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 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.

Economy of the European Union

Paris, the largest metropolis in the EU
Currency	Euro (EUR, €) and 7 others
Fiscal year	Calendar year
Trade organisations	WTO, G20, G7 and others
Statistics
Population	447,706,209 (EU27, 1 January 2020 prov. est.)^[1]
GDP	$18.35 trillion (nominal; 2023)^[2] $25.4 trillion (PPP; 2023)^[2]
GDP growth	2.3% (2018) 1.7% (2019) −5.9% (2020) 5.4% (2021)^[3]
GDP per capita	$41,110 (nominal; 2023)^[2] $56,993 (PPP; 2023)^[2]
GDP by sector	Agriculture: 1.5% Industry: 24.5% Services: 70.7% (2016 est.)^[4]
Inflation (CPI)	7.5% (March 2022)^[3]
Population below poverty line	9.8% (2013)^[4] 21.6% at risk of poverty or social exclusion (EU27, 2018 est.)^[5]
Gini coefficient	29.6medium (EU27, 2018 est.)^[6]
Human Development Index	0.900 very high (2018)^[7] 0.816 very high IHDI (2018)^[7]
Labour force	216,229,439 (2019)^[8] 73.1% employment rate (Target: --, EU27; 2019)^[9] 72.7% employment rate (EA19, 2019)^[9]
Labour force by occupation	Agriculture: 5% Industry: 21.9% Services: 73.1% (2014 est.)^[4]
Unemployment	6.2% (EU27, March 2022)^[10] 6.8% (EA19, March 2022)^[10]
Average gross salary	€2,792 monthly (2021)^[11]
Average net salary	€2,178 monthly (2022)^[12]
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^[4]
External
Exports	$7.102 trillion (2019 est.)^[13]
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)^[14]
Imports	$6.650 trillion (2019 est.)^[13]
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)^[14]
FDI stock	€4 trillion (inward, 2012)^[15] €5.2 trillion (outward, 2012)^[16]
Current account	€161.6 billion; 1.1% of GDP (2015)^[17]
Gross external debt	$13.05 trillion (31 December 2014 est.)^[13]
Net international investment position	−€2,557.4 billion; 17.5% of GDP (2015)^[18]
Public finances
Government debt	88.1% of GDP (EU27; 2021)^[19] €12.741 trillion (EU27; 2021)^[19]
Budget balance	€675.8 billion deficit (EU27; 2021)^[19] −4.7% of GDP (2021)^[19]
Revenues	46.9% of GDP (EU27; 2021)^[19]
Expenses	51.6% of GDP (EU27; 2021)^[19]
Economic aid	donor: ODA, $87.64 billion^[21]
Credit rating	Standard & Poor's:^[22] AA Outlook: Stable Moody's:^[22] AAA Outlook: Stable Fitch:^[22] AAA Outlook: Stable Scope:^[23] AAA Outlook: Stable
Foreign reserves	$0.6 trillion (2010)^[24]
Main data source: CIA World Fact Book 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.^[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	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

 

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%

Main trading partners 2008–2011

Main trade partners^[108]	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]^[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.

Top NUTS-2 regions^[110] Rank NUTS-2 region Member state GDP per capita (2021) In euros As % of EU-27 average 1. Luxembourg   Luxembourg 87,100 268% 2. Southern   Ireland 84,500 261% 3. Eastern and Midland   Ireland 77,400 239% 4. Brussels   Belgium 66,200 204% 5. Prague   Czech Republic 65,800 203% 6. Hamburg   Germany 61,900 191% 7. Capital Region of Denmark   Denmark 57,700 178% 8. Île-de-France   France 56,900 176% 9. Upper Bavaria   Germany 56,600 174% 10. Stockholm   Sweden 55,300 171% 11. North Holland   Netherlands 54,400 168% 12. Bucharest - Ilfov   Romania 53,900 166% 13. Warsaw   Poland 53,700 166% 14. Utrecht   Netherlands 52,600 162% 15. Budapest   Hungary 50,600 156% 16. Stuttgart   Germany 49,500 153% 17. South Tyrol   Italy 49,100 151% 18. Darmstadt   Germany 48,900 151% 19. Bratislava   Slovakia 48,200 149% 20. Antwerp   Belgium 46,900 145%

Top NUTS-1 regions^[112] Rank NUTS-1 region Member state GDP per capita (2021) In euros As % of EU-27 average 1. Luxembourg   Luxembourg 87,100 268% 2. Ireland   Ireland 70,900 219% 3. Brussels-Capital Region   Belgium 66,200 204% 4. Hamburg   Germany 61,900 191% 5. Île-de-France   France 56,900 176% 6. West Netherlands   Netherlands 47,300 146% 7. East Sweden   Sweden 46,200 143% 8. Bavaria   Germany 45,700 141% 9. Bremen   Germany 45,600 141% 10. Baden-Württemberg   Germany 44,000 136%

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^[110] Rank NUTS-2 region Member state GDP per capita (2021) In euros As % of EU-27 average 1. Mayotte   France 9,100 28% 2. South-Central   Bulgaria 12,300 38% 3. North-Central   Bulgaria 12,800 39% 4. North-West   Bulgaria 12,800 39% 5. North Aegean   Greece 13,500 42% 6. North-East   Bulgaria 14,000 43% 7. French Guiana   France 14,300 44% 8. Pannonian Croatia   Croatia 14,400 44% 9. Eastern Macedonia and Thrace   Greece 14,600 45% 10. South-East   Bulgaria 14,600 45% 11. Epirus   Greece 14,900 46% 12. Western Greece   Greece 15,400 48% 13. North-East   Romania 15,800 49% 14. Northern Great Plain   Hungary 15,900 49% 15. Thessaly   Greece 16,000 49% 16. Central Macedonia   Greece 16,300 50% 17. Eastern Slovakia   Slovakia 16,400 51% 18. Southern Transdanubia   Hungary 16,600 51% 19. Lublin   Poland 16,900 52% 20. Northern Hungary   Hungary 16,900 52%

Bottom NUTS-1 regions^[112] Rank NUTS-1 region Member state GDP per capita (2021) In euros As % of EU-27 average 1. Severna i Iztochna Bulgaria   Bulgaria 13,600 42% 2. Voreia Ellada   Greece 15,900 49% 3. Alföld és Észak   Hungary 16,700 52% 4. Macroregiunea Doi   Romania 17,200 53% 5. Region Wschodni   Poland 17,300 53% 7. Aegean Islands, Crete   Greece 17,500 54% 7. Kentriki Ellada   Greece 17,500 54% 8. Départements d'outre mer   France 19,100 59% 9. Insular Italy   Italy 19,700 61% 10. Canary Islands   Spain 20,100 62%

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

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