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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 $19.35 trillion (nominal) in 2024 [ 7] or $26.64 trillion (PPP), representing around one-sixth of the global economy. [ 30]
The economy of Europe comprises about 748 million people in 50 countries. The difference in wealth across Europe can be seen roughly in the former Cold War divide, with some countries breaching the divide ( Greece, Portugal, Slovenia, the Czech Republic, Lithuania, Latvia and Estonia ). [ 12] Whilst most European states have a GDP per capita ...
List. This is a sortable list of all European countries by their gross domestic product in billions of US dollars at market or official government exchange rates (nominal GDP), according to the International Monetary Fund. The economic and political map of Europe also includes: Turkey, Georgia, Armenia, Azerbaijan, Cyprus and Kosovo .
As a result, the EU economy, measured in current U.S. dollars, would have declined in dollar terms compared to the U.S.’s even if it had Wirtschaftswunder-like growth rates.
The European Union (EU) is a supranational political and economic union of 27 member states that are located primarily in Europe. [ 8 ] [ 9 ] The Union has a total area of 4,233,255 km 2 (1,634,469 sq mi) and an estimated total population of over 449 million.
Malta is the smallest economy in the eurozone as well as the European Union, and is the fastest growing European economy in the Commonwealth of Nations. Moldova is the fastest growing economy in Europe, but is also one of Europe's poorest countries, with the lowest GDP (nominal) per capita of any European state.
The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages. There are three stages of the EMU, each of which consists of progressively closer economic integration. Only once a state participates in the third stage it is permitted to ...
The European single market, also known as the European internal market or the European common market, is the single market comprising mainly the 27 member states of the European Union (EU). With certain exceptions, it also comprises Iceland, Liechtenstein, Norway (through the Agreement on the European Economic Area ), and Switzerland (through ...