Economy of the European Union

Economy of the European Union
	Paris, the largest and richest metropolis in the EU
Currency	Euro (EUR, €) and 7 others
Fiscal year	Calendar year
Trade organisations	WTO, G20, G7 and others
Statistics
Population	448,753,823 (EU27, 1 January 2023 prov. est.)
GDP	$19.35 trillion (nominal; 2024); $26.64trillion (PPP; 2024);
GDP growth	2.3% (2018); 1.7% (2019); −5.9% (2020); 5.4% (2021);
GDP per capita	$43,300 (nominal; 2024); $59,050 (PPP; 2024);
GDP by sector	Agriculture: 1.5%; Industry: 24.5%; Services: 70.7%; (2016 est.);
Inflation (CPI)	7.5% (March 2022);
Population below poverty line	9.8% (2013); 21.6% at risk of poverty or social exclusion (EU27, 2018 est.);
Gini coefficient	29.6 medium (EU27, 2018 est.)
Human Development Index	0.900 very high (2018); 0.816 very high IHDI (2018);
Labour force	220,026,545 (2022); 73.1% employment rate (Target: --, EU27; 2019); 72.7% employment rate (EA19, 2019);
Labour force by occupation	Agriculture: 5%; Industry: 21.9%; Services: 73.1%; (2014 est.);
Unemployment	6.0% (EU27, september 2023); 6.5% (EA19, september 2023);
Average gross salary	€2,792 monthly (2021)
Average net salary	€2,178 monthly (2022)
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;
External
Exports	$8.705 trillion (2021 est.)
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);
Imports	$8.037 trillion (2021 est.)
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);
FDI stock	€4 trillion (inward, 2012); €5.2 trillion (outward, 2012);
Current account	€161.6 billion; 1.1% of GDP (2015)
Gross external debt	$13.05 trillion (31 December 2014 est.)
Net international investment position	−€2,557.4 billion; 17.5% of GDP (2015)
Public finances
Government debt	88.1% of GDP (EU27; 2021); €12.741 trillion (EU27; 2021);
Budget balance	€675.8 billion deficit (EU27; 2021); −4.7% of GDP (2021);
Revenues	46.9% of GDP (EU27; 2021)
Expenses	51.6% of GDP (EU27; 2021)
Economic aid	donor: ODA, $87.64 billion
Credit rating	Standard & Poor's:; AA; Outlook: Stable; Moody's:; AAA; Outlook: Stable; Fitch:; AAA; Outlook: Stable; Scope:; AAA; Outlook: Stable;
Foreign reserves	$0.6 trillion (2010)
	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 or $26.64 trillion (PPP), representing around one-sixth of the global economy. 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. 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 labour. The GDP per capita (PPP) was $56,970 in 2023 , compared to $80,410 in the United States, $52,120 in Japan and $28,800 in China. There are significant disparities in GDP per capita (PPP) between member states ranging from $106,372 in Luxembourg to $23,169 in Bulgaria. With a low Gini coefficient of 31, the European Union has a more egalitarian distribution of income than the world average.

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. Euronext is the main stock exchange of the Eurozone and the world's fourth largest by market capitalisation. 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. 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%.

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