Economy of the European Union

16.6 trillion (nominal) in 2022 representing around one sixth of the global economy. Germany has by far the biggest national GDP of all EU countries, followed by France and Italy. The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar. The euro is used by 20 of its members, overall, it is the official currency in 26 countries, in the eurozone and in six other European countries, officially or de facto. The European Union economy consists of an internal market of mixed economies based on free market and advanced social models. For instance, it includes an internal single market with free movement of goods, services, capital, and labor. The GDP per capita (PPP) was

43,188 in 2018, compared to

62,869 in the United States,

44,246 in Japan and

18,116 in China. There are significant disparities in GDP per capita (PPP) between member states ranging from

106,372 in Luxembourg to

23,169 in Bulgaria. With a low Gini coefficient of 31, the European Union has a more egalitarian distribution of income than the world average. EU investments in foreign countries total

9.1 trillion, while the foreign investments made in the union total $5.1 trillion in 2012, by far the highest foreign and domestic investments in the world. Euronext is the main stock exchange of the Eurozone and the world's sixth largest by market capitalisation. The European Union's largest trading partners are the United States, China, the United Kingdom, Switzerland, Russia, Turkey, Japan, Norway, South Korea, India, and Canada. In 2018, public debt in the union was 80% of GDP, with disparities between the lowest rate, Estonia with 8.

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Member state of the European Union

The European Union (EU) is a political and economic union of 27 member states that are party to the EU's founding treaties, and thereby subject to the privileges and obligations of membership. They have agreed by the treaties to share their own sovereignty through the institutions of the European Union in certain aspects of government. State governments must agree unanimously in the Council for the union to adopt some policies; for others, collective decisions are made by qualified majority voting.

Economy of the European Union

The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the third largest economy in the world in nominal terms, after the United States and China, and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP estimated to be around $16.6 trillion (nominal) in 2022 representing around one sixth of the global economy. Germany has by far the biggest national GDP of all EU countries, followed by France and Italy.

Economy of Poland

The economy of Poland is an industrialized, mixed economy with a developed market that serves as the sixth-largest in the European Union by nominal GDP and fifth-largest by GDP (PPP). Poland boasts the extensive public services characteristic of most developed economies. Since 1988, Poland has pursued a policy of economic liberalization but retained an advanced public welfare system. This includes universal free public healthcare and education (including tertiary), extensive provisions of free public childcare and parental leave.

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