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Economy of the European Union

Economy of the European Union
CurrencyEuro (EUR, €) and 7 others
Calendar year
Trade organisations
WTO, G20, G7 and others
Country group
Statistics
PopulationNeutral increase 449,306,184 (EU27, 2024 est.)[6]
GDP
  • Increase $20.287 trillion (nominal; 2025)[7]
  • Increase $29.005 trillion (PPP; 2025)[7]
GDP growth
  • Increase 0.6% (2023)[8]
  • Increase 1.0% (2024)[8]
  • Increase 1.4% (2025f)[8]
  • Increase 1.7% (2026f)[8]
GDP per capita
  • Increase $43,185 (nominal; 2024)[a]
  • Increase $64,680 (PPP; 2025)[7]
GDP by sector
  • 6.3% (2023)[7]
  • 2.6% (2024f)[7]
  • 2.3% (2025f)[7]
  • 2.1% (2026f)[7]
Population below poverty line
Positive decrease 21.3% at risk of poverty or social exclusion (AROPE for EU27, 2023)[10]
Steady 29.6 low (EU27, 2023)[11]
Labour force
  • Decrease 214,195,000 (EU27, 2024 Q4)[14]
  • Increase 167,385,000 (EA20, 2024 Q4)[14]
  • Decrease 75.3% employment rate (EU27, 2024 Q4)[14]
  • Decrease 75.3% employment rate (EA20, 2024 Q4)[14]
Labour force by occupation
Unemployment
  • Positive decrease 5.7% (EU27, February 2025)[15]
  • Positive decrease 6.1% (EA20, February 2025)[15]
  • Positive decrease 14.5% youth unemployment[c] (EU27, February 2025)[15]
Average gross salary
€3,417 monthly (2023)[16]
€2,352 monthly (2023)[16]
Main industries
External
Exports$2.797 trillion (2024)[17]
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
Imports$2.635 trillion (2024)[17]
Import goods
fuels and crude oil, machinery, vehicles, pharmaceuticals and other chemicals, precious gemstones, textiles, aircraft, plastics, metals, ships
Main import partners
FDI stock
  • Neutral decrease €14.462 trillion (inward, 2023)[19]
  • Neutral decrease €17.021 trillion (outward, 2023)[19]
Increase €161.6 billion; 1.1% of GDP (2015)[20]
$13.05 trillion (31 December 2014 est.)[9]
Increase −€2,557.4 billion; 17.5% of GDP (2015)[21]
Public finances
  • Positive decrease 88.1% of GDP (EU27; 2021)[22]
  • Increase €12.741 trillion (EU27; 2021)[22]
$0.6 trillion (2010)[23]
  • €675.8 billion deficit (EU27; 2021)[22]
  • −4.7% of GDP (2021)[22]
Revenues46.9% of GDP (EU27; 2021)[22]
Expenses51.6% of GDP (EU27; 2021)[22]
Economic aiddonor: ODA, $87.64 billion[25]
  • Scope:[27]
  • AAA
  • Outlook: Stable
All values, unless otherwise stated, are in US dollars.
Eurozone's inflation

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 $20.29 trillion (nominal) in 2025 or $29.01 trillion (PPP),[7] representing around one-sixth of the global economy.[28] Germany, France and Italy are the three largest economies in the European Union, accounting for approximately 52.6% of the EU's total GDP. Germany contributes 24.3%, while France accounts for 16.2% and Italy for 12.1%.[29] In 2023, the social welfare expenditure of the European Union (EU) as a whole was 26.8% of its GDP.[30][31][32]

The EU has total banking assets of more than $38 trillion, France accounts for 26% ($10 trillion) of Europe's total banking assets followed by Germany with 18% ($7 trillion) and Italy with 8% ($3 trillion). Global assets under management in the EU is more than $12 trillion, with France accounting for more than 33% ($4 trillion) of Europe's total AUM followed by Germany with 16% ($2 trillion) and Italy with 12% ($1 trillion).[33][34] Paris is by far the richest city in the EU, with a GDP exceeding $1 trillion.[35] Paris is a major economic hub in the EU, with Euronext Paris, the largest stock exchange in the EU by market cap.[36][37] Frankfurt, Germany's financial center, is the second-largest in the EU, hosting the Frankfurt Stock Exchange, although it is significantly smaller than Paris in terms of market cap and economic influence.[38]

The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar.[39][40][41] 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 EU as a region has produced the world's second-highest number of Nobel laureates in the economics field.[42]

The European Union is one of the world's largest trading entities, with Germany and France serving as the primary economic powerhouses in terms of both exports and imports. In 2023, Germany is the EU's largest exporter and importer and the third-largest exporter globally, with $1.96 trillion in exports. Germany is also a major importer, with $1.47 trillion in imports, reflecting its role as a key player in global supply chains. France is the second-largest exporter in the EU, with $1.05 trillion in exports. France is also a significant importer, with just over $777 billion in imports, the second largest importer in the EU.[43][44]

Of the top 500 largest corporations measured by revenue (Fortune Global 500 in 2023), 161 are located in the EU.[45][needs update] With 30 companies that are part of the world's biggest 500 companies, France was in 2023 the most represented in the European Union in the 2023 Fortune Global 500, ahead of Germany (27 companies) and the Netherlands (10).[46] With 62 companies that are part of the world's biggest 2000 companies, France was again in 2023 the most represented in the European Union in the 2023 Forbes Global 2000, ahead of Germany (50 companies) and Italy (28).[47][48]

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.[9] The GDP per capita (PPP) was $62,660 in 2024,[7] compared to $86,601 in the United States, $53,059 in Japan and $26,310 in China.[49] There are significant disparities in GDP per capita (PPP) between member states ranging from $154,915 in Luxembourg to $41,506 in Bulgaria.[50] With a medium Gini coefficient of 29.6,[11] the European Union has a more egalitarian distribution of income than the world average.[51][better source needed]

EU investments in foreign countries total €17.02 trillion, while the foreign investments made in the union total €14.46 trillion in 2023,[19] by far the highest foreign and domestic investments in the world.[citation needed][52][53] Euronext is the main stock exchange of the Eurozone and the world's fourth largest by market capitalisation, with Euronext Paris accounting for more than 80% of Euronext total market cap.[54] 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.[55] 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%.[56]

There has been general growth in GDP per capita and employment, but regional differences within EU nations remain, with considerable discrepancies between capital and non-capital areas, particularly in younger Member States.[57] In North-Western Europe, nearly 75% of women are part of the workforce, compared to roughly 68% in Southern Europe.[58][59]

  1. ^ "World Economic Outlook Database, April 2022". IMF.org. International Monetary Fund. Retrieved 20 April 2022.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ Esping-Andersen, Gosta. "A Welfare State for the 21st Century". CiteSeerX. Retrieved 29 May 2024.
  4. ^ Hussain, M. A., Kangas, O., & Kvist, J. (2011). "Six: Welfare state institutions, unemployment and poverty: comparative analysis of unemployment benefits and labour market participation in 15 European Union countries". In Changing social equality. Bristol, UK: Policy Press. Retrieved May 29, 2024, doi:10.51952/9781847426611.ch006
  5. ^ Pestieau, P. and Lefebvre, M. (2018). The Welfare State in Europe: Economic and Social Perspectives. Oxford University Press. ISBN 978-0192-5490-51.{{cite book}}: CS1 maint: multiple names: authors list (link)
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  8. ^ a b c d "Global Growth: Divergent and Uncertain". imf.org. International Monetary Fund. 17 January 2025. Retrieved 5 March 2025.
  9. ^ a b c d e "European Union - The World Factbook". cia.gov. Central Intelligence Agency. 25 February 2025. Retrieved 4 March 2025.
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  11. ^ a b "Gini coefficient of equivalised disposable income". ec.europa.eu/eurostat. Eurostat. 14 February 2025. Retrieved 4 March 2025.
  12. ^ "Country Insights". hdr.undp.org. United Nations Development Programme. 13 March 2024. Retrieved 15 March 2025.
  13. ^ "Inequality-adjusted Human Development Index". hdr.undp.org. United Nations Development Programme. 13 March 2024. Retrieved 15 March 2025.
  14. ^ a b c d "Employment and activity by sex and age - quarterly data". ec.europa.eu/eurostat. Eurostat. 13 March 2024. Retrieved 14 March 2025.
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  24. ^ Source: OECD: Financing for sustainable development; Table 1, page 6. Quote, page 3: "In 2015, total net ODA from the 28 EU member states was USD 74 billion, representing 0.47% of their GNI. Net disbursements by EU Institutions were USD 13.8 billion, a slight fall of 0.5% in real terms compared to 2014."
  25. ^ EU Institutions $13.85 billion, EU member states $73.80 billion.[24]
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