Europe Economy
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Europe economy includes a massive population of 831.4 million, residing in 48 different countries. Like all other continents, different states have different economic strengths and weaknesses. However, the true highlight of the continent is its average economic performance, which is one of the highest, and even the least performing states of the continent have higher GDPs than countries in other continents.[br]
Europe economy includes a massive population of 831.4 million, residing in 48 different countries. Like all other continents, different states have different economic strengths and weaknesses. However, the true highlight of the continent is its average economic performance, which is one of the highest, and even the least performing states of the continent have higher GDPs than countries in other continents.[br]
The difference in economies, however, is huge. If the European economy has big players such as Germany, it also has small economies such as Kosova, which has a GDP per capita as low as $2,300. Geographically, the economies in the west perform better than economies in the east.
Europe Economy
Europe was the first continent to go through the industrial revolution and therefore all of the heavy machinery industries are located in Europe and dominate the world. Germany is a prime example, with its automobile industry having dominated the world markets for long.
The most beneficial move for the continent was the formation of the European Union, which collectively is the world’s largest economy. Europe is the richest region in the world, with over $32.7 trillion as compared to $27.1 trillion in North America.
The European industries are helped even more by the natural resources, which are abundant in the continent. The continent has huge deposits of coal, oil and natural gas reserves. Collectively, the European Union is the world’s largest exporter in the world. Internal trading is boosted by the voiding of tariffs and border controls. The standardized currency, the euro, further helps the European economy.
Europe’s economy is further fortified by its rich culture and heritage, which attracts people from around the globe and thus generates a large industry of tourism that attracts foreign exchange and contributes to the European economy.
