The economy of the European Union is the joint economy of the member states of the European Union (EU).
It is the second largest economy in the world in nominal terms, after the United States, and the third one in purchasing power parity (PPP) terms, after China and the United States.
The European Union's GDP was estimated to be $18.8 trillion (nominal) in 2018, representing about 22% of the global economy.

The euro, used by 19 of its 27 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 25 countries, in the eurozone and in six other European countries, officially or de facto.

The European Union economy consists of an internal market of mixed economies based on free market and advanced social models.
For instance, it includes an internal single market with free movement of goods, services, capital, and labor.
The GDP per capita (PPP) was $43,188 in 2018, compared to $62,869 in the United States, $44,246 Japan and $18,116 in China.
There are significant disparities in GDP per capita (PPP) between member states ranging from $106,372 in Luxembourg to $23,169 in Bulgaria.
With a low Gini coefficient of 31, the European Union has a more egalitarian distribution of income than the world average.

Euronext is the main stock exchange of the Eurozone and the world's sixth largest by market capitalisation.
Foreign investments made in the European Union total $5.1 trillion in 2012, while the EU's investments in foreign countries total $9.1 trillion, by far the highest domestic and foreign investments in the world.
The European Union's largest trading partners are the United States, China, the United Kingdom, Switzerland, Russia, Turkey, Japan, Norway, South Korea, India, and Canada.

Since the beginning of the public debt crisis in 2009, opposite economic situations have emerged between Southern Europe on one hand, and Central and Northern Europe on the other hand: a higher unemployment rate and public debt in the Mediterranean countries with the exception of Malta, and a lower unemployment rate with higher GDP growth rate in the Eastern and in Northern member countries.
In 2018, public debt in the European Union was 80% of GDP, with disparities between the lowest rate, Estonia with 8.4%, and the highest, Greece with 181.1%.
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States, and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP was estimated to be $18.8 trillion (nominal) in 2018, representing about 22% of the global economy.
The euro, used by 19 of its 27 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 25 countries, in the eurozone and in six other European countries, officially or de facto.
The European Union economy consists of an internal market of mixed economies based on free market and advanced social models. For instance, it includes an internal single market with free movement of goods, services, capital, and labor. The GDP per capita (PPP) was $43,188 in 2018, compared to $62,869 in the United States, $44,246 Japan and $18,116 in China. There are significant disparities in GDP per capita (PPP) between member states ranging from $106,372 in Luxembourg to $23,169 in Bulgaria. With a low Gini coefficient of 31, the European Union has a more egalitarian distribution of income than the world average.
Euronext is the main stock exchange of the Eurozone and the world's sixth largest by market capitalisation. Foreign investments made in the European Union total $5.1 trillion in 2012, while the EU's investments in foreign countries total $9.1 trillion, by far the highest domestic and foreign investments in the world. The European Union's largest trading partners are the United States, China, the United Kingdom, Switzerland, Russia, Turkey, Japan, Norway, South Korea, India, and Canada.
Since the beginning of the public debt crisis in 2009, opposite economic situations have emerged between Southern Europe on one hand, and Central and Northern Europe on the other hand: a higher unemployment rate and public debt in the Mediterranean countries with the exception of Malta, and a lower unemployment rate with higher GDP growth rate in the Eastern and in Northern member countries. In 2018, public debt in the European Union was 80% of GDP, with disparities between the lowest rate, Estonia with 8.4%, and the highest, Greece with 181.1%.
Economy of the European Union