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European Union economy generates a GDP of more than €12.894 trillion. This is equivalent to US$16.566 trillion according to 2012 Eurostat statistics. This makes the European Union economy the largest worldwide in the category of single economies. Economy of the European Union has an Internal Market. In the World Trade Organization, European Union is considered a unified entity.
The official currency used in the European Union is Euro. It is used in all policies and documents of the union. The union has 17 member states that are all included in a monetary union called the Euro-zone. This union uses the same currency in trade operations.
In 2012, European Union economy had a share of 20 percent of gross domestic product globally in terms of its purchasing power. European Union also owns that largest amount of net wealth globally. This is estimated to be about $223 trillion or 30 percent of the global wealth.
According to the Fortune Global 500 which includes the leading 500 largest corporation globally by revenue, 161 of these corporations have their headquarters in the European Union. Unemployment in the European Union was at 7 percent in 2012 while investment stood at 21.4 percent of GDP. In the same year, inflation was at 2.2 percent while the current balance account was at -0.9 percent of the GDP.
After the global crisis, experts note that recovery of the European Union economy is intact but it went off to disappointing points during the first months of the year 2014. In these months, GDP increased by 0.3 percent only across the 28 member states of the European Union. In some 18 states of the union, GDP rose by 0.2 percent only. According to the European commission, economic recovery was expected to be modest this tear so that by 2015 it can gather significant momentum. It was expected that the GDP of the European Union would expand by about 1.6 percent in 2014 and 2.0 percent in 2015.
However, GDP growth in 2014 depicts a worrying trend. This calls for more monetary stimulus to economic growth. Members of the European Union had agreed on a €141 billion budget in 2011 and a €862 billion budget by the year 2013. It is also expected that this would continue to increase in the following years to boost economic growth in the Union.
To realize this economic growth rate, much needs to be done by the European central bank to boost economic growth in all members of the European Union.
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