Flag description:
on a blue field, 12 five-pointed gold stars arranged in a circle,
representing the union of the peoples of Europe; the number of stars
is fixed
Economy European Union
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.)