Economy of the European Union

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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 $22.52 trillion (nominal) or $30.18 trillion (PPP) in 2026, representing around one-sixth of the global economy. Germany, France, Italy and Spain are the four largest economies in the European Union, accounting for 23.7%, 15.8%, 12.0%, and 9.1% of GDP, respectively.[7] In 2024, the social welfare expenditure of the European Union (EU) as a whole was 27.3% of its GDP.[30][31][32]

CurrencyEuro (EUR, €) and 6 others
Calendar year
Trade organisations
WTO, G20, G7 and others
Country group
Quick facts Currency, Fiscal year ...
Economy of the European Union
CurrencyEuro (EUR, €) and 6 others
Calendar year
Trade organisations
WTO, G20, G7 and others
Country group
Statistics
PopulationNeutral increase 450,380,320 (EU27, 2025 est.)[6]
GDP
  • Increase $22.515 trillion (nominal; 2026)[7]
  • Increase $30.184 trillion (PPP; 2026)[7]
GDP growth
  • Increase 1.2% (2024)[7]
  • Increase 1.4% (2025)[7]
  • Increase 1.4% (2026f)[7]
  • Increase 1.6% (2027f)[7]
  • Increase 1.5% (2028f)[7]
GDP per capita
  • Increase $49,879 (nominal; 2026)[a]
  • Increase $66,867 (PPP; 2026)[7]
GDP by sector
  • 2.6% (2024)[7]
  • 2.4% (2025)[7]
  • 2.2% (2026f)[7]
  • 2.2% (2027f)[7]
  • 2.1% (2028f)[7]
Population below poverty line
Positive decrease 21.0% at risk of poverty or social exclusion (AROPE for EU27, 2024)[9]
Positive decrease 29.4 low (EU27, 2024)[10]
Labour force
  • Increase 221,460,000 (EU27, 2025 Q3)[13]
  • Decrease 173,021,000 (EA20, 2025 Q3)[13]
  • Steady 66.0% employment rate (EU27, 2025 Q3)[13]
  • Decrease 66.1% employment rate (EA20, 2025 Q3)[13]
Labour force by occupation
Unemployment
  • Positive decrease 5.8% (EU27, January 2026)[14]
  • Positive decrease 6.1% (EA21, January 2026)[14]
  • Positive decrease 15.1% youth unemployment[d] (EU27, January 2026)[14]
Average gross salary
€3,255 monthly (2022)[15]
€2,461 monthly (2024)[16]
Main industries
External
ExportsIncrease €2.592 trillion (2024)[18]
Export goods
Machinery, motor vehicles, pharmaceuticals and other chemicals, fuels, aircraft, plastics, iron and steel, wood pulp and paper products, alcoholic beverages, furniture[citation needed]
Main export partners
ImportsPositive decrease €2.450 trillion (2024)[18]
Import goods
Fuels and crude oil, machinery, vehicles, pharmaceuticals and other chemicals, precious gemstones, textiles, aircraft, plastics, metals, ships[citation needed]
Main import partners
FDI stock
  • Neutral decrease €14.586 trillion (inward, 2024)[20]
  • Neutral decrease €17.404 trillion (outward, 2024)[20]
  • Increase €461.193 billion (2024)[21]
  • Increase 2.6% of GDP (2024)[22]
$13.05 trillion (31 December 2014 est.)[17]
Increase −€2,557.4 billion; 17.5% of GDP (2015)[23]
Public finances
  • Positive decrease 88.1% of GDP (EU27; 2021)[24]
  • Increase €12.741 trillion (EU27; 2021)[24]
$0.6 trillion (2010)[25]
  • €675.8 billion deficit (EU27; 2021)[24]
  • −4.7% of GDP (2021)[24]
Revenues46.9% of GDP (EU27; 2021)[24]
Expenses51.6% of GDP (EU27; 2021)[24]
Economic aiddonor: ODA, $87.64 billion[27]
  • Scope:[29]
  • AAA
  • Outlook: Stable
All values, unless otherwise stated, are in US dollars.
Close
Eurozone's inflation

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) Italy with 8% ($3 trillion) and Spain with 7% ($2.6 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 economically strongest 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 21 of its 27 members, overall, it is the official currency in 27 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, Germany was in 2023 the most represented in the European Union in the 2023 Fortune Global 500, ahead of France (24 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.[17] 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,[10] the European Union has a more egalitarian distribution of income than the world average.[51][better source needed]

EU investments in foreign countries total €17.40 trillion, while the foreign investments made in the union total €14.59 trillion in 2024,[20] 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 EU'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]

Currency

Main articles: Euro, Eurozone, and Single Euro Payments Area
The Eurozone or euro area (dark blue) represents around 350 million people. The euro is the second-largest reserve currency in the world.

Since 1999, 21 EU states use the euro as official currency in a currency union. The remaining 6 states continue to use their own currency with the possibility to join the euro later. The euro is the most widely used currency in the EU.

Since 1992, the Maastricht Treaty sets out rigid economic and fiscal convergence criteria for the states joining the euro. Starting 1997, the Stability and Growth Pact has been started to ensure continuing economic and fiscal stability and convergence.

Denmark is not a part of the eurozone due to its special opt-outs concerning the later joining of the euro. In contrast, the remaining states can effectively opt out by choosing when or whether to join the European Exchange Rate Mechanism, which is the preliminary step towards joining. They are, however, committed to join the euro by their Treaties of Accession.

Starting with Greece in 2009, five of the 20 eurozone states have been struggling with a sovereign debt crisis, commonly called the European debt crisis. All these states started reforms and got bailout packages (Greece, Ireland, Portugal, Spain, Cyprus). By the late 2010s, all five countries had exited their bailout programs and moved out of the acute phase of the debt crisis. Other non-eurozone states also experienced a debt crisis and also went through successful bailout programmes, i.e. Hungary, Romania and Latvia (the latter before it joined the eurozone).[60]

Budget

Further information: Budget of the European Union

The EU has a long-term budget, named Multiannual Financial Framework (MFF), of €1,082.5 billion for the period 2014–2020, representing 1.02% of the EU-28's GNI.[61]

The overall budget for the period 2021-2027 is of €1.8 trillion combining the MFF of €1,074.3 billion with an extraordinary recovery fund of €750 billion, known as Next Generation EU, to support member states hit by the COVID-19 pandemic.[62]

Sectors

Services

Main articles: Capital Markets Union and European Single Market

The services sector is by far the most important sector in the European Union, making up 64.7% of GDP, compared to the manufacturing industry with 23.8% of GDP and agriculture with only 1.5% of GDP.[63]

Financial services are well developed within the Single Market of the Union. Companies have a greater reliance on bank lending than in the United States, although a shift towards companies raising more funding through capital markets is planned through the CMU initiative, the EU plan put forward by the Commission in September 2015 to mobilise the free movement of capital within the EU.[64] The plan aims "to establish the building blocks of an integrated capital market in the EU by 2019".[65] The CMU initiative comprises 33 measures in all.[66] The plan was updated in 2017 and in 2019, since not a single legislation will deliver the CMU.[67] The Commissioner for Financial Stability, Financial Services and Capital Markets Union, Mairead McGuinness, former vice-president of the European Parliament, is responsible for delivery of the initiative.[68][69][70][71]

According to the Global Financial Centres Index, the two largest financial centres in Europe, London and Zürich, are outside the European Union.[72] The two largest financial centres remaining within the EU will then be Frankfurt and Luxembourg.

In the European Investment Bank's Investment survey 2021, 58% of firms in the service sector were expecting long term effects of COVID-19.[73][74] 56% of EU enterprises received governmental help to handle the pandemic's effects.[75][76][77]

The COVID-19 pandemic had a significant effect on sales. 49% of all EU enterprises claimed that their sales decreased since the start of 2020.[75][78] The pandemic has affected sectors differently, with the number of enterprises losing money in the hotels, restaurants, arts, and leisure industries reaching roughly 25% compared to previous times, and transportation also being affected.[79][80][81]

Without government assistance, 35% of European small and medium-sized firms (SMEs) in manufacturing and services indicated their businesses would not have survived the effects of the pandemic.[73][82]

In 2020, 86% of enterprises reported previous-year investment activity, while in 2021 only 79% reported investment. 23% of EU firms changed their investment plans in 2021, with only 3% reporting a higher amount.[75][83] The highest proportion of enterprises that have reduced their investment plans due to a drop in sales are in Poland, where 49% of firms have reduced investment, and in Belgium, where 47% of firms stated the same.[75][84]

Most green or digital businesses in the EU operate in manufacturing (33%) or infrastructure (30%). The service sector has the greatest percentage of businesses that have not engaged in digitalisation or the green transition (41%).[85][86]

EU enterprises were growing in terms of innovation in 2023. 39% of EU enterprises created or introduced new goods, processes, or services in the previous fiscal year, compared to 57% of US firms. In the EU, over 12% of businesses introduced ideas that were novel to the country or the global market.[87][88][89] Investment in intangible assets (research and development, software, training, or business processes) by EU enterprises accounted for around 38% of overall investment. Businesses in the EU were also optimistic about 2023, with 14% more predicting an increase rather than a drop in investment.[90]

Agriculture

German wine region Rheingau. Germany is the EU´s second-largest agriculture goods exporter and the fourth-largest worldwide.[91]

The agricultural sector is supported by subsidies from the European Union in the form of the Common Agricultural Policy (CAP). In 2013 this represented approximately €45 billion (less than 33% of the overall budget of €148 billion) of the EU's total spending.[92][needs update] It was used originally to guarantee a minimum price for farmers in the EU. This is criticised as a form of protectionism, inhibiting trade, and damaging developing countries; one of the most vocal opponents was the United Kingdom, the second largest economy within the union until its withdrawal in January 2020, which repeatedly refused to give up the annual UK rebate unless the CAP should undergo significant reform; France, the biggest beneficiary of the CAP and the union's third largest (now its second-largest) economy, is its most vocal proponent. The CAP is however witnessing substantial reform. In 1985, around 70% of the EU budget was spent on agriculture. In 2011, direct aid to farmers and market-related expenditure amount to just 30% of the budget, and rural development spending to 11%. By 2011, 90% of direct support had become non-trade-distorting (not linked to production) as reforms have continued to be made to the CAP, its funding and its design.[93]

Tourism

The European Union is a major tourist destination, attracting visitors from outside of the Union and citizens travelling inside it. Internal tourism is made more convenient by the Schengen treaty and the euro. All citizens of the European Union are entitled to travel to any member state without the need of a visa.

France is the world's number one tourist destination for international visitors, followed by Spain, Italy, and Germany.[94] It is worth noting, however, that a significant proportion of international visitors to EU countries are from other member states.[citation needed]

Energy

Main article: Energy policy of the European Union
Wind power stations in Cerová, Slovakia

The European Union has uranium, coal, oil, and natural gas reserves. There are six oil producers in the European Union, primarily in North Sea oilfields. The United Kingdom, whilst it was a member of the European Union was by far the largest producer; Denmark, Germany, Italy, Romania and the Netherlands produce oil. The European Union produced 19.8 million tonnes of oil equivalent (Mtoe) of crude oil in 2019. The EU is one of the largest consumers of oil, consuming much more than it can produce. It consumed about 350 Mtoe in 2019, importing 96.8% of the oil. The largest suppliers are Russia, Iraq, Nigeria, Saudi Arabia, Kazakhstan, and Norway. Transport is the largest consumer of oil, at 66.1% in 2019.[95]

All countries in the EU have committed to the Kyoto Protocol, and the European Union is one of its biggest proponents. The European Commission published proposals for the first comprehensive EU energy policy on 10 January 2007.[96]

During the green transition, workers in carbon-intensive industries are more likely to lose their jobs. In the years to come, the transition to a carbon-neutral economy will put more jobs at danger in regions with higher percentages of employment in carbon-intensive industries.[97][98][99] Employment opportunities by the green transition are associated with the use of renewable energy sources or building activity for infrastructure improvements and renovations.[100]

Energy costs remain a major obstacle to investment to 46% of EU firms. 34% of EU firms say that stricter climate standards and regulations will affect their business over the next five years. This is compared to 42% of US firms.[101] 27% of companies in the European Union see sustainability and the green transition as a business opportunity.[102][103]

See also: Renewable energy in the European Union and Category:Energy in the European Union

According to the Financial Times, Europe may be at risk of a new energy crisis and a significant increase in gas and oil prices in the event of an escalation of the war with Iran.[104]

Companies

Main article: List of companies of the European Union
Volkswagen is the largest company in the European Union and the largest car manufacturer in the world by revenue.[105]

The European Union's member states are the birthplace of many of the world's largest leading multinational companies, and home to its global headquarters. Among these are distinguished companies ranked first in the world within their industry/sector, like Allianz and AXA, which are the two largest financial service providers in the world by revenue; WPP plc and Publicis which are the world's largest advertising agencies by revenue; Amorim, which is the world's largest cork-processing and cork producer company; ArcelorMittal, which is the largest steel company in the world; Christian Dior SE[106] which is the biggest fashion group in the world and Inditex is the world's second biggest fashion group; Groupe Danone, which has the world leadership in the dairy products market.[107]

Anheuser-Busch InBev is the largest beer company in the world; L'Oréal Group, which is the world's largest cosmetics and beauty company; LVMH, which is the world's largest luxury goods conglomerate; Nokia Corporation, which was the world's largest manufacturer of mobile telephones; Shell plc, Électricité de France, Uniper, TotalEnergies, Eni which are one of the largest energy corporations in the world; and Stora Enso, which is the world's largest pulp and paper manufacturer in terms of production capacity, in terms of banking and finance the EU has some of the world's largest notably BNP Paribas, HSBC, Crédit Agricole, Grupo Santander, Société Générale, Deutsche Bank, Sparkassen-Finanzgruppe and Groupe BPCE, the largest bank in Europe in terms of Market Capitalisation and assets.[108]

Many other European companies rank among the world's largest companies in terms of turnover, profit, market share, number of employees or other major indicators. A considerable number of EU-based companies are ranked among the world's top-ten within their sector of activity. Europe is also home to many prestigious car companies such as Aston Martin, Alpine, BMW, Bugatti, Ferrari, Jaguar, Lamborghini, Land Rover, Maserati, Mercedes-Benz, Porsche, Volvo, as well as volume manufacturers such as Automobile Dacia, Citroën, Fiat, Opel, Peugeot, Renault, Seat, Škoda, Volkswagen and more.

In Europe, 33% of jobs are within enterprises that have not digitally transformed. These companies were also less likely to train their employees throughout the COVID-19 outbreak.[75][109] Across the European Union, the most commonly mentioned investment barrier is the lack of trained labor. 75% of businesses in transition regions found this to be problematic. Numerous reasons, such as demographics and rising demand for skills that are less common on the market, such as those needed to support digitalization activities, might contribute to the lack of competent workers.[110] In all areas of Europe, digital businesses have produced "better" employment with greater earnings than their non-digital counterparts. Additionally, they are more inclined to recognize and reward individuals who do well.[111][112]

The EU lags significantly behind the US and China in venture capital investments, with the EU capturing only 5% of global venture capital compared to 52% in the US and 40% in China.[113]

Venture capital funds in the EU account for just 5% of the global total, whereas those in the United States and China secure 52% and 40%, respectively. The financing gap for EU scale-ups (companies that have achieved a valuation between $500 million and $10 billion) is significant, with companies raising 50% less capital than those in Silicon Valley. This disparity exists across industries and is unaffected by the business cycle or year of establishment.[113][114]

European scale-ups face significant challenges in securing sufficient financing compared to their counterparts in the United States. Venture capital in the EU has been historically lower, amounting to only 0.3% of the EU's annual GDP. This is compared to almost 0.19% in the United States. While the EU has about 50% of the number of companies with a market valuation below $500 million compared to the United States, this share drops to 10-15% for companies with valuations between $500 million and $10 billion.[113]

The following is a list of the largest EU based stock market listed companies in 2024. The list is ordered by revenue in millions of US Dollars and is based on the Fortune Global 500.

Further information: List of largest companies by revenue
More information World rank, Corporation ...
Fortune top 10 EU corporations by revenue (2024)[115]
World rankCorporationTickerRevenues ($m)Profits ($m)Assets ($m)EmployeesHeadquartersIndustry
11Volkswagen GroupVWAGY$348,408.1$17,944.5$663,064684,025Germany WolfsburgMotor vehicle and parts
23TotalEnergiesTTE$218,945.0$21,384.0$283,654102,579France CourbevoiePetroleum refining
28StellantisSTLA$204,908.3$20,103.4$223,247258,275Netherlands HoofddorpMotor vehicle and parts
41BMW GroupBMWYY$168,102.6$12,205.2$277,104154,950Germany MunichMotor vehicle and parts
42Mercedes-Benz GroupMBGYY$165,637.8$15,417.0$290,504166,056Germany StuttgartMotor vehicle and parts
49Électricité de France—$151,040.2$10,827.9$402,929171,862France ParisEnergy
62Banco SantanderSAN$137,244.8$11,973.8$1,984,827207,206Spain SantanderFinancial services
64BNP ParibasBNPQY$136,076.2$11,864.6$2,862,270182,656France ParisFinancial services
77Deutsche TelekomDTEGY$121,046.2$19,229.9$320,637199,652Germany BonnTelecommunications
79UniperUNPRF$116,662.5$6,819.3$60,7046,863Germany DüsseldorfEnergy
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Economies of member states

Wealth

EU Countries GDP share per Countries
EU Countries GDP share per Countries in 2024

The twelve new member states of the European Union have enjoyed a higher average percentage growth rate than their elder members of the EU. Slovakia has the highest GDP growth in the period 2005–2015 among all countries of the European Union (See Tatra Tiger). Notably the Baltic states have achieved high GDP growth, with Latvia topping 11%, close to China, the world leader at 9% on average for the past 25 years (though these gains have been in great part cancelled by the late-2000s recession).[116]

Reasons for this growth include government commitments to stable monetary policy, export-oriented trade policies, low flat-tax rates and the utilisation of relatively cheap labour. In 2015 Ireland had the highest GDP growth of all the states in EU (25.1%). The current map of EU growth is one of huge regional variation, with the larger economies suffering from stagnant growth and most of the newer states enjoying sustained, robust economic growth.

The European Union's financial system is characterized by a large banking sector, with bank assets comprising 300% of GDP, compared to 85% in the United States. However, the EU has relatively small capital markets, with listed equity making up only 68% of GDP compared to 170% in the United States, and a limited presence of hedge funds and private equity funds.[113]

Approximately 26% of European scale-ups are acquired through mergers and acquisitions, a figure comparable to San Francisco but lower than the 37% observed in cities such as London.[117]

In mid-2021, the European Union's gross saving rate was 18% of gross disposable income, higher above the prior COVID-19 pandemic average of 11–13%.[75][118] In the second quarter of 2020, families' primary income fell by 7.3% compared to the second quarter of 2019, and their secondary income (from social security payments and other transfers) increased by 6.5% of gross income.[75][119][120]

Although EU27 GDP is rising, the percentage of gross world product is decreasing because of the emergence of economies such as China, India and Brazil.

Population and GDP per capita of European countries (2010)

In the tables below, colours indicate best and worst performer of the year concerned.

More information Member state, Yearly growth(2014–2024)(2015–2025) ...
EU member states by real GDP growth rates[121]
Member state 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Yearly growth
(2014–2024)
(2015–2025)
Austria 0.81.32.12.32.51.8-6.34.95.3-0.8-0.70.6 1.13
Belgium 1.81.51.21.51.92.4-4.86.34.01.71.11.0 1.62
Bulgaria 0.93.43.02.72.33.8-3.17.84.11.73.43.1 2.69
Croatia -0.62.33.53.32.93.1-8.312.67.33.83.83.2 3.41
Cyprus -1.83.46.65.86.35.9-3.211.48.33.63.93.8 4.35
Czechia 2.25.02.65.22.83.6-5.34.02.80.01.32.5 2.17
Denmark 1.32.13.13.11.91.7-1.86.50.40.63.52.9 2.18
Estonia 3.31.83.15.63.73.7-2.98.3-1.2-2.7-0.10.6 2.03
Finland -0.50.52.63.31.21.3-2.52.70.8-1.30.40.2 0.76
France 1.01.10.92.11.62.0-7.46.92.71.41.20.8 1.17
Germany 2.21.72.32.71.11.0-4.13.91.8-0.9-0.50.2 0.84
Greece 0.8-0.20.01.52.12.3-9.28.75.52.12.12.1 1.48
Hungary 4.33.72.44.15.65.1-4.37.24.2-0.80.60.4 2.90
Ireland 9.324.61.210.07.55.07.216.37.5-2.52.612.3 7.76
Italy 0.00.91.21.60.80.4-8.98.94.80.90.80.5 1.01
Latvia 2.13.82.63.44.30.7-3.56.91.9-0.90.02.1 2.24
Lithuania 3.82.82.74.64.94.70.06.42.50.73.02.9 3.22
Luxembourg 2.62.35.01.31.62.7-0.56.9-1.10.10.40.6 1.92
Malta 7.69.64.113.07.24.1-3.513.42.610.66.24.0 6.48
Netherlands 1.62.12.42.82.32.3-3.96.35.0-0.61.11.9 1.97
Poland 3.94.43.05.26.24.6-2.06.95.30.23.03.6 3.68
Portugal 0.71.62.03.32.92.7-8.25.67.03.12.21.9 2.19
Romania 4.13.22.98.25.44.0-3.65.64.22.30.90.7 3.41
Slovakia 2.75.21.92.94.12.3-2.65.70.52.11.90.8 2.36
Slovenia 2.82.43.05.24.43.5-4.18.42.72.41.71.1 2.79
Spain 1.54.12.92.92.42.0-10.96.76.42.53.52.8 2.30
Sweden 2.34.42.11.91.82.6-1.95.21.3-0.21.01.5 1.95
European Union (27) 1.62.31.92.82.01.9-5.66.43.50.41.11.5 1.52
Eurozone (21) 1.42.11.82.61.81.6-6.06.43.60.40.91.4 1.35
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More information Member state, Change from 2015 to 2025 ...
EU member states by GDP (nominal) in billions of €[122]
Member state 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Change from 2015 to 2025
Amount %
Austria 342.084 355.666 367.295 383.234 395.707 380.318 406.232 449.382 477.837 494.088 512.813 170.729 49.91%
Belgium 415.538 428.467 443.407 459.492 479.445 463.751 506.047 561.309 602.376 620.272 641.893 226.355 54.47%
Bulgaria 45.797 48.751 52.501 56.000 61.194 61.856 71.344 86.078 94.525 104.767 116.018 70.221 153.33%
Croatia 45.488 47.574 50.204 53.035 55.768 50.718 58.390 67.609 79.186 85.905 92.671 47.183 103.73%
Cyprus 17.944 19.014 20.312 21.808 23.401 22.374 25.680 29.645 32.439 34.770 36.322 18.378 102.42%
Czechia 170.527 179.146 196.739 213.505 229.407 220.311 246.012 286.977 319.099 320.787 346.010 175.483 102.91%
Denmark 272.193 282.265 294.355 301.017 308.546 312.118 343.319 380.567 374.174 392.401 409.655 137.462 50.50%
Estonia 21.011 22.189 24.316 26.439 28.472 27.859 31.453 36.301 38.353 39.848 41.621 20.610 98.09%
Finland 210.192 215.717 224.706 231.905 238.518 236.387 248.764 266.135 273.005 275.993 280.570 70.378 33.48%
France 2,201.402 2,231.819 2,291.681 2,355.363 2,432.207 2,318.276 2,508.102 2,653.997 2,826.542 2,919.900 2,979.085 777.683 35.33%
Germany 3,087.030 3,195.210 3,333.110 3,434.030 3,537.280 3,450.720 3,682.340 3,989.390 4,219.310 4,328.970 4,469.910 1,382.880 44.80%
Greece 175.363 174.448 177.379 180.616 185.181 167.540 184.575 207.009 224.686 236.736 248.354 72.991 41.62%
Hungary 112.854 116.594 127.223 136.580 147.373 138.955 154.972 168.546 197.179 206.040 218.451 105.597 93.57%
Ireland 272.283 275.933 308.366 335.136 363.753 381.729 448.445 520.718 524.729 562.794 638.683 366.400 134.57%
Italy 1,663.278 1,704.857 1,744.493 1,777.744 1,804.067 1,670.012 1,842.507 1,998.073 2,142.744 2,202.031 2,258.049 594.771 35.76%
Latvia 23.744 24.498 26.017 28.153 29.567 29.224 32.284 36.089 39.564 40.652 43.026 19.282 81.21%
Lithuania 37.441 38.821 42.275 45.947 49.239 50.265 56.709 67.081 74.317 78.996 84.061 46.620 124.52%
Luxembourg 54.142 56.208 58.169 60.193 62.415 64.499 73.040 76.731 82.116 86.180 89.522 35.380 65.35%
Malta 10.221 10.864 12.536 13.679 14.594 14.362 16.682 17.985 20.925 23.137 24.577 14.356 140.46%
Netherlands 699.175 720.175 750.861 787.273 829.767 816.463 891.550 993.820 1,050.133 1,122.459 1,179.660 480.485 68.72%
Poland 432.486 427.659 469.071 503.951 538.424 531.827 583.001 661.712 751.932 848.491 918.464 485.978 112.37%
Portugal 179.393 186.381 195.509 204.998 214.490 201.033 216.494 243.957 270.353 289.784 306.765 127.372 71.00%
Romania 160.289 167.497 186.399 204.781 223.341 219.840 240.987 280.777 321.578 353.633 378.865 218.576 136.36%
Slovakia 80.376 81.622 84.960 90.276 94.548 94.321 101.892 109.960 123.539 130.208 136.754 56.378 70.15%
Slovenia 38.494 40.013 42.626 45.462 48.157 46.739 52.032 56.882 64.050 67.418 70.486 31.992 83.11%
Spain 1,087.112 1,122.967 1,170.024 1,212.276 1,253.710 1,129.214 1,235.474 1,375.863 1,497.761 1,594.330 1,687.152 600.040 55.20%
Sweden 452.337 463.919 474.838 465.753 474.203 478.107 533.954 547.190 535.177 559.073 593.698 141.361 31.25%
European Union (27) 12,308.193 12,638.272 13,169.371 13,628.647 14,122.772 13,578.815 14,792.280 16,169.785 17,257.628 18,019.662 18,801.752 6,493.559 52.76%
Eurozone (21) 10,707.507 11,001.193 11,420.746 11,803.059 12,201.479 11,677.658 12,690.035 13,844.014 14,758.490 15,339.238 15,936.611 5,229.104 48.84%
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More information Member state, Change from 2015 to 2025 ...
EU member states by GDP (nominal) per capita in €[122]
Member state 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Change from 2015 to 2025
Amount %
Austria 39,640 40,690 41,760 43,360 44,570 42,650 45,380 49,640 52,330 53,830 55,710 13,850 35.84%
Belgium 36,860 37,810 38,980 40,210 41,730 40,190 43,680 48,060 51,140 52,340 53,920 15,730 43.54%
Bulgaria 6,560 7,070 7,720 8,340 9,250 9,440 10,970 13,310 14,660 16,260 18,060 10,030 164.97%
Croatia 10,960 11,610 12,430 13,310 14,130 12,980 15,070 17,540 20,530 22,200 23,870 11,260 107.75%
Cyprus 20,810 21,930 23,230 24,660 26,110 24,630 27,850 31,560 33,870 35,670 36,690 14,020 69.00%
Czechia 16,230 17,040 18,700 20,270 21,740 20,980 23,430 26,670 29,330 29,440 31,760 14,140 93.39%
Denmark 47,900 49,270 51,060 51,950 53,040 53,540 58,640 64,430 62,910 65,650 68,190 19,160 40.71%
Estonia 16,000 16,860 18,480 20,040 21,490 20,960 23,650 27,260 28,080 28,990 30,380 13,260 85.66%
Finland 38,350 39,250 40,790 42,040 43,200 42,740 44,890 47,890 48,950 49,100 49,710 11,480 30.46%
France 33,200 33,530 34,290 35,080 36,090 34,280 36,920 38,920 41,340 42,590 43,350 10,010 30.69%
Germany 37,950 39,030 40,630 41,800 43,030 42,020 44,910 48,340 50,660 51,830 53,520 13,960 37.87%
Greece 16,210 16,190 16,490 16,830 17,270 15,660 17,350 19,570 21,300 22,480 23,570 6,400 39.60%
Hungary 11,520 11,950 13,080 14,070 15,200 14,370 16,090 17,550 20,560 21,550 22,960 10,660 98.61%
Ireland 57,980 58,060 63,960 68,530 73,230 75,820 88,070 100,140 99,080 104,510 116,770 55,900 129.52%
Italy 27,620 28,360 29,070 29,690 30,200 28,100 31,160 33,860 36,330 37,350 38,310 10,060 37.09%
Latvia 12,010 12,500 13,400 14,620 15,450 15,370 17,130 19,130 21,030 21,800 23,410 10,180 89.06%
Lithuania 12,860 13,490 14,870 16,300 17,520 17,890 20,190 23,690 25,880 27,350 29,100 14,590 117.66%
Luxembourg 95,090 96,230 97,440 98,870 100,420 102,190 113,920 117,100 122,970 127,030 130,300 34,150 36.82%
Malta 23,000 23,900 26,820 28,240 28,920 27,870 32,190 33,810 37,800 40,640 42,160 18,730 90.83%
Netherlands 41,270 42,290 43,830 45,690 47,840 46,810 50,850 56,140 58,740 62,380 65,210 22,710 56.44%
Poland 11,390 11,270 12,360 13,280 14,190 14,310 15,770 17,520 19,980 22,610 24,570 11,660 108.47%
Portugal 17,280 18,000 18,910 19,840 20,710 19,360 20,800 23,300 25,560 27,100 28,390 10,480 63.06%
Romania 8,090 8,500 9,510 10,510 11,520 11,390 12,590 14,740 16,870 18,550 19,900 11,060 146.30%
Slovakia 14,820 15,030 15,620 16,580 17,340 17,270 18,730 20,150 22,640 23,850 25,060 9,680 68.51%
Slovenia 18,660 19,380 20,630 21,940 23,050 22,230 24,690 26,970 30,200 31,700 33,060 13,410 74.17%
Spain 23,440 24,190 25,160 25,950 26,620 23,850 26,090 28,790 30,980 32,630 34,210 10,770 45.95%
Sweden 46,160 46,790 47,210 45,770 46,110 46,180 51,260 51,980 50,490 52,590 55,620 8,090 18.01%
European Union (27) 27,800 28,490 29,650 30,640 31,700 30,510 33,260 36,140 38,380 39,950 41,600 12,830 47.82%
Eurozone (21) 30,660 31,430 32,590 33,620 34,680 33,160 36,030 39,130 41,460 42,920 44,460 12,880 42.72%
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More information Member state, Austria ...
EU member states by Gini coefficients[10]
Member state 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Austria 27.427.627.027.627.227.227.926.827.5 27.026.727.8
Belgium 26.326.525.925.926.226.326.125.725.1 25.424.124.9
Bulgaria 35.033.635.435.437.037.7 40.2 39.6 40.8 40.0 39.7 38.4
Croatia 31.230.930.930.230.429.829.929.729.2 28.329.228.5
Cyprus 29.231.032.434.833.632.130.829.131.1 29.329.429.4
Czech Republic 25.224.924.625.125.025.124.524.024.0 24.224.924.8
Denmark 26.626.526.827.727.427.727.627.927.5 27.327.027.7
Estonia 31.932.532.935.634.832.731.630.630.5 30.530.631.9
Finland 25.825.925.425.625.225.425.325.926.2 26.525.726.6
France 30.830.530.129.229.229.329.328.529.2 29.229.329.8
Germany 29.028.329.730.730.129.529.131.129.7 30.531.228.8
Greece 33.534.334.434.534.234.333.432.331.0 31.432.431.4
Hungary 26.927.228.328.628.228.228.128.728.0 28.027.627.4
Ireland 29.830.530.731.129.829.530.628.928.3 28.326.927.9
Italy 32.532.432.832.432.433.132.733.432.8 32.532.932.7
Latvia 35.135.735.235.535.434.534.535.635.2 34.535.734.3
Lithuania 33.032.034.635.037.937.037.636.935.4 35.135.436.2
Luxembourg 27.228.030.428.728.531.030.931.332.3 31.229.629.5
Malta 27.227.127.927.728.128.528.328.728.0 30.331.231.1
Netherlands 25.825.425.126.226.726.927.127.426.8 28.226.426.3
Poland 31.130.930.730.830.629.829.227.828.5 27.226.826.3
Portugal 34.234.534.234.534.033.933.532.131.9 31.233.032.0
Romania 33.534.034.635.037.434.733.135.134.8 33.834.332.0
Slovakia 25.725.324.226.123.724.323.220.922.8 20.921.821.2
Slovenia 23.823.724.425.024.524.423.723.423.9 23.523.023.1
Spain 34.034.233.734.734.634.534.133.233.0 32.133.032.0
Sweden 26.026.026.026.926.727.628.027.027.6 26.926.827.6
European Union 30.530.430.630.930.830.630.330.430.2 30.030.229.6
Eurozone 30.630.530.731.030.730.730.430.630.2 30.030.229.6
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Labour market

Unemployment rate by country in the EEA in March 2019

The EU unemployment rate was 6.1% in 2023. The euro area unemployment rate was 6.6%. Among the member states, the lowest unemployment rates were recorded in the Czech Republic (2.0% in 2019), Poland (2.8% in 2023) and Germany (3.0% in 2019), and the highest in Greece (27.8% in 2013) and Spain (24.8% in 2012).[123]

Unemployment rate

The following table shows the history of the unemployment rate for all European Union member states:

More information Member state ...
Unemployment rate by country[123]
Member state 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Austria5.75.24.95.25.76.06.16.55.95.2 4.86.06.24.85.15.2
Belgium8.08.47.27.68.68.78.77.97.26.0 5.55.86.35.65.55.7
Bulgaria7.911.312.313.313.912.410.18.67.26.2 5.26.15.24.24.34.2
Croatia9.211.713.716.017.317.316.213.111.28.5 6.67.47.56.86.15.0
Cyprus5.46.37.911.915.916.115.013.011.18.4 7.17.67.26.35.84.9
Czech Republic6.77.36.77.07.06.15.14.02.92.22.02.62.82.22.62.6
Denmark6.47.77.87.87.46.96.36.05.85.1 5.05.65.14.55.16.2
Estonia13.516.612.39.98.67.36.46.85.85.4 4.56.96.25.66.47.6
Finland8.38.68.07.98.38.79.48.98.77.5 6.87.77.76.87.28.4
France9.19.39.29.810.310.310.310.19.49.0 8.48.07.97.37.37.4
Germany7.36.65.55.15.04.74.43.93.63.2 3.03.73.73.23.13.4
Greece9.812.918.124.827.826.625.023.921.819.717.917.614.712.511.110.1
Hungary9.710.810.710.79.87.56.65.04.03.63.34.14.03.64.14.5
Ireland12.614.615.415.513.811.99.98.46.75.85.05.96.24.54.34.3
Italy7.98.58.510.912.412.912.011.711.310.69.99.39.58.17.76.5
Latvia17.719.716.315.111.910.99.99.78.77.46.38.17.66.96.56.9
Lithuania13.817.815.413.411.810.79.17.97.16.26.38.57.16.06.97.1
Luxembourg5.14.44.95.15.95.96.76.35.55.65.66.85.34.65.26.4
Malta6.96.96.46.26.15.75.44.74.04.04.14.93.83.53.53.1
Netherlands5.46.16.06.88.28.47.97.05.94.94.44.94.23.53.63.7
Poland8.510.010.010.410.69.27.76.35.03.93.33.23.42.92.82.9
Portugal11.212.613.516.617.214.613.011.59.27.26.67.16.76.26.56.5
Romania8.49.09.18.79.08.68.47.26.15.34.96.15.65.65.65.4
Slovakia12.014.313.513.914.113.111.59.68.16.55.76.76.86.15.85.3
Slovenia5.97.38.28.910.19.79.08.06.65.14.45.04.84.03.73.7
Spain17.919.921.424.826.124.522.119.617.215.3 14.115.514.913.012.211.4
Sweden8.58.77.98.18.18.07.57.16.86.56.98.58.97.57.78.4
European Union9.310.110.111.111.611.010.29.38.37.46.87.27.16.26.15.9
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Unemployment rates in selected European countries and in the EU28 between 01/2004 and 04/2014

Public finance

More information Member state, Public deficitas % of GDP(2023)(E.U. limit : –3%) ...
Public finance (with limits according to the Maastricht criterion)
Member state Public deficit
as % of GDP
(2023)
(E.U. limit : –3%)[124]		 Public debt
as % of GDP
(2023)
(E.U. limit : 60%)[125]		 HICP inflation rate
(2024)
Max. 3.3%
(as of 1 June 2024)[126][127]		 Long-term
interest rate
(2024)
Max. 4.8%
(as of 1 June 2024)[126][128]
Austria -2.678.62.92.84
Belgium -4.2103.14.32.92
Bulgaria -2.022.92.63.93
Croatia -0.961.84.03.31
Cyprus 2.073.62.33.13
Czech Republic -3.842.42.73.98
Denmark 3.333.61.32.3
Estonia -2.820.23.73.55
Finland -3.077.11.02.85
France -5.5109.92.32.97
Germany -2.662.92.52.32
Greece -1.3163.93.03.35
Hungary -6.773.43.76.5
Ireland 1.543.31.32.72
Italy -7.2134.81.13.71
Latvia -2.445.01.33.29
Lithuania -0.737.30.92.88
Luxembourg -0.725.52.32.76
Malta -4.547.42.43.37
Netherlands -0.445.13.22.62
Poland -5.349.73.75.53
Portugal 1.297.92.72.96
Romania -6.548.95.86.32
Slovakia -5.257.83.23.47
Slovenia -2.668.42.03.11
Spain -3.5105.12.93.15
Sweden -0.631.52.02.2
European Union -3.580.82.63.26
Eurozone -3.687.42.4
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Trade

Further information: List of the largest trading partners of the European Union
The European Union–Mercosur Free Trade Agreement would form one of the world's largest free trade areas.
20 largest trading partners (2023)

The European Union is the largest exporter in the world[129] and as of 2008 the largest importer of goods and services.[130][131] Internal trade between the member states is aided by the removal of barriers to trade such as tariffs and border controls. In the eurozone, trade is helped by not having any currency differences to deal with amongst most members.[132]

The European Union Association Agreement does something similar for a much larger range of countries, partly as a so-called soft approach ('a carrot instead of a stick') to influence the politics in those countries. The European Union represents all its members at the World Trade Organization (WTO), and acts on behalf of member states in any disputes. When the EU negotiates trade related agreement outside the WTO framework, the subsequent agreement must be approved by each individual EU member state government.[132]

In 2023, over half of EU enterprises exported products or services (51%), while 53% imported goods or services.[133][134][135] Slovenia, Slovakia, Austria, and the Czech Republic are the countries with the most exporting businesses, Malta and Cyprus have the fewest.[136][137]

44% of EU firms that import from China reported facing transport and logistics problems in 2023, compared to 22% of firms that import solely from within the European Union.[138] 34% of EU firms were impacted by disruptions in logistics and transport.[138]

In 2023, the share of EU exports to the United States rose to 21%, compared to 14% in 2010.[139]

More information Partner, Imports (mil €) ...
Main trading partners (2021)[140]
Partner Imports
(mil €)		 %
total		 Exports
(mil €)		 %
total		 Total
trade
(mil €)		 %
total
European Union2,118,818100%2,180,623100%4,299,442100%
1 China472,71522,2%223,41310,3%696,12716,2%
2 United States232,45411,0%399,39118,3%631,84514,7%
3 United Kingdom146,9276,9%283,60313,0%430,53010,0%
4  Switzerland123,6725,8%156,4807,2%280,1526,5%
5 Russia162,3427,7%89,2754,1%251,6175,9%
6 Turkey77,9833,7%79,2553,6%157,2383,7%
7 Norway74,6663,5%56,5322,6%131,1983,1%
8 Japan62,2692,9%62,3512,9%124,6212,9%
9 South Korea55,4402,6%51,8572,4%107,2972,5%
10 India46,1552,2%41,8441,9%87,9992,1%
11 Brazil32,9171,6%33,8561,6%66,7731,6%
12 Taiwan35,5761,7%28,4111,3%63,9871,5%
13 Mexico23,3841,1%37,7181,7%61,1011,4%
14 Canada23,4571,1%37,2491,7%60,7061,4%
15 Ukraine24,0741,1%28,2931,3%52,3671,2%
16 Vietnam38,5071,8%10,6280,5%49,1361,1%
17 Saudi Arabia20,8421,0%25,0071,2%45,8491,1%
18 South Africa22,0591,0%22,0101,0%44,0691,0%
19 Morocco17,9790,9%25,1331,2%43,1121,0%
20 Singapore15,6040,7%27,2761,3%42,8801,0%
21 Australia9,2070,4%33,0721,5%42,2791,0%
22 Malaysia29,1521,4%11,7620,5%40,9141,0%
23 United Arab Emirates9,4260,4%29,8131,4%39,2390,9%
24 Israel12,5990,6%24,2571,1%36,8560,9%
25 Thailand22,0441,0%13,3110,6%35,3550,8%
26 Serbia13,9980,7%18,3050,8%32,3040,8%
27 Algeria19,0990,9%12,6450,6%31,7440,7%
28 Egypt9,0530,4%21,5481,0%30,6010,7%
29 Hong Kong6,8540,3%23,4681,1%30,3220,7%
30 Nigeria17,5140,8%11,1690,5%28,6830,5%
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More information Partner, Imports (mil €) ...
Trade with partner country groupings (2012)[140]
Partner Imports
(mil €)		 %
total		 Exports
(mil €)		 %
total		 Total
trade
(mil €)		 %
total
Total EU1,791,727100%1,686,774100%3,478,501100%
ACP99,1965,5%86,6525,1%185,8485,3%
Andean Community17,7281,0%11,7380,7%29,4670,8%
ASEAN100,0355,6%81,3244,8%181,3605,2%
BRIC577,51332,2%345,19820,5%922,71126,5%
CACM9,5460,5%5,3540,3%14,9000,4%
EU Candidate Countries55,3863,1%89,6545,3%145,0404,2%
CIS273,50515,3%172,64110,2%446,14612,8%
EFTA208,73911,7%186,22211,0%394,96111,4%
Latin America Countries109,9786,1%110,2976,5%220,2756,3%
MEDA (excl. EU and Turkey)73,3414,1%92,8125,5%166,1534,8%
Mercosur49,1962,7%50,2663,0%99,4612,9%
NAFTA255,65714,3%351,09020,8%606,74617,4%
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More information Main trade partners, Exports (million euro) ...
Main trading partners 2008–2011
Main trade partners[141] 2008 2009 2010 2011
Exports (million euro) Imports (million euro) Total Trade (million euro) Exports Imports Total Trade Exports Imports Total Trade Exports Imports Total Trade
Total EU1,319,8191,582,9322,902,7511,101,7461,234,3172,336,0631,360,0591,531,0432,891,1021,561,8901,726,5143,288,404
United States247,818182,351430,169203,587154,862358,449242,451173,067415,518263,791191,555455,346
China78,276247,815326,09182,391214,238296,629113,426282,509395,935136,372293,693430,065
Russia104,843178,294283,13765,587118,122183,70986,134160,709246,843108,355199,922308,277
 Switzerland100,53782,348182,88588,69380,570169,263110,40185,228195,629142,02293,202235,224
Norway43,69895,888139,58637,47668,864106,34041,91478,981120,89546,67893,813140,491
Japan42,34776,177118,52435,93258,23394,16543,94867,258111,20649,01869,549118,567
Turkey54,41545,963100,37844,38536,22880,61361,74742,397104,14473,09648,143121,239
India31,34929,54060,88927,47725,41452,89134,86633,30868,11240,55839,90680,464
South Korea25,49139,56565,05621,59632,37053,96627,95739,39167,34832,51036,17568,685
Brazil26,30235,85562,15721,57425,92647,50031,46633,23864,70435,75238,93974,691
Canada25,46825,04350,51121,93419,28541,21926,75824,69751,45529,88530,70860,593
Singapore22,21316,13738,35020,40414,57934,98324,55018,76043,31027,25619,18446,440
South Africa20,80024,59745,39716,08319,22935,31221,75520,40642,16126,21221,80748,019
Saudi Arabia21,08122,00143,08219,06811,76630,83423,21616,30039,51626,40128,44054,841
Taiwan11,59524,06935,66010,02117,87527,89614,78224,13838,92016,21224,23040,532
Hong Kong21,78612,25834,04419,66713,27732,94427,25014,30241,55230,76310,96941,732
Australia26,68913,78540,47421,9309,92331,85326,95512,45439,40931,15914,94446,103
Algeria15,39128,25943,65014,80717,41032,21715,58421,06936,65317,27927,84445,123
Libya5,83635,30841,1446,48420,87027,3547,08729,23036,3172,09310,44412,537
Mexico21,97613,98135,59715,98810,13526,12321,34213,74835,09023,90816,98540,893
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Trade balance, EU28 (as of 2018 before Brexit)
-300-250-200-150-100-50050100200220052008201120142017EU-28 (pre-Brexit) Balance
Trade balance (Euro billion). View chart definition.
Sources: Eurostat [ext_lt_intertrd][142]
Trade balance, EU27 (as of 2020 post Brexit)
0510152025JanMarMayJulSepNovEU-27 (post-Brexit) Balance (2019)
Trade balance (Euro billion). View chart definition.
Sources: Eurostat, December 2019

Euro area international trade in goods surplus €23.1 bn €23.4 bn surplus for EU27

Regional variation

Main article: List of European regions by GDP

Comparing the richest areas of the EU can be a difficult task. This is because the NUTS 1 and 2 regions are not homogenous, some of them being very large regions, such as NUTS-1 Hesse (21,100 km2) or NUTS-1 Île-de-France (12,011 km2), whilst other NUTS regions are much smaller, for example NUTS-1 Hamburg (755 km2). An extreme example is Finland, which is divided for historical reasons into mainland Finland with 5.3 million inhabitants and Åland, an autonomous archipelago with a population of 27,000, or about the population of a small Finnish city.

One problem with this data is that some areas are subject to a large number of commuters coming into the area, thereby artificially inflating the figures. It has the effect of raising GDP but not altering the number of people living in the area, inflating the GDP per capita figure. Similar problems can be produced by a large number of tourists visiting the area. The data is used to define regions that are supported with financial aid in programs such as the European Regional Development Fund. The decision to delineate a Nomenclature of Territorial Units for Statistics (NUTS) region is to a large extent arbitrary (i.e. not based on objective and uniform criteria across Europe), and is decided at European level (See also: Regions of the European Union).

NUTS-1 and NUTS-2 regions

See also: List of countries by GDP (PPP) per capita, List of metropolitan areas in the European Union by GDP, and First-level NUTS of the European Union

The leading regions in the ranking of NUTS-2 regional GDP per inhabitant in 2024 were the Eastern and Midland region of Ireland (268%), the Grand Duchy of Luxembourg (245%), and the Southern region of Ireland (217%).

Of the 20 richest regions in 2024, four were located in Germany, two in each of Ireland, Belgium, and the Netherlands, and one each in the Czech Republic, Romania, Hungary, Denmark, Italy, France, Poland, Sweden and Slovakia, as well as in the single region Grand Duchy of Luxembourg.

The NUTS Regulation lays down a minimum population size of 3 million and a maximum size of 7 million for the average NUTS-1 region, whereas a minimum of 800,000 and a maximum of 3 million for NUTS-2 regions.[143] This definition, however, is not respected. For example, the région of Île-de-France, with 11.6 million inhabitants, is treated as a NUTS-2 region, while the state Free Hanseatic City of Bremen, with only 664,000 inhabitants, is treated as a NUTS-1 region.

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Of the 20 poorest regions in 2024, six were located in Greece, four in each of Bulgaria and Hungary, two in each of France and Romania, and one in each of Croatia and Slovakia.

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See also

Notes

  1. [a]
    Population is calculated as follows: Finally, to calculate the nominal GDP:
  2. [b]
    construction included
  3. [c]
    average of all EU member states
  4. [d]
    less than 25 years
  5. [e]
    except Hong Kong

References

External links

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