GDP – The economy of the EU, measured in terms of total production of goods and services, actually ranks higher than that of the United States. In 2012, the Gross Domestic Product (GDP) of the 27 Member States reached a value € 12,945 trillion.
Trade – Despite constituting only 7% of the world’s population, the volume of the EU’s trade with the rest of the world corresponds to 20% of total world imports and exports. Around two thirds of EU trade is concluded between Member States.
Total trade of the EU-27 with the world – The 27 member states conducted business equivalent to € 2,837 billion in 2013. Germany was responsible for 27,7% of exports to third countries and almost 19,2% of imports.
Intra-EU Trade – The 27 member states conducted business equivalent to € 2,837 billion in 2013.
Trade surplus in 2013 – € 49.5 billion (€ 115 billion in 2012). In relation to Brazil, the EU had a surplus of € 5.5 billion.
Table 1 – Results of the commercial balance of the EU in 2013 (€ billion)
|EU-28 export outside the EU||1.732.9|
|EU-28 import outside the EU||1.683.4|
|Result of commercial balance||+ 49.5|
Unemployment– Unemployment has been severely aggravated by both the global economic crisis and the Eurocrisis. By the end of 2013, the unemployment rate in the Eurozone was 12% and the EU-28’s was 10,7%. Rates in the EU varied from 2,6% in Oberbayern, Germany to 36,3% in Andalusia, Spain.
Annual inflation of the Euro – Between December 2012 and 2013, the inflation of the Euro was of 0,8%.
Table 2 –European Union: main economic indications (2012)
|GDP||US$ 16,4 trillion|
|Share in the world GDP||20,6%|
|Population||504 bilhões de habitantes|
|Share in world population||7,8%|
|Total export||US$ 5,69 trilhões|
|Share in world exports||31,6%|
|Imports from third countries||US$ 5,73 trillion|
|Share in world imports||31,5%|
|Trade||US$ 11,41 trillion|
|Share in world trade||31,5%|
|Commercial Balance||US$ 42 billion|
Main trade partners of the EU
Imports – Between November 2013 and January 2014, imports added up to € 14,0 trillion. Imports from the majority of main partners of the EU-28 decreased in 2013 compared to 2012, except from Turkey (+4%). The biggest declines were products from Japan (-13%), Brazil (-12%), and Switzerland and Norway (both at -11%).
Exports – Between November 2013 and January 2014, EU exports reached € 11,7 trillion. Diverging trends were recorded in exports with the biggest increases being to Switzerland (+27%), South Korea (+6%), and China and Turkey (Both at +3%). The biggest decreases were India (-7%) and Russia and Japan (Both at -3%).
Table 3 –Main commercial partners of the EU-28 (€ billion)
|Exports from the EU-28 to||Imports from the EU-28 from||Commercial Balance|
EUROPEAN UNION – what it is and how it works.
The European Union is a political and economic partnership between 28 countries aimed at promoting free trade and the free movement of persons in between Member States while maintaining security and democracy.
The EU project is to create a diverse, pluralist and multi-cultural Europe.
The EU holds diplomatic relations with almost all countries with a network of 141 EU delegations worldwide with similar functions to embassies.
Below is a list of the 28 countries which compose the EU and their entry date.
|Germany (founding member, 1952)||Belgique (founding member, 1952)||France (founding member, 1952)|
|Italy (founding member, 1952)||Luxemburg (founding member, 1952)||Netherlands/Holland (founding member, 1952)|
|United Kingdom (1973)||Denmark (1973)||Ireland (1973)|
|Greece (1981)||Portugal (1986)||Spain (1986)|
|Finland (1995)||Sweden (1995)||Austria (1995)|
|Slovakia (2004)||Slovenia (2004)||Cyprus (2004)|
|Estonia (2004)||Hungria (2004)||Latvia (2004)|
|Lithuania (2004)||Malta (2004)||Poland (2004)|
|Bulgaria (2007)||Romania (2007)||Croatia (2013)|