Economy of the European Union

Economy of the European Union

2015 GDP (nominal) in EU
Currency	1€ (EUR) = 1.07$ (USD)
Trade organisations	WTO, G-20, G7
Statistics
GDP	$16.518 trillion (nominal, 2016) $19.973 trillion (PPP, 2016)
GDP growth	1.9% (2016) 2.2% (2015)
GDP per capita	$32,384 (Nominal) (2016) $39,212 (PPP) (2016)
GDP by sector	73.6% services 25.5% industry 1.6% agriculture (2016)
Inflation (CPI)	0.1% (2015)
Population below poverty line	9.8%
Gini coefficient	0.31 (2015)
Labour force	233 million (2016 est.) 21 million unemployed (2016)
Labour force by occupation	agriculture: 5% industry: 21.9% services: 73.1% (2014)
Unemployment	8.0% (Feb. 2017) 9.5% (2015)
Average net salary	$20,000 annual (2015)
Main industries	List 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 beverages, furniture, paper, textiles
External
Exports	$2.26 trillion (2014) €1,790.7 billion (goods, 2015) €684.4 billion (services, 2013)
Export goods	List Machinery and transport equipment 42.0% Other manufactured goods 22.6% Chemicals and related products 17.6% Food, drinks and tobacco 6.4% Mineral fuels and lubricants 4.8% Raw materials 2.4% Commodities and transactions 4.3% (2015)
Main export partners	United States 17.1%  China 8.5%   Switzerland 7.8% (2013)
Imports	$2.244 trillion (2014) €1,756.5 billion (goods, 2015) €511.2 billion (services, 2013)
Import goods	List Machinery and transport equipment 31.0% Other manufactured goods 26.2% Mineral fuels and lubricants 18.9% Chemicals and related products 10.7% Food, drinks and tobacco 6.3% Raw materials 4.2% Commodities and transactions 2.7% (2015)
Main import partners	China 16.1%  United States 11.4%  Russia 11% (2013)
FDI stock	€4 trillion (inward, 2012) € 5.2 trillion (outward, 2012)
Current account	€161.6 billion; 1.1% of GDP (2015)
Net international investment position	-€2,557.4 billion; 17.5% of GDP (2015)
Public finances
Public debt	85.2% of GDP (2015)
Budget deficit	€ 352 billion; 2.4% of GDP (2015)
Revenues	45.0% of GDP (2015)
Expenses	47.4% of GDP (2015)
Economic aid	€ 14.86 billion (2013)
Credit rating	S & P´s: AA Moody's: AAA Fitch: AAA
Foreign reserves	$0.6 trillion (2010).

The European Union is the second largest economy in the world (if treated as a single country) in nominal terms and according to purchasing power parity (PPP). The European Union's GDP was estimated to be €16.5 trillion (nominal) in 2016 according to the International Monetary Fund, representing 22.8% of nominal global GDP.

The euro, used by 19 of its 28 members, is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The euro is the official currency in the eurozone and in six other European countries, officially or de facto.

The European Union (EU) economy consists of an internal market of mixed economies based on free market and advanced social models. The GDP per capita (PPP) was $37,800 in 2015, compared to $57,084 in the United States and $14,340 in China. With a low Gini coefficient of 31, the European Union has a more egalitarian repartition of incomes than the world average.

Euronext is the main stock exchange of the Eurozone and the 7th world largest by market capitalisation.Foreign investments made in the European Union total $5.1 trillion in 2012, while the E.U's investments in foreign countries total 9.1 trillion, by far the highest domestic and foreign investments in the world.