Economy of the European Union

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Economy of the European Union

Paris, the largest metropolis in the EU
Currency	Euro (EUR, €) and 8 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	$15,167 billion (nominal; 2020)[2] $19,686 billion (PPP; 2020)[2]
GDP growth	2.3% (2018) 1.7% (2019) −7.1% (2020) 4.8% (2021)[3]
GDP per capita	$35,623 (nominal; 2019)[2] $44,539 (PPP; 2019)[2]
GDP by sector	Agriculture: 1.5% Industry: 24.5% Services: 70.7% (2016 est.)[4]
Inflation (CPI)	0.6% (2020)[3] 1.4% (2019)[3] 1.9% (2018)[3]
Population below poverty line	9.8% (2013)[4] 21.6% at risk of poverty or social exclusion (EU27, 2018 est.)[5]
Gini coefficient	30.4 medium (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	7.4% (EU27, August 2020)[10] 8.1% (EA19, August 2020)[10] 21 million unemployed (2016)[11]
Average gross salary	€34,800, annual/ 42,500 USD (2018)[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	$1.9 trillion (2015 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 14.4%  China 10.5%   Switzerland 7.4%  Russia 4.1%  Turkey 3.6%  Japan 2.8%  Norway 2.5%  South Korea 2.3%  Canada 1.7% (March 2020 estimate)[14]
Imports	$1.7 trillion (2015 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 22.4%  United States 11.8%  United Kingdom 9.8%   Switzerland 6.3%  Russia 5.6%  Turkey 3.6%  Japan 3.2%  South Korea 2.6%  Norway 2.5%  Vietnam 2% (March 2020 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
Public debt	77.8% of GDP (EU27; 2019)[19] €10.833 trillion (EU27; 2019)[19]
Budget balance	€77.6 billion deficit (EU27; 2019)[19] −0.6% of GDP (2019)[19]
Revenues	46.2% of GDP (EU27; 2019)[19]
Expenses	46.7% of GDP (EU27; 2019)[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.

GNI per capita of EU, 2016

The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the third largest economy in the world in nominal terms, after the United States and China, and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP was estimated to be around $15 trillion (nominal) in 2020,^[25] representing around 1/6 of the global economy.^[26]

The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar.^[27][28][29] The euro is used by 19 of its 27 members, overall, it is the official currency in 25 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.^[30] The GDP per capita (PPP) was $43,188 in 2018,^[31] compared to $62,869 in the United States, $44,246 Japan and $18,116 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's investments in foreign countries total $9.1 trillion, while the foreign investments made in the European 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 sixth largest by market capitalisation.^[38] 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.^[39]

Since the beginning of the public debt crisis in 2009, opposite economic situations have emerged between Southern Europe on one hand, and Central and Northern Europe on the other hand: a higher unemployment rate and public debt in the Mediterranean countries with the exception of Malta, and a lower unemployment rate with higher GDP growth rate in the Eastern and in Northern member countries. In 2018, public debt in the European Union was 80% of GDP, with disparities between the lowest rate, Estonia with 8.4%, and the highest, Greece with 181.1%.^[40]

Currency[]

The Eurozone or euro area (dark blue) represents 343 million people. The euro is the second-largest reserve currency in the world.

Beginning in the year 1999 with some EU member states, now 19 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 also 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 19 eurozone states have been struggling with a sovereign debt crisis, by many 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. 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).^[41]

Budget[]

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.^[42]

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.^[43]

Sectors[]

Services[]

The services sector is by far the most important sector in the European Union, making up 74.7% of GDP, compared to the manufacturing industry with 23.8% of GDP and agriculture with only 1.5% of GDP.^[44]

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.^[45] The plan aims "to establish the building blocks of an integrated capital market in the EU by 2019".^[46] The CMU initiative comprises 33 measures in all.^[47] The plan was updated in 2017 and in 2019, since not a single legislation will deliver the CMU.^[48] The Commissioner for Financial Stability, Financial Services and Capital Markets Union, Valdis Dombrovskis, former Prime Minister of Latvia, is responsible for delivery of the initiative.^{[49][50][51][52]}

According to the Global Financial Centres Index, the two largest financial centres in Europe, London and Zurich, are outside the European Union.^[53] The two largest financial centres remaining within the EU will then be Frankfurt and Luxembourg City.

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 €148billion) of the EU's total spending.^[54] 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 UK, the second largest economy within the bloc 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 bloc'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.^[55]

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[]

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 all produce oil. If it is treated as a single unit, which is not conventional in the oil markets, the European Union is the 19th largest producer of oil in the world, producing 1,241,370 (2013) barrels a day.^{[citation needed]}

It is the world's second largest consumer of oil, consuming much more than it can produce, at 12,790,000 (2013) barrels a day. Much of the difference comes from Russia and the Caspian Sea basin. 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]}

Companies[]

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, which is the largest financial service provider in the world by revenue; WPP plc which is the world's largest advertising agency 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; Inditex which is the biggest fashion group in the world; 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; Royal Dutch Shell, which is 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 HSBC and Grupo Santander, the largest bank in Europe in terms of Market Capitalisation.^{[citation needed]}

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, BMW, 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.

The following is a list of the largest EU based stock market listed companies in 2016. The ordered by revenue in millions of US Dollars and is based on the Fortune Global 500.

Economies of member states[]

Wealth[]

European and bordering nations by GDP (PPP) per capita in 2019

European countries by median wealth per adult, 2018

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).^[57]

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 the new nations enjoying sustained, robust economic growth.

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^[58][59]

Member state	2012	2013	2014	2015	2016	2017	2018	2019	2020	Yearly growth (2012–2020)
Austria	0.7	0.0	0.7	1.0	2.0	2.4	2.6	1.4	-6.6	0.47
Belgium	0.7	0.5	1.6	2.0	1.3	1.6	1.8	1.7	-6.3	0.54
Bulgaria	0.4	0.3	1.9	4.0	3.8	3.5	3.1	3.7	-4.2	1.83
Croatia	−2.4	−0.4	−0.3	2.4	3.5	3.4	2.8	2.9	-8.0	0.43
Cyprus	−3.4	−6.6	−1.8	3.2	6.4	5.2	5.2	3.1	-5.1	0.69
Czech Republic	−0.8	0.0	2.3	5.4	2.5	5.2	3.2	2.3	-5.6	1.61
Denmark	0.2	0.9	1.6	2.3	3.2	2.8	2.2	2.8	-2.7	1.48
Estonia	3.1	1.3	3.0	1.8	3.2	5.5	4.4	5.0	-2.9	2.71
Finland	−1.4	−0.9	−0.4	0.5	2.8	3.2	1.3	1.3	-2.8	0.40
France	0.3	0.6	1.0	1.1	1.1	2.3	1.8	1.5	-8.1	0.18
Germany	0.4	0.4	2.2	1.5	2.2	2.6	1.3	0.6	-4.8	0.71
Greece	−7.1	−2.7	0.7	−0.4	−0.5	1.3	1.6	1.9	-8.2	−1.49
Hungary	−1.4	1.9	4.2	3.8	2.1	4.3	5.4	4.6	-5.0	2.21
Ireland	0.1	1.2	8.6	25.2	2.0	9.1	8.5	5.6	3.4	7.08
Italy	−3.0	−1.8	0.0	0.8	1.3	1.7	0.9	0.3	-8.9	-0.96
Latvia	4.3	2.3	1.1	4.0	2.4	3.3	4.0	2.0	-3.6	2.2
Lithuania	3.8	3.6	3.5	2.0	2.5	4.3	3.9	4.3	-0.9	3.0
Luxembourg	−0.4	3.7	4.3	4.3	4.6	1.8	3.1	2.3	-1.3	2.49
Malta	4.1	5.5	7.6	9.6	4.1	8.1	5.2	5.5	-7.0	4.74
Netherlands	−1.0	−0.1	1.4	2.0	2.2	2.9	2.4	1.7	-3.7	0.87
Poland	1.3	1.1	3.4	4.2	3.1	4.8	5.4	4.5	-2.7	2.79
Portugal	−4.1	−0.9	0.8	1.8	2.0	3.5	2.8	2.5	-7.6	0.09
Romania	2.0	3.8	3.6	3.0	4.7	7.3	4.5	4.1	-3.9	3.23
Slovakia	1.9	0.7	2.6	4.8	2.1	3.0	3.8	2.3	-4.8	1.82
Slovenia	−2.6	−1.0	2.8	2.2	3.2	4.8	4.4	3.2	-5.5	1.28
Spain	−3.0	−1.4	1.4	3.8	3.0	3.0	2.4	2.0	-10.8	0.04
Sweden	−0.6	1.2	2.7	4.5	2.1	2.6	2.0	1.4	-2.8	1.46
European Union	−0.7	0.0	1.6	2.3	2.0	2.8	2.1	1.6	-6.1	0.62
Eurozone	−0.9	−0.2	1.4	2.0	1.9	2.6	1.9	1.3	-6.6	0.38

EU member states by GDP (nominal) in billions of €^[60]

Member state	2008	2012	2013	2014	2015	2016	2017	2018	2019	2020	Change from 2008 to 2020	Change in percentage
Austria	293.762	318.653	323.910	333.146	344.269	357.300	370.296	385.712	397.575	377.297	81,80	27,8%
Belgium	351.743	386.175	392.880	403.003	416.701	430.085	444.991	460.419	476.203	451.177	99,43	28,3%
Bulgaria	37.218	42.049	41.903	42.890	45.691	48.640	52.329	56.112	61.240	60.643	23,43	62,9%
Croatia	47.998	44.008	43.806	43.399	44.612	46.619	49.239	51.950	54.238	49.283	1,29	2,7%
Cyprus	19.010	19.441	17.995	17.430	17.884	18.929	20.120	21.433	22.287	21.000	1,99	10,5%
Czechia	161.313	162.588	159.462	157.821	169.558	177.439	194.133	210.928	223.950	213.661	52,35	32,5%
Denmark	241.614	254.578	258.743	265.757	273.018	283.110	294.808	302.361	312.747	311.726	70,11	29,0%
Estonia	16.638	18.051	19.033	20.180	20.782	21.932	23.858	25.938	28.112	27.167	10,53	63,3%
Finland	194.265	201.037	204.321	206.897	211.385	217.518	226.301	233.696	240.261	237.467	43,20	22,2%
France	1,992.380	2,088.804	2,117.189	2,149.765	2,198.432	2,234.129	2,295.063	2,353.090	2,425.708	2,278.947	286,57	14,4%
Germany	2,546.490	2,745.310	2,811.350	2,927.430	3,030.070	3,134.100	3,244.990	3,344.370	3,449.050	3,332.230	785,74	30,9%
Greece	241.990	188.389	179.616	177.349	176.110	174.237	177.152	179.727	183.414	165.830	-76,16	-31,5%
Hungary	108.216	99.984	102.034	106.061	112.701	116.130	126.891	135.931	146.062	135.925	27,71	25,6%
Ireland	187.769	175.116	179.661	194.818	262.833	271.684	297.131	324.038	356.051	366.506	178,74	95,2%
Italy	1,637.699	1,624.359	1,612.751	1,627.406	1,655.355	1,695.787	1,736.593	1,771.566	1,790.942	1,651.595	13,90	0,8%
Latvia	24.397	22.098	22.845	23.654	24.561	25.360	26.962	29.142	30.421	29.334	4,94	20,2%
Lithuania	32.696	33.332	34.985	36.545	37.322	38.893	42.269	45.264	48.797	48.930	16,23	49,7%
Luxembourg	38.129	44.112	46.500	49.825	52.066	54.867	56.814	60.053	63.516	64.143	26,01	68,2%
Malta	6.129	7.168	7.647	8.510	9.997	10.589	11.704	12.587	13.592	12.824	6,70	109,2%
Netherlands	647.198	652.966	660.463	671.560	690.008	708.337	738.146	773.987	813.055	800.095	151,48	23,4%
Poland	366.181	387.947	392.311	408.968	430.466	427.092	467.427	497.842	533.600	523.038	156,86	42,8%
Portugal	179.103	168.296	170.492	173.054	179.713	186.490	195.947	205.184	213.949	202.441	23,36	13,0%
Romania	146.591	132.711	143.690	150.709	160.150	170.063	187.773	204.497	222.998	218.165	71,57	48,8%
Slovakia	66.098	73.484	74.355	76.256	79.758	81.038	84.517	89.721	93.865	91.555	25,46	38,5%
Slovenia	37.926	36.253	36.454	37.634	38.853	40.367	42.987	45.755	48.392	46.297	8,37	22,1%
Spain	1,109.541	1,031.099	1,020.348	1,032.158	1,077.590	1,113.840	1,161.878	1,202.193	1,244.772	1,121.698	12,16	1,1%
Sweden	353.310	428.825	440.191	437.541	454.184	466.348	479.605	471.208	476.870	474.724	118,95	33,7%
European Union	11,321.808	11,388.518	11,517.118	11,781.640	12,211.542	12,550.950	13,069.292	13,517.905	13,963.560	13,297.246	1 975,44	17,4%
Eurozone (19)	9,483.133	9,781.526	9,876.005	10,131.361	10,524.439	10,816.984	11,200.953	11,561.243	11,935.448	11,317.640	1 834,51	19,3%

EU member states by GDP (nominal) per capita in €^[60]

Member state	2008	2012	2013	2014	2015	2016	2017	2018	2019	2020	Change from 2008 to 2020	Change in percentage
Austria	35,300	37,820	38,210	38,990	39,890	40,880	42,100	43,640	44,780	42,300	7,000	19,8%
Belgium	32,840	34,770	35,210	35,950	36,960	37,980	39,240	40,240	41,460	39,110	6,270	19,1%
Bulgaria	4,880	5,750	5,770	5,940	6,360	6,820	7,390	7,980	8,780	8,750	3,870	79,3%
Croatia	11,130	10,290	10,270	10,250	10,600	11,170	11,890	12,620	13,340	12,170	1,040	9,3%
Cyprus	24,170	22,500	20,880	20,420	21,100	22,230	23,410	24,630	25,270	23,400	-770	-3,2%
Czechia	13,740	15,360	15,010	14,880	15,980	16,690	18,100	19,530	20,990	19,970	6,230	45,3%
Denmark	43,990	45,530	46,100	47,090	48,050	49,420	50,700	52,010	53,760	53,470	9,480	21,6%
Estonia	12,430	13,620	14,420	15,340	15,820	16,490	18,070	19,740	21,220	20,440	8,010	64,4%
Finland	36,560	37,130	37,570	37,880	38,570	39,580	41,000	42,370	43,510	42,940	6,380	17,5%
France	30,960	31,820	32,080	32,420	33,020	33,430	34,220	34,980	35,960	34,040	3,080	9,9%
Germany	31,530	34,130	34,860	36,150	37,090	38,060	39,260	40,340	41,510	40,120	8,590	27,2%
Greece	21,840	17,310	16,480	16,400	16,380	16,380	16,760	17,210	17,100	15,490	-6,350	-29,1%
Hungary	10,780	10,050	10,310	10,730	11,400	11,740	12,830	13,690	14,950	13,940	3,160	29,3%
Ireland	41,730	38,090	38,890	41,870	55,970	57,210	61,870	66,670	72,260	73,590	31,860	76,3%
Italy	27,660	26,920	26,590	26,770	27,260	27,970	28,690	29,220	29,660	27,780	120	0,4%
Latvia	11,230	10,870	11,350	11,860	12,350	12,800	13,810	15,130	15,920	15,430	4,200	37,4%
Lithuania	10,210	11,160	11,830	12,460	12,850	13,560	14,940	16,160	17,460	17,510	7,300	71,5%
Luxembourg	77,940	83,000	85,270	89,240	91,440	93,930	95,170	98,640	102,200	101,640	23,700	30,4%
Malta	15,160	17,060	17,950	19,570	22,450	23,240	24,980	25,940	26,930	24,630	9,470	62,5%
Netherlands	39,350	38,970	39,300	39,820	40,730	41,590	43,090	44,920	46,710	45,870	6,520	16,6%
Poland	9,600	10,100	10,250	10,680	11,190	11,100	12,160	12,920	13,870	13,640	4,040	42,1%
Portugal	16,960	16,010	16,300	16,640	17,350	18,060	19,020	19,950	20,800	19,660	2,700	15,9%
Romania	7,140	6,640	7,190	7,550	8,090	8,650	9,580	10,510	11,530	11,290	4,150	58,1%
Slovakia	12,230	13,590	13,740	14,070	14,710	14,920	15,540	16,470	17,210	16,770	4,540	37,1%
Slovenia	18,760	17,630	17,700	18,250	18,830	19,550	20,810	22,080	23,170	22,010	3,250	17,3%
Spain	24,130	22,050	21,900	22,220	23,220	23,980	24,970	25,730	26,430	23,690	-440	-1,8%
Sweden	38,490	45,050	45,850	45,130	46,480	47,990	47,730	46,260	46,170	45,850	7,360	19,1%
European Union	25,260	25,740	26,000	26,550	27,460	28,160	29,280	30,230	31,160	29,730	4,470	17,7%
Eurozone	28,880	29,220	29,440	30,070	31,030	31,790	32,850	33,830	34,820	33,060	4,260	14,8%

EU member states by Gini coefficients^[6]

Member state	2011	2012	2013	2014	2015	2016	2017	2018	2019
Austria	27.4	27.6	27.0	27.6	27.2	27.2	27.9	26.8
Belgium	26.3	26.5	25.9	25.9	26.2	26.3	26.0	25.6
Bulgaria	35.0	33.6	35.4	35.4	37.0	37.7	40.2	39.6	40.8
Croatia	31.2	30.9	30.9	30.2	30.4	29.8	29.9	29.7
Cyprus	29.2	31.0	32.4	34.8	33.6	32.1	30.8	29.1	31.1
Czech Republic	25.2	24.9	24.6	25.1	25.0	25.1	24.5	24.0
Denmark	26.6	26.5	26.8	27.7	27.4	27.7	27.6	27.9	27.5
Estonia	31.9	32.5	32.9	35.6	34.8	32.7	31.6	30.6	30.5
Finland	25.8	25.9	25.4	25.6	25.2	25.4	25.3	25.9	26.2
France	30.8	30.5	30.1	29.2	29.2	29.3	29.3	28.5
Germany	29.0	28.3	29.7	30.7	30.1	29.5	29.1	31.1
Greece	33.5	34.3	34.4	34.5	34.2	34.3	33.4	32.3	31.0
Hungary	26.9	27.2	28.3	28.6	28.2	28.2	28.1	28.7	28.0
Ireland	29.8	30.5	30.7	31.1	29.8	29.5	30.6	28.9
Italy	32.5	32.4	32.8	32.4	32.4	33.1	32.7	33.4
Latvia	35.1	35.7	35.2	35.5	35.4	34.5	34.5	35.6	35.2
Lithuania	33.0	32.0	34.6	35.0	37.9	37.0	37.6	36.9	35.4
Luxembourg	27.2	28.0	30.4	28.7	28.5	31.0	30.9	33.2
Malta	27.2	27.1	27.9	27.7	28.1	28.5	28.3	28.7	28.0
Netherlands	25.8	25.4	25.1	26.2	26.7	26.9	27.1	27.0
Poland	31.1	30.9	30.7	30.8	30.6	29.8	29.2	27.8	28.5
Portugal	34.2	34.5	34.2	34.5	34.0	33.9	33.5	32.1	31.9
Romania	33.5	34.0	34.6	35.0	37.4	34.7	33.1	35.1	34.8
Slovakia	25.7	25.3	24.2	26.1	23.7	24.3	23.2	20.9
Slovenia	23.8	23.7	24.4	25.0	24.5	24.4	23.7	23.4	23.9
Spain	34.0	34.2	33.7	34.7	34.6	34.5	34.1	33.2	33.0
Sweden	26.0	26.0	26.0	26.9	26.7	27.6	28.0	27.0	27.6
United Kingdom	33.0	31.3	30.2	31.6	32.4	31.5	33.1	33.5
European Union	30.5	30.4	30.6	30.9	30.8	30.6	30.3	30.4
Eurozone	30.6	30.5	30.7	31.0	30.7	30.7	30.4	30.6

Labour market[]

Unemployment rate by country in the EEA in March 2019.

The EU seasonally adjusted unemployment rate was 6.7% in September 2018.^[61] The euro area unemployment rate was 8.1%.^[61] 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).^[61]

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) hide

Member state[62]	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
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
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
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
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
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
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
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
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
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
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
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
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
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
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	5.8
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
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
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
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
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
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	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
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
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
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
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
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
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
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

Economic freedom[]

There are two views of the relations between economic freedom and the European Union: In Europe membership of the European Union comes with increased economic freedom which reduces national regulations, while in the UK the withdrawal of the European Union is perceived as a possibility to achieve a level of economic freedom not availalable in the European Union.^[63]

Index of Economic Freedom hide

Member state	2016[64]	2017[65]	2018[66]	2019[67]
Austria	71.2	72.3	71.8	72.0
Belgium	68.8	67.8	67.5	67.3
Denmark	75.3	75.1	76.6	76.7
Finland	73.4	74.0	74.1	74.9
France	62.5	63.3	63.9	63.8
Germany	73.8	73.8	74.2	73.5
Greece	54.0	55.0	57.3	57.7
Ireland	77.3	76.7	80.4	80.5
Italy	61.7	62.5	62.5	62.2
Luxembourg	73.2	75.9	76.4	75.9
Netherlands	73.7	75.8	76.2	76.8
Portugal	65.3	62.6	63.4	65.3
Spain	67.6	63.6	65.1	65.7
Sweden	72.7	74.9	76.3	75.2
Bulgaria	66.8	67.9	68.3	69.0
Croatia	61.5	59.4	61.0	61.4
Cyprus	67.9	67.9	67.8	68.1
Czech Republic	72.5	73.3	74.2	73.7
Estonia	77.2	79.1	78.8	76.6
Hungary	66.8	65.8	66.7	65.0
Latvia	69.7	74.8	73.6	70.4
Lithuania	75.2	75.8	75.3	74.2
Malta	66.5	67.7	68.5	68.6
Poland	68.6	68.3	68.5	67.8
Romania	66.6	69.7	69.4	68.6
Slovakia	67.2	65.7	65.3	65.0
Slovenia	60.3	59.2	64.8	65.5
European Union	69.1	69.4

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) hide

Member state	Public deficit as % of GDP (2018) (E.U. limit : -3%)[68]	Public debt as % of GDP (2020) (E.U. limit : 60%)[69]	HICP inflation rate (2018) Max. 1.9% (as of 22 May 2018)[70][71]	Long-term interest rate (03/18) Max. 3.2% (as of 22 May 2018)[70][72]
Austria	0.1	83.9	2.1	0.81
Belgium	−0.7	114.1	2.3	0.87
Bulgaria	2.0	25.0	2.6	1.05
Croatia	0.2	88.7	1.6	2.19
Cyprus	-4.8	118.2	0.8	1.83
Czech Republic	0.9	38.1	2.0	1.81
Denmark	0.5	42.2	0.7	0.64
Estonia	−0.6	18.2	3.4	(n/a)
Finland	−0.7	69.2	1.2	0.72
France	−2.5	116.3	2.1	0.84
Germany	1.7	69.8	1.9	0.53
Greece	1.1	205.6	0.8	4.27
Hungary	−2.2	80.4	2.9	2.60
Ireland	0.0	59.5	0.7	1.01
Italy	−2.1	155.8	1.2	1.97
Latvia	−1.0	43.5	2.6	0.83
Lithuania	0.7	47.3	2.5	0.31
Luxembourg	2.4	24.9	2.0	0.68
Malta	2.0	54.3	1.7	1.23
Netherlands	1.5	54.5	1.6	0.63
Poland	−0.4	57.6	1.2	3.27
Portugal	−0.5	133.6	1.2	1.79
Romania	−3.0	47.3	4.1	4.53
Slovakia	−0.7	60.6	2.5	0.80
Slovenia	0.7	80.8	1.9	1.11
Spain	−2.5	120.0	1.7	1.33
Sweden	0.9	39.9	2.0	0.77
European Union	−0.6	90.8	1.9	1.34
Eurozone	−0.5	98.1	1.8	1.07

Trade[]

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^[73] and as of 2008 the largest importer of goods and services.^[74][75] 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.^[76]

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.^[76]

10 largest trading partners (2016, UK included in the EU before Brexit)

Main trading partners (2016)^[77]

Rank	Partners	Imports (million euro)	% (of total)	Exports (million euro)	% (of total)	Total trade (million euro)	% (of total)
-	European Union	1,706,413	100%	1,745,730	100%	3,452,143	100%
1	United States	246,774	14,5%	362,043	20,7%	608,817	17,6%
2	China	344,642	20,2%	170,136	9,7%	514,779	14,9%
3	Switzerland	121,608	7,1%	142,432	8,2%	264,040	7,6%
4	Russia	118,661	7,0%	72,428	4,1%	191,089	5,5%
5	Turkey	66,652	3,9%	78,030	4,5%	144,681	4,2%
6	Japan	66,383	3,9%	58,136	3,3%	124,519	3,6%
7	Norway	62,935	3,7%	48,371	2,8%	111,306	3,2%
8	South Korea	41,433	2,4%	44,518	2,6%	85,951	2,5%
9	India	39,265	2,3%	37,800	2,2%	77,065	2,2%
10	Canada	29,094	1,7%	35,200	2,0%	64,294	1,9%
11	Brazil	29,334	1,7%	30,909	1,8%	60,243	1,7%
12	United Arab Emirates	9,201	0,5%	45,847	2,6%	55,048	1,6%
13	Mexico	19,800	1,2%	33,928	1,9%	53,728	1,6%
14	Hong Kong	18,212	1,1%	34,989	2,0%	53,201	1,5%
15	Saudi Arabia	19,010	1,1%	33,925	1,9%	52,935	1,5%
16	Singapore	19,436	1,1%	31,423	1,8%	50,859	1,5%
17	South Africa	22,853	1,3%	22,986	1,3%	45,839	1,3%
18	Taiwan	26,057	1,5%	19,631	1,1%	45,688	1,3%
19	Australia	13,070	0,8%	32,437	1,9%	45,507	1,3%
20	Vietnam	33,064	1,0%	9,332	0,5%	42,396	1,2%
21	Algeria	16,500	1,0%	20,908	1,2%	37,408	1,1%
22	Malaysia	22,177	1,3%	13,232	0,8%	35,409	1,0%
23	Morocco	13,809	0,8%	20,791	1,2%	34,599	1,0%
24	Israel	13,197	0,8%	21,142	1,2%	34,339	1,0%
25	Thailand	20,339	1,2%	13,595	0,8%	33,934	1,0%
26	Ukraine	13,080	0,8%	16,505	0,9%	29,586	0,9%
27	Egypt	6,691	0,4%	20,644	1,2%	27,335	0,8%
28	Indonesia	14,618	0,9%	10,461	0,6%	25,079	0,7%
29	Serbia	8,724	0,5%	11,698	0,7%	20,422	0,6%
30	Nigeria	10,937	0,6%	8,961	0,5%	19,898	0,6%

Main trading partners 2008–2011 show

Main trade partners[78]	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

Regional variation[]

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[]

The 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%), Southern 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.".^[80] 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 14 NUTS-2 regions exceeding the 160% level, two were in each Ireland and Germany and one each in Belgium, the Czech Republic, Denmark, France, the Netherlands, 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.^[81] This definition, however, is not respected by Eurostat. E.g.: 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.

Rank NUTS-2 Region Member state GDP per capita (2019) in euros As % of EU-27 average 1. Luxembourg  Luxembourg 81,000 260% 2. Southern  Ireland 74,900 240% 3. Prague  Czech Republic 63,900 205% 4. Eastern and Midland  Ireland 63,100 202% 5. Brussels-Capital Region  Belgium 63,000 202% 6. Hamburg  Germany 60,800 195% 7. Île-de-France  France 55,200 177% 8. Upper Bavaria  Germany 54,000 173% 9. North Holland  Netherlands 53,000 170% 10. Capital Region of Denmark  Denmark 51,900 167% 11. Stockholm  Sweden 51,900 166% 12. Bratislava Region  Slovakia 50,400 162% 13. Warsaw  Poland 49,800 160% 14. Bucharest - Ilfov  Romania 49,700 160%

Rank NUTS-1 Region Member state GDP per capita (2019) in euros As % of EU-27 average 1. Luxembourg  Luxembourg 81,000 260% 2. Brussels-Capital Region  Belgium 63,000 202% 3. Hamburg  Germany 60,800 195% 4. Ireland  Ireland 60,200 193% 5. Île-de-France  France 55,200 177% 6. West Netherlands  Netherlands 45,300 145% 7. Bremen  Germany 44,800 144% 8. Bavaria  Germany 43,800 141% 9. East Sweden  Sweden 43,100 138% 10. Baden-Württemberg  Germany 42,800 137%

Source: Eurostat^[80]

Among the lowest regions in the ranking in 2019 most were in Bulgaria, with the lowest figure recorded in Severozapaden. Among the 14 regions below the 50% level, five were in Bulgaria, four in Greece, two each in France and Hungary and one in Romania.

Rank NUTS-2 Region Member state GDP per capita (2019) in euros As % of EU-27 average 1. Mayotte  France 10,100 32% 1. North-West  Bulgaria 10,100 32% 3. North-Central  Bulgaria 11,000 35% 4. South-Central  Bulgaria 11,600 37% 5. South-East  Bulgaria 12,500 40% 6. North-East  Bulgaria 12,800 41% 7. North Aegean  Greece 13,600 44% 8. North-East  Romania 13,700 44% 9. Eastern Macedonia and Thrace  Greece 14,100 45% 10. Epirus  Greece 14,600 47% 11. Northern Great Plain  Hungary 14,800 47% 12. Western Greece  Greece 15,000 48% 13. French Guiana  France 15,100 48% 14. Northern Hungary  Hungary 15,200 49%

Rank NUTS-1 Region Member state GDP per capita (2019) in euros As % of EU-27 average 1.  Bulgaria 11,700 38% 2.  Romania 15,500 50% 2. Alföld és Észak  Hungary 15,500 50% 4. Voreia Ellada  Greece 15,700 51% 5.  Poland 15,900 51% 6. Kentriki Ellada  Greece 16,800 54% 7. Aegean Islands, Crete  Greece 18,300 59% 8.  Poland 19,100 61% 9.  Romania 19,300 62% 10.  Poland 19,600 63%

Source: Eurostat^[80]

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

References[]

• ^ Cells shaded in green indicate forecast figure^{[clarification needed]}
• ^ One region may be classified by Eurostat as a NUTS-1, NUTS-2 as well as a NUTS-3 region. Several NUTS-1 regions are also classified as NUTS-2 regions such as Brussels-Capital or Ile-de-France. Many countries are only classified as a single NUTS-1 and a single NUTS-2 region such as Latvia, Lithuania, Luxemburg and (although over 3 million inhabitants) Denmark.
• "Euro-indicators News release" (PDF). June 2005 inflation data. Archived from the original (PDF) on 25 June 2006. Retrieved 18 July 2005.
• "Euro-indicators News release" (PDF). May 2005 unemployment data. Archived from the original (PDF) on 25 June 2006. Retrieved 18 July 2005.
• "World Bank". GNI data (July 2005). Retrieved 4 August 2005.

The following links are used for the GDP growth and GDP totals (IMF):

• 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