The Economy Of Europe
The European economy is stated to be the largest economy in the world, comprising of more than 731 million people in nearly fifty separate countries. This means that Europe accounts for a staggering eleven percent of the world’s population. European economies actually account for a great portion of the world’s richest economies, with Italy, France, Russia, Spain, Germany, and the U.K. While the standard of living can be exceptionally high in certain parts of Europe, much of Europe who live in poverty live in extreme poverty and are some of the poorest areas in the world.
Facts about the European Economy:
- The European Union’s economy’s GDP is larger than 2014 America’s.
- The unemployment rate, on average in Europe is just under 9%. Comparatively to other nations, this is rather high. The highest recorded at this time is Poland, while the lowest unemployment rate is in Ireland.
- The service sector of the European Union makes up the majority of the GDP and is the most significant sector.
- The European Union made it their objective to be the greatest competitive economy.
- The European Economic Community was created in 1957, and sought to rid of barriers in trade.
- Germans are confident about their economy, with a recorded 75% attesting to feeling positive. The French are recorded along with Italy to be the most negative about their economies with a staggering 14% for France and menial 12% for Italy. Britain remains indifferent, with a 48% feeling negative and 52% feeling confident.
- British people wish to stay in the European Union. In a recent poll, just over half of British people stated that they wanted to stay in the union, while just over 35% expressed that they did not.
- The EU is a major destination for tourists both inside and outside of the union. Those who are citizens of the union are actually allowed to freely travel to other areas without using a visa to do so.
- The agricultural sector of the economy represents nearly half of the European Union’s spending. Many people argue that this is very damaging to other countries attempting to develop and further.
- If 25% of current non-tariff barriers in trade were eliminated, the GDP not only in the European Union would be boosted, but the GDP in the U.S would also be boosted as well. The combined estimate for this notion was just over $105 billion.
- Reported in early 2011, almost two million refugees combined referred to the United States and Euro. Union as their home, or where they lived.