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:
Internally, 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 among member states (from $8,000 to
$61,000) and historic national animosities, the European Union 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 and 2007, the EU admitted 10 and two
countries, respectively, that are, in general, less advanced
technologically and economically than the other 15. Twelve
established EU member states introduced the euro as their common
currency on 1 January 1999, but the UK, Sweden, and Denmark chose
not to participate. Of the 12 most recent member states, only
Slovenia has adopted the euro (1 January 2007); the remaining eleven
are legally required to adopt the currency upon meeting EU's fiscal
and monetary convergence criteria.
GDP (purchasing power parity):
$12.82 trillion (2006 est.)
GDP (official exchange rate):
$13.62 trillion (2006 est.)
GDP - real growth rate:
2.8% (2006 est.)
GDP - per capita (PPP):
$29,300 (2006 est.)
GDP - composition by sector: agriculture: 2.1% industry: 27.3% services: 70.5% (2006 est.)
Labor force: 221.5 million (2005 est.)
Labor force - by occupation: agriculture: 4.4% industry: 27.3% services: 67% note: the remainder is in miscellaneous public and private sector industries and services (2002 est.)