Support Our Sponsor
. . Flags of the World Maps of All Countries

  • |SEARCH|
  • |Main INDEX|
  • 2006 INDEX
  • Country Ranks

    European Union Index 2006

    European Union Main Index

    . Feedback
  • Home PageCountry Index

    European Union Economy - 2006

      Economy - overview:
      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 $15,000 to $56,000) and historic national animosities, the European Community faces difficulties in devising and enforcing common policies. For example, since 2003 Germany and France 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 other 15. Twelve EU member states introduced the euro as their common currency on 1 January 1999, but the UK, Sweden, and Denmark do not participate. The 10 new member states may choose to adopt the euro when they meet the EU's fiscal and monetary criteria and the other euro states so agree.

      GDP (purchasing power parity):
      $12.18 trillion (2005 est.)

      GDP (official exchange rate):
      $13.31 trillion (2005 est.)

      GDP - real growth rate:
      1.7% (2005 est.)

      GDP - per capita (PPP):
      $28,100 (2005 est.)

      GDP - composition by sector:
      agriculture: 2.2%
      industry: 27.3%
      services: 70.5% (2004 est.)

      Labor force:
      218.5 million (2005 est.)

      Labor force - by occupation:
      agriculture: 4.4%
      industry: 27.2%
      services: 67.2%
      note: the remainder is in miscellaneous public and private sector industries and services (2005 est.)

      Unemployment rate:
      9.4% (2005 est.)

      Population below poverty line:
      see individual country listings

      Household income or consumption by percentage share:
      lowest 10%: 2.8%
      highest 10%: 25.5% (1995 est.)

      Distribution of family income - Gini index:
      32 (2003 est.)

      Inflation rate (consumer prices):
      2.2% (2005 est.)

      Investment (gross fixed):
      19.6% of GDP (2005 est.)

      Agriculture - products:
      wheat, barley, oilseeds, sugar beets, wine, grapes; dairy products, cattle, sheep, pigs, poultry; fish

      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:
      1.3% (2005 est.)

      Electricity - production:
      2.925 trillion kWh (2002 est.)

      Electricity - consumption:
      2.711 trillion kWh (2002 est.)

      Electricity - exports:
      282.6 billion kWh (2002)

      Electricity - imports:
      281.2 billion kWh (2002 est.)

      Oil - production:
      3.424 million bbl/day (2001)

      Oil - consumption:
      14.59 million bbl/day (2001)

      Oil - exports:
      5.322 million bbl/day (2001)

      Oil - imports:
      15.69 million bbl/day (2001)

      Oil - proved reserves:
      7.294 billion bbl (1 January 2002)

      Natural gas - production:
      239.2 billion cu m (2001)

      Natural gas - consumption:
      465.6 billion cu m (2001)

      Natural gas - exports:
      78.1 billion cu m (2001)

      Natural gas - imports:
      297.8 billion cu m (2001)

      Natural gas - proved reserves:
      3.256 trillion cu m (1 January 2002)

      Current account balance:

      $1.318 trillion; note - external exports, excluding intra-EU trade (2004)

      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 24.2%, Switzerland 7.7%, China 5%, Russia 4.7% (2004)

      $1.402 trillion; note - external imports, excluding intra-EU trade (2004)

      Imports - commodities:
      machinery, vehicles, aircraft, plastics, crude oil, chemicals, textiles, metals, foodstuffs, clothing

      Imports - partners:
      US 15.3%, China 12.4%, Russia 7.8%, Japan 7.2% (2004)

      Reserves of foreign exchange and gold:

      Currency (code):
      euro, British pound, Cypriot pound, Czech koruna, Danish krone, Estonian kroon, Hungarian forint, Latvian lat, Lithuanian litas, Maltese lira, Polish zloty, Slovak koruna, Slovenian tolar, Swedish krona

      Exchange rates:
      euros per US dollar - 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001)

      Fiscal year:

      NOTE: The information regarding European Union on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of European Union Economy 2006 information contained here. All suggestions for corrections of any errors about European Union Economy 2006 should be addressed to the CIA.

    Support Our Sponsor

    Support Our Sponsor

    Please ADD this page to your FAVORITES - - - - -

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)