Economy of the European Union
Economy of the European Union
Currency
1 Euro (€) = 100
cents
Other currencies in member states
Bulgarian lev • Czech koruna • Danish krone • Esto-
nian kroon • Hungarian forint • Latvian lats •
Lithuanian litas • Polish złoty • Romanian leu •
Swedish krona • Pound sterling
Statistics
GDP ranking
1st (2006)
GDP (PPP)
US $13.06 trillion
(2006)
GDP growth rate
3.1% (2006)
GDP per capita
US $29,900 (2006)
GDP by sector (2006) 70.5% services
27.3% industry
2.1% agriculture
Inflation
1.9% (2007)
Population below
poverty threshold
17%
Labour force
221.5 million
Labour force by oc-
cupation (2006)
67.0% services
27.3% industry
4.4% agriculture
Unemployment
7.0% (May 2007)
Sources: [1] [2] [3] [4]
Trading partners
Imports
US $1.466 trillion
(2006)
Main import partners (2005)
China, Japan, Russia, United States
Exports
US $1.33 trillion
(ranking: 1st) (2006)
Main export partners (2005)
China, Russia, Switzerland, United States
Public finances
Public debt
€ 7,240.8 billion
(58.7% of GDP)
(2007)
Public deficit
€ 109.5 billion
(-0.9% of GDP)
(2007)
Expenditure
€ 5,648.6 billion
(2007)
Revenue
€ 5,537.6 billion
(2007)
Note: The data in this section is derived from the
combined public finance figures of each of the 27 EU
member states
Sources: Eurostat Data 2008
The economy of the European Union com-
bines the economies of 27 member states and
generates a GDP based on PPP of over
€11,244.85 billion ($15,292.99 in 2008) ac-
cording to the IMF. This is more than in the
United States ($14,334.03 billion). The EU
accounts for about 31% of the world’s total
economic output. Sixteen member states
have adopted a single currency, the euro,
managed by the European Central Bank. The
EU economy consists of a single market and
is represented as a unified entity in the WTO.
Currency
The official currency of the European Union
is the euro, used in all its documents and
policies. The Stability and Growth Pact sets
out the fiscal criteria to maintain for stability
and (economic) convergence. The euro is also
the