.5% Industry: 24.5% Services: 70.7% (2016 est.)[8]
Inflation (CPI)	2.6% (2024 est.)[7]
Population below poverty line	9.8% (2013)[8] 21.4% at risk of poverty or social exclusion (AROPE for EU27, 2023)[9]
Gini coefficient	29.6 low (EU27, 2023)[10]
Human Development Index	0.900 very high (2018)[11] 0.816 very high IHDI (2018)[11]
Labour force	220,026,545 (2022)[12] 73.1% employment rate (Target: --, EU27; 2019)[13] 72.7% employment rate (EA19, 2019)[13]
Labour force by occupation	Agriculture: 5% Industry: 21.9% Services: 73.1% (2014 est.)[8]
Unemployment	6.0% (EU27, September 2023)[14] 6.5% (EA19, September 2023)[14]
Average gross salary	€2,792 monthly (2021)[15]
Average net salary	€2,351 monthly (2023)[16]
Main industries	Ferrous non-ferrous metal metal products petroleum coal cement chemicals pharmaceuticals aerospace railway equipment automobile construction equipment industrial equipment shipbuilding electrical equipment machine tools automated systems electronics telecommunications equipment fishing food and beverages furniture paper textiles[8]
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	United States 18.3%  United Kingdom 13.0%  China 10.3%   Switzerland 7.2%  Russia 4.1%  Turkey 3.6%  Japan 2.9%  Norway 2.6%  South Korea 2.4%  Canada 1.7% (2021 estimate)[18]
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	China 22.3%  United States 11.0%  Russia 7.7%  United Kingdom 6.9%   Switzerland 5.8%  Turkey 3.7%  Norway 3.5%  Japan 2.9%  South Korea 2.6%  India 2.2% (2021 estimate)[18]
FDI stock	€4 trillion (inward, 2012)[19] €5.2 trillion (outward, 2012)[20]
Current account	€161.6 billion; 1.1% of GDP (2015)[21]
Gross external debt	$13.05 trillion (31 December 2014 est.)[17]
Net international investment position	−€2,557.4 billion; 17.5% of GDP (2015)[22]
Public finances
Government debt	88.1% of GDP (EU27; 2021)[23] €12.741 trillion (EU27; 2021)[23]
Budget balance	€675.8 billion deficit (EU27; 2021)[23] −4.7% of GDP (2021)[23]
Revenues	46.9% of GDP (EU27; 2021)[23]
Expenses	51.6% of GDP (EU27; 2021)[23]
Economic aid	donor: ODA, $87.64 billion[25]
Credit rating	Standard & Poor's:[26] AA Outlook: Stable Moody's:[26] AAA Outlook: Stable Fitch:[26] AAA Outlook: Stable Scope:[27] AAA Outlook: Stable
Foreign reserves	$0.6 trillion (2010)[28]
All values, unless otherwise stated, are in US dollars.

Eurozone's inflation

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

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

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

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.^[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

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

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.^[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

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	Wolfsburg	Motor vehicle and parts
27	TotalEnergies	TTE	$184,634	$16,032	$293,458	101,309	Courbevoie	Petroleum refining
29	Stellantis	STLA	$176,663	$16,789.1	$195,297.9	281,595	Hoofddorp	Motor vehicle and parts
38	Mercedes-Benz Group	DMLRY	$158,306.1	$27,200.8	$295,427.8	172,425	Stuttgart	Motor vehicle and parts
47	Allianz	ALIZY	$144,516.6	$7,815.2	$1,295,530.8	155,411	Munich	Insurance: Life, health
48	AXA	AXAHY	$144,446.8	$8,623.9	$881,733.3	92,398	Paris	Insurance: Life, health
56	Fortum	—	$132,894.2	$873.7	$170,164.6	19,140	Espoo	Energy
59	BMW Group	BMWYY	$131,521.6	$14,639.6	$260,972.2	118,909	Munich	Motor vehicle and parts
62	Deutsche Telekom	DTEGY	$128,630.8	$4,937.4	$320,209.9	216,528	Bonn	Telecommunications
72	Assicurazioni Generali	ARZGY	$117,155	$3,366.1	$666,537.8	74,621	Trieste	Insurance: Life, health

Economies of member states

Wealth

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	323.910	333.146	344.269	357.608	369.362	385.274	397.147	380.889	405.241	447.218	477.249	153.339	47.34%
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	204.321	206.897	211.385	217.518	226.301	233.462	239.858	238.038	250.664	267.687	274.880	70.559	34.53%
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	179.884	177.236	176.369	174.494	176.903	179.558	183.347	165.015	181.500	206.620	220.303	40.419	22.47%
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	170.492	173.054	179.713	186.490	195.947	205.184	214.375	200.519	216.053	242.341	265.525	95.033	55.74%
Romania	142.929	150.522	160.288	167.494	186.399	206.072	224.179	220.487	241.611	284.174	324.578	181.649	127.09%
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	441.851	438.834	455.495	466.267	480.026	470.673	476.870	480.556	540.734	561.785	548.373	106.522	24.11%
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

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

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

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

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

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.".^[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.

Top NUTS-2 regions[135] Rank NUTS-2 region Member state GDP per capita (2022) In euros As % of EU-27 average 1. Southern  Ireland 101,200 286% 2. Luxembourg  Luxembourg 90,900 257% 3. Eastern and Midland  Ireland 87,600 247% 4. Prague  Czech Republic 73,400 207% 5. Brussels  Belgium 69,500 196% 6. Hamburg  Germany 69,100 195% 7. Capital Region of Denmark  Denmark 67,800 191% 8. Bucharest - Ilfov  Romania 62,900 177% 9. Upper Bavaria  Germany 60,000 169% 10. North Holland  Netherlands 59,400 168% 11. Île-de-France  France 57,900 163% 12. Warsaw  Poland 57,200 162% 13. South Tyrol  Italy 56,900 161% 12. Stockholm  Sweden 56,700 160% 13. Utrecht  Netherlands 56,400 159% 15. Budapest  Hungary 56,100 158% 16. Walloon Brabant  Belgium 54,000 152% 17. Salzburg  Austria 49,500 148% 18. Voralberg  Austria 52,500 147% 19. Darmstadt  Germany 52,000 146% 20. Bratislava  Slovakia 51,900 146%

Top NUTS-1 regions[137] Rank NUTS-1 region Member state GDP per capita (2022) In euros As % of EU-27 average 1. Luxembourg  Luxembourg 90,900 257% 2. Ireland  Ireland 83,300 235% 3. Brussels-Capital Region  Belgium 69,500 196% 4. Hamburg  Germany 69,100 195% 5. Île-de-France  France 57,900 163% 6. West Netherlands  Netherlands 51,500 145% 7. Bremen  Germany 51,000 144% 8. Bavaria  Germany 48,300 136% 9. East Sweden  Sweden 48,200 136% 10. Denmark  Denmark 47,700 135%

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.

Bottom NUTS-2 regions[135] Rank NUTS-2 region Member state GDP per capita (2022) In euros As % of EU-27 average 1. Mayotte  France 10,600 30% 2. North-West  Bulgaria 14,100 40% 3. French Guiana  France 14,300 40% 4. North Aegean  Greece 14,500 41% 5. North-Central  Bulgaria 14,800 42% 6. South-Central  Bulgaria 15,400 43% 7. North-East  Romania 16,300 46% 7. Pannonian Croatia  Croatia 16,400 46% 8. Epirus  Greece 16,500 47% 9. Eastern Macedonia and Thrace  Greece 16,800 47% 11. North-East  Bulgaria 17,100 48% 12. Western Greece  Greece 17,300 49% 13. Northern Great Plain  Hungary 17,600 50% 14. Great Hungarian Plain  Hungary 17,700 50% 15. Eastern Slovakia  Slovakia 18,400 52% 16. Thessaly  Greece 18,500 52% 17. Southern Transdanubia  Hungary 18,500 52% 18. Central Macedonia  Greece 18,800 53% 19. Podkarpackie  Poland 19,200 54% 20. Lublin  Poland 19,100 54%

Bottom NUTS-1 regions[137] Rank NUTS-1 region Member state GDP per capita (2022) In euros As % of EU-27 average 1. Severna i Iztochna Bulgaria  Bulgaria 16,800 47% 2. Voreia Ellada  Greece 18,300 52% 3. Alföld és Észak  Hungary 18,400 52% 4. Macroregiunea Doi  Romania 18,400 52% 5. Region Wschodni  Poland 19,500 55% 7. Aegean Islands, Crete  Greece 20,100 57% 7. Kentriki Ellada  Greece 20,300 57% 8. Départements d'outre mer  France 20,400 58% 9. Insular Italy  Italy 22,000 62% 10. Transdanubia  Hungary 22,800 64%

See also

• Blue Banana
• Citizenship of the European Union
• Currencies of the European Union
• European Central Bank
• Economic and Monetary Union
• Capital Markets Union
• Banking Union
• European Investment Bank
• European Union value added tax
• List of largest European companies by revenue
• Central banks and currencies of Europe
• Euro convergence criteria
• Currency
• List of European stock exchanges
• List of currencies in Europe
• Work–life balance in Germany
• Work–life balance

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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):

• Link to 10 new memberstates Growth Rates
• Link to Growth Rates for the Eurozone
• Link to non-Eurozone EU15 countries Growth Rates

External links

• European Commission – Economic and Financial Affairs
• Eurostat – Statistics Explained – All articles on economy and finance