European Union Economy:
Domestically, the European Union attempts to lower trade barriers, adopt a common currency, and move toward convergence of living standards. Internationally, the EU aims to bolster Europe's trade position and its political and economic power. Because of the great differences in per capita income (from $10,000 to $28,000) and historic national animosities, the European Community faces difficulties in devising and enforcing common policies. For example, both Germany and France since 2003 have flouted the member states' treaty obligation to prevent their national budgets from running more than a 3% deficit. In 2004, the EU admitted 10 central and eastern European countries that are, in general, less advanced technologically and economically than the existing 15. Twelve EU member states introduced the euro as their common currency on 1 January 1999. The UK, Sweden, and Denmark do not now participate; the 10 new member states may choose to adopt the euro when they meet the EU's fiscal and monetary criteria and the member states so agree.
GDP (purchasing power parity):
$11.65 trillion (2004 est.)
GDP — real growth rate:
2.4% (2004 est.)
GDP — per capita:
purchasing power parity: $26,900 (2004 est.)
GDP — composition by sector:
agriculture: 2.2%
industry: 28.3%
services: 69.4%
(2004)
Labor force:
215 million (various)
Labor force — by occupation:
agriculture: 4.5%, industry: 27.4%, services: 66.9% (2004 est.)
note: The remainder is in miscellaneous public and private sector industries and services
Unemployment rate:
9.5% (2004 est.)
Population below poverty line:
See individual country listings
Household income or consumption by percentage share:
lowest 10%: 2.9%
highest 10%: 25.4% (1995)
Distribution of family income — Gini index:
31.2 (2003 est.)
Inflation rate (consumer prices):
2.1% (2004 est.)
Investment (gross fixed):
percent of GDP: 19.5% of GDP (2004 est.)
Agriculture — products:
Wheat, barley, oilseeds, sugar beets, wine, grapes, dairy products, cattle, sheep, pigs, poultry, fish
Industries:
among the world's largest and most technologically advanced, the European Union industrial base includes: ferrous and non-ferrous metal production and processing, metal products, petroleum, coal, cement, chemicals, pharmaceuticals, aerospace, rail transportation equipment, passenger and commercial vehicles, construction equipment, industrial equipment, shipbuilding, electrical power equipment, machine tools and automated manufacturing systems, electronics and telecommunications equipment, fishing, food and beverage processing, furniture, paper, textiles, tourism
Industrial production growth rate:
2.4% (2004 est.)
Electricity — production:
2.89 trillion kWh (2002 est.)
Electricity — consumption:
2.66 trillion kWh (2002 est.)
Electricity — exports:
270.8 billion kWh (2002 est.)
Electricity — imports:
268.5 billion kWh (2002 est.)
Oil — production:
2.65 million bbl/day (2001 est.)
Oil — consumption:
14.54 million bbl/day (2001 est.)
Oil — exports:
5.32 million bbl/day (2001 est.)
Oil — imports:
15.69 million bbl/day (2001 est.)
Oil — proved reserves:
28.21 billion bbl (1 January 2002 est.)
Natural gas — production:
242.6 billion cu m (2001 est.)
Natural gas — consumption:
467.7 billion cu m (2001 est.)
Natural gas — exports:
78.1 billion cu m (2001 est.)
Natural gas — imports:
297.8 billion cu m (2001 est.)
Natural gas — proved reserves:
3.26 trillion cu m (1 January 2002 est.)
Current account balance:
NA
Exports:
$1.11 trillion (2003 est.)
note: External exports, excluding intra EU trade
Exports — commodities:
machinery, motor vehicles, aircraft, plastics, pharmaceuticals and other chemicals, fuels, iron and steel, nonferrous metals, wood pulp and paper products, textiles, meat, dairy products, fish, alcoholic beverages
Exports — partners:
US 22.9%, Switzerland 6.9%, China 4.1%, Japan 4%
Imports:
$1.12 trillion (2003 est.)
note: External imports, excluding intra-EU trade
Imports — commodities:
machinery, vehicles, aircraft, plastics, crude oil, chemicals, textiles, metals, foodstuffs, clothing
Imports — partners:
US 15.1%, China 9.7%, Japan 6.7%, Switzerland 5.6%
Reserves of foreign exchange and gold:
NA
Exchange rates:
euros per US$: 0.81 (2004 est.), 0.89 (2003 est.), 1.06 (2002 est.), 1.12 (2001 est.), 1.09 (2000 est.)
Fiscal year:
NA
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