European Union Economic Statistics and Indicators

23, Sep 2020, EDT. Welcome to the European Union economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.

Economic Indicators For: European Union › Change country
National or Regional Currency: US Dollar, US$
Year of data: 2015 › Change year
Number of Indicators Listed: 17
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 511,434,812 (July 2014 est.)
Area: total: 4,324,782 sq km
Natural Resources: iron ore, natural gas, petroleum, coal, copper, lead, zinc, bauxite, uranium, potash, salt, hydropower, arable land, timber, fish
Capital: name: Brussels (Belgium), Strasbourg (France), Luxembourg note - the European Council and the Council of the European Union meet in Brussels, Belgium; the European Parliament meets in Brussels and Strasbourg, France, and has administrative offices in Luxembourg; the Court of Justice of the European Union meets in Luxembourg ; geographic coordinates: (Brussels) 50 50 N, 4 20 E ; time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time) ; daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October

Internally, the EU has adopted the framework of a single market with free movement of goods, services and capital and a common currency amongst 18 member states. Internationally, the EU aims to bolster Europe's trade position and its political and economic weight. Despite great differences in per capita income among member states (from $13,000 to $82,000) and in national attitudes toward issues like inflation, debt, and foreign trade, the EU has achieved a high degree of coordination of economic and fiscal policies. Eleven established EU member states, under the auspices of the European Economic and Monetary Union (EMU), introduced the euro as their common currency on 1 January 1999 (Greece did so two years later). Between 2004 and 2007, 12 states acceded to the EU that are, in general, less advanced economically than the other 15 member states. On 1 July 2013 Croatia became the most recent member of the EU, following a decade long application process. Of the 13 most recent entrants, Slovenia (1 January 2007), Cyprus and Malta (1 January 2008), Slovakia (1 January 2009), Estonia (1 January 2011) and Latvia (2014) have adopted the euro; 11 other member states - other than the UK and Denmark, which have formal opt-outs - are required by EU treaties to adopt the common currency upon meeting fiscal and monetary convergence criteria. Following the 2008-09 global economic crisis, the EU economy saw moderate GDP growth in 2010 and 2011, but a sovereign debt crisis in the eurozone intensified in 2011, making it impossible for several member states to gain market financing for new sovereign debt to sustain fiscal deficits. As a result, the eurozone crisis became the bloc's top economic and political priority. Despite EU/IMF rescue programs in Greece, Ireland, Portugal, Spain and Cyprus, and fiscal consolidation measures in many other EU member states, significant risks to growth remain, including high public and private debt loads, crimped lending as banks raise capital, aging populations, onerous regulations, and high unemployment. In response, eurozone leaders in 2011 boosted funding levels for the temporary European Financial Stability Facility (EFSF) to almost $600 billion and made loan terms more favorable for crisis-hit countries, followed in July 2012 by the permanent European Stabilization Mechanism (ESM). In addition, 26 of 28 EU member states (all except the UK and Czech Republic) enacted a "fiscal compact" treaty to boost long-term budgetary discipline and coordination. In September 2012 the European Central Bank indicated its willingness to purchase bonds from troubled eurozone member states that agree to a formal program of fiscal and structural reforms, aiming to reduce their borrowing costs and restore confidence in the eurozone. The eurozone has since made great strides towards a banking union to increase financial stability and improve lending conditions. In an effort to restore economic growth and create jobs, in 2013 the EU and the United States started negotiations on an ambitious and comprehensive free trade agreement with the goal of expanding already massive trade and investment flows.
More on the European Union Economy
More on the European Union Export, Import and Trade

GDP Growth (Constant Prices, National Currency) for European Union in year 2015 is 1.986 %.

GDP (Current Prices, US Dollars) for European Union in year 2015 is US$ 16,220.37 Billion.

GDP (PPP), US Dollars for European Union in year 2015 is US$ 19,205.36 Billion.

GDP Per Capita (PPP), US Dollars for European Union in year 2015 is US$ 37,852.24 .

GDP Share of World Total (PPP) for European Union in year 2015 is 16.918 %.

Investment (% of GDP) for European Union in year 2015 is 19.326 %.

Gross National Savings (% of GDP) for European Union in year 2015 is 21.675 %.

Inflation (Average Consumer Price Change %) for European Union in year 2015 is -0.003 %.

Inflation (End of Year Change %) for European Union in year 2015 is 0.191 %.

General government revenue (% of GDP) for European Union in year 2015 is 44.315 %.

General government total expenditure (% of GDP) for European Union in year 2015 is 46.761 %.

Total Government Net Lending/ Borrowing (% of GDP) for European Union in year 2015 is -2.446 %.

Current Account Balance (US Dollars) for European Union in year 2015 is US$ 382.362 Billion.

Current Account Balance (% GDP) for European Union in year 2015 is 2.357 %.