| GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

European Union Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











European Union Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 12, 2013

Economy - overview:
Internally, the EU has abolished trade barriers, adopted a common currency, and is striving toward convergence of living standards. Internationally, the EU aims to bolster Europe's trade position and its political and economic weight. Because of the 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 faces difficulties in devising and enforcing common policies. Eleven established EU member states, under the auspices of the European Economic and Monetary Union (EMU), introduced the euro as their common currency on 1 January 1999 (Greece did so two years later). Between 2004 and 2007, 12 states acceded to the EU that are, in general, less advanced economically than the other 15 member states. Of the 12 most recent entrants, only Slovenia (1 January 2007), Cyprus and Malta (1 January 2008), Slovakia (1 January 2009), and Estonia (1 January 2011) have adopted the euro; 10 non-Euro member states, other than the UK and Denmark which have formal opt-outs, are required by EU treaties to adopt the common currency upon meeting fiscal and monetary convergence criteria. Following the 2008-09 global economic crisis, the EU economy saw moderate GDP growth in 2010 and 2011, but a sovereign debt crisis in the euro zone intensified in 2011 and became the bloc's top economic and political priority. Despite EU/IMF adjustment programs in Greece, Ireland, and Portugal, and consolidation measures in many other EU member states, significant risks to growth remain, including high public debt loads, aging populations, onerous regulations, and fears of debt crisis contagion. In response, euro-zone leaders in 2011 boosted funding levels for the temporary European Financial Stability Facility (EFSF) to almost $600 billion and made loan terms more favorable for crisis-hit countries, and in July 2012 brought the permanent European Stabilization Mechanism (ESM) online, a year earlier than originally planned. In addition, 25 of 27 EU member states (all except the UK and Czech Republic) have indicated their intent to enact a "fiscal compact" treaty to boost long-term budgetary discipline and coordination. In September 2012 the European Central Bank committed to a bond-buying program for troubled euro-zone member states that agree to a formal program of fiscal and structural reforms, aiming to reduce their borrowing costs and restore confidence in the euro zone.

GDP (purchasing power parity):
$15.7 trillion (2012 est.)
country comparison to the world: 1

$15.67 trillion (2011 est.)
$15.42 trillion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$16.19 trillion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.2% (2012 est.)
country comparison to the world: 189

1.6% (2011 est.)
2.1% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$34,500 (2012 est.)
country comparison to the world: 39

$34,700 (2011 est.)
$34,300 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 1.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 24.6%
services: 73.5% (2012 est.)

Labor force:
229 million (2012 est.)
country comparison to the world: 3
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22.9%
services: 71.8% (2011 est.)

Unemployment rate:
10.5% (2012 est.)
country comparison to the world: 114

9.7% (2011)
[see also: Unemployment rate country ranks ]

Population below poverty line:
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%: 2.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 24% (2011 est.)

Distribution of family income - Gini index:
30.7 (2011 est.)
country comparison to the world: 113

31.2 (1996 est.)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
18% of GDP (2012 est.)
country comparison to the world: 119
[see also: Investment (gross fixed) country ranks ]

Inflation rate (consumer prices):
2.6% (2012 est.)
country comparison to the world: 59

1.8% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.5% (31 December 2012)
country comparison to the world: 119

1.75% (31 December 2011)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.9% (31 December 2010 est.)
country comparison to the world: 123

7.52% (31 December 2009 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.205 trillion (31 December 2011)
country comparison to the world: 2

$5.542 trillion (31 December 2010)
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
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$12.27 trillion (31 December 2010 est.)
country comparison to the world: 4

$11.17 trillion (31 December 2010 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
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$21.29 trillion (31 December 2011 est.)
country comparison to the world: 2

$21.81 trillion (31 December 2010 est.)
note: this figure refers to the euro area only; it excludes credit data for non-euro-area members of the EU
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$7.565 trillion (31 December 2011 est.)
country comparison to the world: 2

$10.5 trillion (31 December 2010)
$9.823 trillion (31 December 2009 est.)
[see also: Market value of publicly traded shares 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, the EU industrial base includes: ferrous and non-ferrous metal production and processing, metal products, petroleum, coal, cement, chemicals, pharmaceuticals, aerospace, rail transportation equipment, passenger and commercial vehicles, construction equipment, industrial equipment, shipbuilding, electrical power equipment, machine tools and automated manufacturing systems, electronics and telecommunications equipment, fishing, food and beverage processing, furniture, paper, textiles

Industrial production growth rate:
2.8% (2011 est.)
country comparison to the world: 109
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$34.49 billion (2011 est.)
country comparison to the world: 185

-$5.73 billion (2010 est.)
[see also: Current account balance country ranks ]

Exports:
$2.17 trillion (2011 est.)
country comparison to the world: 1

$1.791 trillion (2010 est.)
note: external exports, excluding intra-EU trade
[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

Imports:
$2.397 trillion (2011 est.)
country comparison to the world: 1

$2.028 trillion (2010 est.)
note: external imports, excluding intra-EU trade
[see also: Imports country ranks ]

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

Reserves of foreign exchange and gold:
$812.1 billion (31 December 2011)
note: this includes reserves held by the European Central Bank and euro-zone national central banks; it excludes reserves for non-euro-area members of the EU
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$16.08 trillion (30 June 2011)
country comparison to the world: 1

$13.72 trillion (30 June 2010)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
euros per US dollar -

0.7838 (2012 est.)
0.7185 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)

Fiscal year:
NA


NOTE: 1) The information regarding European Union on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of European Union Economy 2013 information contained here. All suggestions for corrections of any errors about European Union Economy 2013 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 11-Mar-13
Copyright © 1995- , ITA (all rights reserved).

    . Feedback