21.6% at risk of poverty or social exclusion (EU27, 2018 est.)[5]
Gini coefficient
29.6 medium (EU27, 2018 est.)[6]
Human Development Index
0.900 very high (2018)[7]
0.816 very high IHDI (2018)[7]
Labour force
220,026,545 (2022)[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
6.0% (EU27, september 2023)[10]
6.5% (EA19, september 2023)[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
$8.705 trillion (2021 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
$8.037 trillion (2021 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.
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 $19.35 trillion (nominal) in 2024[2] or $26.64 trillion (PPP), representing around one-sixth of the global economy.[25] Germany has the biggest national GDP of all EU countries, followed by France and Italy.
The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar.[26][27][28] The euro is used by 20 of its 27 members, overall, it is the official currency in 26 countries, in the eurozone and in six other European countries, officially or de facto. The EU as a region has produced the world's second-highest number of Nobel laureates in the economics field.[29]
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.[30] The GDP per capita (PPP) was $56,970 in 2023 ,[31] compared to $80,410 in the United States, $52,120 in Japan and $28,800 in China.[32] There are significant disparities in GDP per capita (PPP) between member states ranging from $106,372 in Luxembourg to $23,169 in Bulgaria.[33] With a low Gini coefficient of 31, the European Union has a more egalitarian distribution of income than the world average.[34][35]
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.[36][37] Euronext is the main stock exchange of the Eurozone and the world's fourth largest by market capitalisation.[38] 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.[39] 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%.[40]
^"Population on 1 January by age and sex". ec.europa.eu/eurostat. Eurostat. 8 March 2024.
^ abcde"World Economic Outlook database: October 2022". IMF.org. International Monetary Fund. Retrieved 11 October 2022.
^ ab"World Economic Outlook Database, April 2020". EuroStat. Retrieved 16 April 2020.
^ abcd"The World Factbook – Central Intelligence Agency". www.cia.gov. Retrieved 13 October 2016.
^"People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 2 February 2020.
^"Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu/eurostat. Eurostat. Retrieved 9 May 2020.
^ ab"Inequalities in Human Development in the 21st Century" (PDF). UNDP. Retrieved 15 July 2020.
^"Labor force, total - European Union". data.worldbank.org. World Bank. Retrieved 15 July 2020.
^ ab"Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 15 May 2020.
^ ab"Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
^"New indicator on annual average salaries in the EU - Products Eurostat News - Eurostat". ec.europa.eu. Retrieved 11 March 2023.
^"Database – Eurostat". ec.europa.eu.
^ abc"Export and Import Partners of European Union". The World Factbook. CIA. 2015. Retrieved 10 July 2016.
^ ab"Client and Supplier Countries of the EU27 in Merchandise Trade (value %) (2021, excluding intra-EU trade)" (PDF). European Commission. 20 April 2022. Archived from the original (PDF) on 17 January 2017. Retrieved 7 September 2019.
^"Eurostat – Tables, Graphs and Maps Interface (TGM) table". ec.europa.eu. Retrieved 15 October 2016.
^"Eurostat – Tables, Graphs and Maps Interface (TGM) table". ec.europa.eu. Retrieved 15 October 2016.
^"Balance of payment statistics – Statistics Explained". ec.europa.eu. Retrieved 15 October 2016.
^"International investment position statistics – Statistics Explained". ec.europa.eu.
^ abcdef"Euro area government deficit at 5.1% and EU at 4.7% of GDP" (PDF). ec.europa.eu. Eurostat. Retrieved 15 September 2022.
^Source: OECD: Financing for sustainable development; Table 1, page 6. Quote, page 3: "In 2015, total net ODA from the 28 EU member states was USD 74 billion, representing 0.47% of their GNI. Net disbursements by EU Institutions were USD 13.8 billion, a slight fall of 0.5% in real terms compared to 2014."
^EU Institutions $13.85 billion, EU member states $73.80 billion.[20]
^ abc"The EU as a borrower – European Commission". ec.europa.eu. Retrieved 15 October 2016.
^"Scope affirms the European Union's and Euratom's AAA rating with Stable Outlook". Scope Ratings. Retrieved 22 September 2023.
^"Foreign reserves and own funds". European Central Bank. Retrieved 15 October 2016.
^"Report for Selected Country Groups and Subjects". www.imf.org. Retrieved 12 October 2022.
^"Triennial Central Bank Survey 2007" (PDF). BIS. 19 December 2007. Retrieved 25 July 2009.
^Aristovnik, Aleksander; Čeč, Tanja (30 March 2010). "Compositional Analysis of Foreign Currency Reserves in the 1999–2007 Period. The Euro vs. The Dollar As Leading Reserve Currency" (PDF). Munich Personal RePEc Archive, Paper No. 14350. Retrieved 27 December 2010.
^Boesler, Matthew (11 November 2013). "There Are Only Two Real Threats to the US Dollar's Status As The International Reserve Currency". Business Insider. Retrieved 8 December 2013.
^"All Laureates in Economics". Nobel Foundation. Archived from the original on 1 June 2013. Retrieved 14 October 2020.
^"European Union - The World Factbook". www.cia.gov. 12 July 2022.
^"World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 30 January 2020.
^"World Economic Outlook Database, October 2019". www.imf.org. Retrieved 31 January 2020.
^"World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 13 January 2020.
^"Eurostat – Tables, Graphs and Maps Interface (TGM) table". ec.europa.eu. Retrieved 14 October 2016.
^"GINI index (World Bank estimate) | Data". data.worldbank.org. Retrieved 14 October 2016.
^"The World Factbook – Central Intelligence Agency". www.cia.gov. Archived from the original on 11 December 2007. Retrieved 12 October 2016.
^"The World Factbook – Central Intelligence Agency". www.cia.gov. Archived from the original on 11 December 2007. Retrieved 12 October 2016.
^"Monthly Reports". www.world-exchanges.org. Retrieved 12 October 2016.
^Top Trading Partners Archived 17 January 2017 at the Wayback Machine Client and Supplier Countries of the EU28 in Merchandise Trade (value %) (2015, excluding intra-EU trade). Accessed 29 October 2018
^"Eurostat – Tables, Graphs and Maps Interface (TGM) table". ec.europa.eu. Retrieved 17 December 2023.
and 30 Related for: Economy of the European Union information
German economy. However, since Austria became a member state oftheEuropeanUnion, it has gained closer ties to other EuropeanUnioneconomies. This development...
of Professional Employees (TCO) Swedish Trade Union Confederation (LO) Energy policy Nuclear power in Sweden Other links EconomyofEuropeEuropean Union...
TheeconomyofEurope comprises about 748 million people in 50 countries. The formation oftheEuropeanUnion (EU) and in 1999 the introduction of a unified...
Theeconomyofthe Soviet Union was based on state ownership ofthe means of production, collective farming, and industrial manufacturing. An administrative-command...
TheEuropean Commissioner for Economy is a member oftheEuropean Commission. The current Economy Commissioner is Paolo Gentiloni. From 2014 to 2019 the...
product of more than $100 billion in 2015, making it one ofthe largest regional economies in theEuropeanUnion. Budapest is also among the Top 100 GDP...
Greece is the world's 55th largest economy, at $430.125 billion per annum. As of 2023, Greece is the sixteenth largest economy in theEuropeanUnion and eleventh...
According to theEuropean Commission Directorate-General for Trade. The 10 largest trading partners oftheEuropeanUnion with their total trade (sum of imports...
Saint Pierre and Miquelon or Wallis and Futuna Economyof Paris EconomyofEuropeEconomyoftheEuropeanUnion "World Economic Outlook Database, April 2019"...
Theeconomyof Belgium is a highly developed, high-income, mixed economy. Belgium's economy has capitalised on the country's central geographic location...
states oftheEuropeanUnion (EU). With certain exceptions, it also comprises Iceland, Liechtenstein, Norway (through the Agreement on theEuropean Economic...
The euro (symbol: €; currency code: EUR) is the official currency of 20 ofthe 27 member states oftheEuropeanUnion. This group of states is officially...
Statistics in theEuropeanUnion are collected by Eurostat (European statistics body). As of 1 January 2006, the population ofthe EU was about 493 million...
The budget oftheEuropeanUnion is used to finance EU funding programmes (such as theEuropean Regional Development Fund, the Cohesion Fund, Horizon Europe...
Theeconomyof Italy is a highly developed social market economy. It is the third-largest national economy in theEuropeanUnion, the second-largest manufacturing...
Estonia is a member oftheEuropeanUnion and eurozone. Theeconomy is heavily influenced by developments in the Finnish and Swedish economies. Historically...