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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. In 2022, the social welfare expenditure of the European Union (EU) as a whole was 19.5% of its GDP.
Learn about the size, trade, employment and equality of the EU economy, a single market of 27 countries. Find out how the EU ranks globally and compare with other countries and regions.
The European economy since the start of the millennium — a statistical portrait aims to show how main features of the economy of the European Union and its Member States have evolved since 2000 through a large range of statistical data giving both a micro- and a macro-economic perspective.
Apr 30, 2024 · European Economic Forecast. Spring 2024. After a prolonged period of stagnation, better-than-expected growth at the start of 2024 and the ongoing reduction in inflation set the scene for a gradual recovery of the EU economy over the forecast horizon. Scientific paper.
- Overview
- Origins
European Union (EU), international organization comprising 27 European countries and governing common economic, social, and security policies. Originally confined to western Europe, the EU undertook a robust expansion into central and eastern Europe in the early 21st century. The EU’s members are Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden. The United Kingdom, which had been a founding member of the EU, left the organization in 2020.
The EU was created by the Maastricht Treaty, which entered into force on November 1, 1993. The treaty was designed to enhance European political and economic integration by creating a single currency (the euro), a unified foreign and security policy, and common citizenship rights and by advancing cooperation in the areas of immigration, asylum, and judicial affairs. The EU was awarded the Nobel Prize for Peace in 2012, in recognition of the organization’s efforts to promote peace and democracy in Europe.
The EU represents one in a series of efforts to integrate Europe since World War II. At the end of the war, several western European countries sought closer economic, social, and political ties to achieve economic growth and military security and to promote a lasting reconciliation between France and Germany. To this end, in 1951 the leaders of six...
Feb 1, 2020 · In 1958, this became known as the European Economic Community (EEC), and its name was changed to the European Union in 1993. Over the years, 22 more countries joined the original 6. On 1 February 2020, the United Kingdom left the EU.
Key facts and figures. Structure. How the EU budget is spent, how its staff are organised, what countries use the euro, and what countries are members of the Schengen free-travel area. Economy. The EU is a single market that trades globally and between its member countries. Life in the EU.
