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Economy of the European Union

European_central_bank_euro_frankfurt_germanyCurrency 1 Euro (€) = 100 cents
Other currencies in member states: Bulgarian lev, Czech koruna, Danish krone, Hungarian forint, Latvian lats, Lithuanian litas, Polish złoty, Romanian leu, Swedish krona, British Pound sterling
Statistics
GDP ranking 1st (2011)
GDP (Nominal) US$17.578 trillion (2011), €12.629 trillion (2011)
GDP (PPP) US$15.821 trillion (2011)
GDP growth rate 1.5% (2011)
GDP per capita US$35,116 (nominal), US$31,607 (PPP) (2011)
GDP by sector (2006) 70.5% services, 27.3% industry, 2.1% agriculture
Inflation 3.1% (2011)
Population below poverty threshold 17%
Labour force 239.3 million
Labour force by occupation (2010) 69.5% services, 25.4% industry, 5.2% agriculture
Unemployment 10.6% (September 2012)
Trading partners
Export of goods €1.531 trillion (2011), $2.131 trillion (2011)
Export of services €579.5 billion (2011), $806.6 billion (2011)
Export goods (2011)
machinery and transport equipment 42.4%; other manufactured goods 23.0%; chemicals and related products 16.5%; food, drinks and tobacco 5.8%; mineral fuels and lubricants 6.5%; raw materials 2.9%; commodities and transactions 2.7%
Main export partners (2011): United States, 17,0%; China, 8,9%; Switzerland, 7,9%; Russia, 7,1%; Turkey, 4,7% etc.
Import of goods €1.685 trillion (2011), $2.344 trillion (2011)
Import of services €470.4 billion (2011), $654.8 billion (2011)
Import goods (2011): machinery and transport equipment 26.1%; other manufactured goods 23.6%; mineral fuels and lubricants 28.9%; chemicals and related products 9.0%; food, drinks and tobacco 5.4%; raw materials 5.1%; commodities and transactions 1.8%
Main import partners (2011): China, 17,3%; United States, 10,9%; Russia, 11,8%;Norway, 5,5%; Switzerland, 5,4%; etc.
FDI inward stock € 2.964 trillion (2010), $ 3.929 trillion (2010)
FDI outward stock € 4.152 trillion (2010), $ 5.504 trillion (2010)
Public finances
Public debt € 10,421.9 billion, (82.5% of GDP) (2011)
Public deficit € -565.1 billion, (-4.5% of GDP) (2011)
Expenditure 49.1% of GDP (2011)
Revenue 44.6% of GDP (2011)

The European Union is the first economic zone with a global gross domestic product (GDP) of 16 298 billion U.S. dollars, parity nominal exchange rate, ie 25.08% of world GDP in 2011 (GDP 2011, World Bank ). Using the method of purchasing power parity (PPP) GDP is higher than the United States but for a much larger population (502.5 million inhabitants on 1 January 2011).

GDP per capita in PPP rises to $ 31,197 in the European Union, against $ 48,665 in the United States in 2011. However, this comparison has limits. Indeed, the European Union is not unlike the United States, a country. And there is a common will to live together for the time being the EU is essentially a single market with economies and ways of thinking about the economy quite different as illustrated by the recent crisis in the euro zone.

Translated from the Wikipedia .

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