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How big is the EU economy?
What type of economy does the European Union have?
How many countries are in the European Union?
What does the EU do?
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.
How big is the EU economy? The European Union operates as a single market made up of 27 countries. The total value of all goods and services produced (gross domestic product or GDP) in the EU in 2021 was € 14.5 trillion. Trade. The EU27 accounts for around 14% of the world’s trade in goods.
What are the main trends of the economy in the European Union and its Member States since 2000? How have the gross domestic product (GDP), investment and consumption evolved?
- 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 1951, six countries (Belgium, France, Germany, Italy, Luxembourg and the Netherlands) founded the European Coal and Steel Community. In 1958, this became known as the European Economic Community (EEC), and its name was changed to the European Union in 1993.
Apr 30, 2024 · Macroeconomic and fiscal surveillance, economic forecast and financial assistance to EU Member States.
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.
