The European Union's GDP estimated to be around $19.35 trillion (nominal) in 2024 representing around one sixth of the global economy. Germany has the biggest national GDP of all EU countries, followed by France and Italy. 447,706,209 (EU27, 1 January 2020 prov.
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 estimated to be around $19.35 trillion (nominal) in 2024 representing around one sixth of the global economy.
The most recent exports are led by Cars ($345B), Packaged Medicaments ($267B), Vaccines, blood, antisera, toxins and cultures ($190B), Motor vehicles; parts and accessories (8701 to 8705) ($182B), and Refined Petroleum ($172B).
During the last five reported years the exports of United Kingdom have changed by $31B from $389B in 2016 to $420B in 2021. The most recent exports are led by Cars ($30.2B), Gold ($29.7B), Gas Turbines ($21.9B), Crude Petroleum ($19.6B), and Packaged Medicaments ($17.9B).
Luxembourg is the wealthiest country in the European Union, per capita, and its citizens enjoy a high standard of living. It is a major center for large private banking, and its finance sector is the biggest contributor to its economy.
Since Soviet dissolution, Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year.
The UK had a trade deficit of £92 billion with the EU compared to a £5 billion surplus with non-EU countries. Total UK exports (goods and services combined) to both the EU and non-EU countries were lower than their 2019 level in both 2020 and 2021.
The UK is no longer a member of the single market and customs union: it no longer benefits from the EU's 'four freedoms': free movement of people, capital, goods, and services.
With a population of 84.3 million, Germany is the largest consumer market in the European Union. The significance of the German marketplace goes well beyond its borders.
The LSE is now the sixth largest stock exchange in the world, and the largest stock exchange in Europe. The LSE is owned by the London Stock Exchange Group, which was created in 2007 when the LSE merged with the Borsa Italiana. It is the most international stock exchange, with over 3000 companies across 70 countries.
Europe is the second smallest continent in the world after Australia and accounts for about 10.18 million square kilometres of area. Russia is even bigger than Europe (almost170%) including the Asian part. However only 3.9 million square kilometres of Russia is in Europe.
Demographia measured the world's largest cities by population according to urban area. Urban areas are linked by commuting flows and social and economic interactions. The urban area of Tokyo, Japan, is the world's largest city with a population of 37,732,000.
