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European Union Economy 2017
http://www.theodora.com/wfbcurrent/european_union/european_union_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











European Union Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Internally, the 28 EU member states have adopted the framework of a single market with free movement of goods, services and capital. Internationally, the EU aims to bolster Europe's trade position and its political and economic weight.Despite great differences in per capita income among member states (from $13,000 to $82,000) and in national attitudes toward issues like inflation, debt, and foreign trade, the EU has achieved a high degree of coordination of monetary and fiscal policies. A common currency – the euro – circulates among 19 of the member states, under the auspices of the European Economic and Monetary Union (EMU). Eleven member states introduced the euro as their common currency on 1 January 1999 (Greece did so two years later). Since 2004, 13 states acceded to the EU. Of the 13, Slovenia (2007), Cyprus and Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014), and Lithuania (2015) have adopted the euro; 7 other member states - not including the UK nor Denmark, which have formal opt-outs - are required by EU treaties to adopt the common currency upon meeting fiscal and monetary convergence criteria.The EU economy is slowly recovering from the 2008-09 global economic crisis and the ensuing sovereign debt crisis in the euro zone in 2011. The bloc posted moderate GDP growth in 2014 and 2015, but the recovery has been uneven. Some EU member states (Czech Republic, Ireland and Spain) have recorded strong growth while others (Finland, Greece) are struggling to shake off recession. The recovery has been buoyed by lower commodities prices and accommodative monetary policy, which has lowered interest rates and the euro’s foreign exchange value. Despite EU/IMF rescue programs in Greece, Ireland, Portugal, Spain and Cyprus, significant drags on growth remain, including high public and private debt loads, low domestic demand that discourages investment, aging populations, onerous regulations, and high unemployment. These factors - in combination with low oil prices - have subdued inflation in the euro zone despite the European Central Bank’s (ECB) efforts to spur more lending and investment through its asset-buying program and negative interest rates. The ECB in December 2015 stated it would widen its asset-buying program and extend it until March 2017 to fend off deflation and improve borrowing conditions in the euro zone.Beyond the risk of deflation, the EU economy is vulnerable to a slowdown of global trade that would shrink the EU’s ample external trade surplus. Another round of financial market turmoil because of disagreements between bailed-out Greece and its euro-zone creditor could also be detrimental to a stronger EU recovery if it hurts consumer and investor confidence. To bolster economic growth and create jobs, EU leaders have moved forward with plans to use $28 (€21) billion in public money as seed capital to attract private investors to fund $421 [€315] billion in infrastructure projects from 2015 to 2017, focusing on energy, broadband, transport, education, and research and innovation. They also are forging ahead on creating a capital markets union to ease the burdens of cross-border investment in the bloc. Externally, the EU continues to negotiate an ambitious and comprehensive free trade agreement with the US, the goal of which is to expand already large trade and investment flows.

GDP (purchasing power parity):
$19.18 trillion (2016 est.) $18.64 trillion (2015 est.) $18.08 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 2
[see also: GDP country ranks ]

GDP (official exchange rate):
$16.27 trillion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.9% (2016 est.) 2.3% (2014 est.) 1.6% (2014 est.)
country comparison to the world: 139
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$37,800 (2016 est.) $36,900 (2015 est.) $35,900 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 47
[see also: GDP - per capita country ranks ]

Gross national saving:
21.4% of GDP (2015 est.) 21.1% of GDP (2014 est.) 21% of GDP (2013 est.)
country comparison to the world: 74
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 58.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 21.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 44.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -42.1% (2013 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 25.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73.6% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, barley, oilseeds, sugar beets, wine, grapes; dairy products, cattle, sheep, pigs, poultry; fish

Industries:
among the world's largest and most technologically advanced regions, the EU industrial base includes: ferrous and non-ferrous metal production and processing, metal products, petroleum, coal, cement, chemicals, pharmaceuticals, aerospace, rail transportat

Industrial production growth rate:
1.5% (2016 est.)
country comparison to the world: 127
[see also: Industrial production growth rate country ranks ]

Labor force:
232.9 million (2016 est.)
country comparison to the world: 3
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 73.1% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.5% (2015 est.) 9.4% (2015)
country comparison to the world: 110
[see also: Unemployment rate country ranks ]

Population below poverty line:
9.8% note - see individual country entries of member states
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 23.9% (2014 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.9 (2014 est.) 30.5 (2013 est.)
country comparison to the world: 115
[see also: Distribution of family income - Gini index country ranks ]

Taxes and other revenues:
45.2% of GDP (2014 est.)
country comparison to the world: 21
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3% of GDP
country comparison to the world: 104
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
86.8% of GDP (2014) 85.5% of GDP (2013)
country comparison to the world: 26
[see also: Public debt country ranks ]

Fiscal year:
NA

Inflation rate (consumer prices):
0.1% (2015 est.) 0.5% (2014 est.)
country comparison to the world: 37
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2013) 0.3% (31 December 2012)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 138
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
0.32% (31 December 2014 est.) 0.56% (31 December 2013 est.)
country comparison to the world: 184
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$7.165 trillion (31 December 2013) $7.422 trillion (31 December 2012)
note: this is the quantity of money, M1, for the euro area, converted into US dollars at the exchange rate for the date indicated; it excludes the stock of money carried by non-euro-area members of the European Union, e.g., UK pounds, Danish kroner, and Czech k
country comparison to the world: 1
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$12.49 trillion (31 December 2012 est.) $12.29 trillion (31 December 2011 est.)
note: this is the quantity of broad money for the euro area, converted into US dollars at the exchange rate for the date indicated; it excludes the stock of broad money carried by non-euro-area members of the European Union
country comparison to the world: 3
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$21.71 trillion (31 December 2012 est.) $21.29 trillion (31 December 2011 est.)
note: this figure refers to the euro area only; it excludes credit data for non-euro-area members of the EU
country comparison to the world: 2
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$7.185 trillion (31 December 2014 est.) $7.932 trillion (31 December 2013 est.) $10.4 trillion (31 December 2012 est.)
country comparison to the world: 3
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$351.9 billion (2015 est.) $88.12 billion (2014 est.)
country comparison to the world: 1
[see also: Current account balance country ranks ]

Exports:
$2.259 trillion (2014 est.) $2.306 trillion (2013 est.)
note: external exports, excluding intra-EU trade
country comparison to the world: 1
[see also: Exports country ranks ]

Exports - commodities:
machinery, motor vehicles, pharmaceuticals and other chemicals, fuels, aircraft, plastics, iron and steel, wood pulp and paper products, alcoholic beverages, furniture

Exports - partners:
United States 17.1%, China 8.5%, Switzerland 7.8%, Russia 7.2%, Turkey 4.4% (2013 est.)

Imports:
$2.244 trillion (2014 est.) $2.238 trillion (2013 est.)
note: external imports, excluding intra-EU trade
country comparison to the world: 1
[see also: Imports country ranks ]

Imports - commodities:
fuels and crude oil, machinery, vehicles, pharmaceuticals and other chemicals, precious gemstones, textiles, aircraft, plastics, metals, ships

Imports - partners:
China 16.1%, United States 11.4%, Russia 11%, Switzerland 5.9%, Norway 4.3% (2013 est.)

Reserves of foreign exchange and gold:
$740.9 billion (31 December 2014 est.)
note: $746.9 billion (31 December 2013)
country comparison to the world: 3
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$13.05 trillion (31 December 2014 est.) $14.14 trillion (31 December 2013)
country comparison to the world: 2
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA $5.148 trillion (2012) $4.828 trillion (2011)
country comparison to the world: 1
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$9.121 trillion (2012) $8.721 trillion (2011)
country comparison to the world: 1
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros per US dollar - 0.9214 (2016 est.) 0.885 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.) 0.7752 (2012 est.)

NOTE: The information regarding European Union on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of European Union Economy 2017 information contained here. All suggestions for corrections of any errors about European Union Economy 2017 should be addressed to the CIA.




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