The European economy has 50 countries and a market of more than 740 million people. The formation of the European Union in 1999 and the adoption of the Euro made the continent even more productive as it improved convenience and participation.
Most countries in Europe have GDP per capita higher than average those of the world. However, there is a divide between the countries behind the former Iron curtain and those of Western Europe. By 2010, Europe had $19.920 in nominal GDP, which represented 30.2% of the world economy. The European Union produced between 75 to 80% of the GDP of the continent, which is about $20 trillion.
The EU is currently the most significant and wealthiest economy in the world, beating the US by up to $2 trillion in 2008. Essential industries in Europe include the services sector, investment, and banking, tourism, manufacturing, and agriculture. The region currently has more than $33 trillion assets under management, which is more than a third of the entire Globe’s wealth. Europe is the headquarters of 184 of the largest 500 companies by revenue on the Globe. In 2010 just as the effects of the financial crisis were wearing off, Europeans, particularly in Western Europe, enjoyed some of the highest standards of living in the world.

Austria

Austria is a highly industrialized economy, which has made the country consistently rank well in GDP per capita terms. While it is a free market economy, labor unions are very influential and exercise a lot of clout on economic decisions. Apart from industry, international tourism is one of the most critical sectors for Austria.
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Tourism makes about 9% of the Austrian GDP with the country earning $18.9 billion from the industry in 2007. As a member of the EU, Austria has attracted a lot of foreign direct investment and access to the European market.

However, Austria was impacted by the 2008 financial crisis in which many private finance companies such as Hypo Alpe-Adria-Bank International had to be bought out by the bank. However, the service industry is Austria’s most important sector that contributes much to the country’s GDP. Vienna has become a consulting and finance metropole that is the gateway to the East.

Spain

Spain has the 5th largest economy in the EU and the 14th largest in the world. Spain is plagued by high youth unemployment rates of up to 35% in 2018, which is quite high as compared to other countries in the EU. The biggest issue with its economy is that it is highly informal and has a weak education system relative to other developed countries such as the UK or the US.
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Since the 1990s, Spain has been expanding its economic footprint into Latin America, India, and China. It is a member of the Schengen Area, the European Market, and the Eurozone.

Notable companies include Iberdrola which provides renewable energy, Telefonica a mobile network company and textile company Inditex, train manufacturers such as CAF, and international construction companies such as ACS, OHL, and Ferrovial. Spain was ranked in the top 10 on quality of life by the Economist Intelligence Unit.

United Kingdom

The UK is the world’s fifth largest economy and the second largest in Europe behind Germany. It has what may be referred to as a partially regulated market economy. Alongside New York, London, the capital is the largest financial center in the world with the service sector, making up 79% of the entire country’s GDP.
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Important industries include tourism, where the UK is the sixth most significant in terms of tourist numbers. Other industries include vehicle manufacturing, which has some of the most known global brands such as Jaguar and Rolls Royce, which manufactures jet engines and luxury cars.

The UK aerospace industry is the third largest in the world, with an annual turnover of £30 billion. Other important industries are the space industry that in 2011 was worth £9.1 billion, pharmaceuticals which have the third highest expenditures in research and development, and highly mechanized and intensive agriculture that provides 60% of what the UK needs.

witzerland

Switzerland is the world’s wealthiest country in the world in terms of GDP per capita. It is the 19th largest economy in the world and the twentieth largest exporter, which is quite an achievement given that it is a tiny country. Switzerland is the world’s most competitive economy according to the Global Competitiveness Report by the World Economic Forum.
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The greater Zurich area is one of the most important economic zones on the Globe and is home to some of the most known names such as UBS AG, Tetra Pak, Novartis, Nestle, Credit Suisse, and Glencore. While it is known for its banking, the most important industry is manufacturing.

Among its manufactured products are musical and precision measuring instruments, electronics and machines, watches, pharmaceutical goods, and specialty chemicals. The service sector is also huge in Switzerland with the most critical industries in tourism, insurance, and banking. The economy is, for the most part, dominated by a private enterprise through the government practices agricultural protectionism.

weden

Based on GDP per capita, Sweden is the 16th most prosperous country in the world with some of the highest standards of living in Europe. The mixed economy has a heavy emphasis on foreign trade with iron ore, hydropower, and timber, making up the resource base of the economy.
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Its engineering industry makes up 50% of exports and output while supplementary industries such as pharmaceuticals, telecommunications, and automotive industry are also important. The Swedish economy is best known for its emphasis on export and knowledge-intensive manufacturing and a comparatively small but growing business service industry and a large public service sector.

Sweden is also characterized by large organizations in the service and manufacturing industries. Some of these include the likes of Ericsson, Volvo, Electrolux, and Scania. It is also one of the most competitive countries in the world and was fourth in the IMD World Competitiveness Yearbook 2013. Sweden still uses the Kroner rather than the Euro having rejected the use of the EU currency in a referendum.

Romania

The Romanian economy has recently seen a boom in development. They are a leading destination in central Europe for Foreign Direct Investment. As such, Bucharest, the capital city, is one of the leading financial centers in Europe. Romania has also recently developed greatly in mobile technology, information security, and hardware research.
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The European economy has 50 countries and a market of more than 740 million people. The formation of the European Union in 1999 and the adoption of the Euro made the continent even more productive as it improved convenience and participation.
Most countries in Europe have GDP per capita higher than average those of the world. However, there is a divide between the countries behind the former Iron curtain and those of Western Europe. By 2010, Europe had $19.920 in nominal GDP, which represented 30.2% of the world economy. The European Union produced between 75 to 80% of the GDP of the continent, which is about $20 trillion.
The EU is currently the most significant and wealthiest economy in the world, beating the US by up to $2 trillion in 2008. Essential industries in Europe include the services sector, investment, and banking, tourism, manufacturing, and agriculture. The region currently has more than $33 trillion assets under management, which is more than a third of the entire Globe’s wealth. Europe is the headquarters of 184 of the largest 500 companies by revenue on the Globe. In 2010 just as the effects of the financial crisis were wearing off, Europeans, particularly in Western Europe, enjoyed some of the highest standards of living in the world.

Austria

Austria is a highly industrialized economy, which has made the country consistently rank well in GDP per capita terms. While it is a free market economy, labor unions are very influential and exercise a lot of clout on economic decisions. Apart from industry, international tourism is one of the most critical sectors for Austria.
Advertisement

Tourism makes about 9% of the Austrian GDP with the country earning $18.9 billion from the industry in 2007. As a member of the EU, Austria has attracted a lot of foreign direct investment and access to the European market.

However, Austria was impacted by the 2008 financial crisis in which many private finance companies such as Hypo Alpe-Adria-Bank International had to be bought out by the bank. However, the service industry is Austria’s most important sector that contributes much to the country’s GDP. Vienna has become a consulting and finance metropole that is the gateway to the East.

Spain

Spain has the 5th largest economy in the EU and the 14th largest in the world. Spain is plagued by high youth unemployment rates of up to 35% in 2018, which is quite high as compared to other countries in the EU. The biggest issue with its economy is that it is highly informal and has a weak education system relative to other developed countries such as the UK or the US.
Advertisement

Since the 1990s, Spain has been expanding its economic footprint into Latin America, India, and China. It is a member of the Schengen Area, the European Market, and the Eurozone.

Notable companies include Iberdrola which provides renewable energy, Telefonica a mobile network company and textile company Inditex, train manufacturers such as CAF, and international construction companies such as ACS, OHL, and Ferrovial. Spain was ranked in the top 10 on quality of life by the Economist Intelligence Unit.

United Kingdom

The UK is the world’s fifth largest economy and the second largest in Europe behind Germany. It has what may be referred to as a partially regulated market economy. Alongside New York, London, the capital is the largest financial center in the world with the service sector, making up 79% of the entire country’s GDP.
Advertisement

Important industries include tourism, where the UK is the sixth most significant in terms of tourist numbers. Other industries include vehicle manufacturing, which has some of the most known global brands such as Jaguar and Rolls Royce, which manufactures jet engines and luxury cars.

The UK aerospace industry is the third largest in the world, with an annual turnover of £30 billion. Other important industries are the space industry that in 2011 was worth £9.1 billion, pharmaceuticals which have the third highest expenditures in research and development, and highly mechanized and intensive agriculture that provides 60% of what the UK needs.

witzerland

Switzerland is the world’s wealthiest country in the world in terms of GDP per capita. It is the 19th largest economy in the world and the twentieth largest exporter, which is quite an achievement given that it is a tiny country. Switzerland is the world’s most competitive economy according to the Global Competitiveness Report by the World Economic Forum.
Advertisement

The greater Zurich area is one of the most important economic zones on the Globe and is home to some of the most known names such as UBS AG, Tetra Pak, Novartis, Nestle, Credit Suisse, and Glencore. While it is known for its banking, the most important industry is manufacturing.

Among its manufactured products are musical and precision measuring instruments, electronics and machines, watches, pharmaceutical goods, and specialty chemicals. The service sector is also huge in Switzerland with the most critical industries in tourism, insurance, and banking. The economy is, for the most part, dominated by a private enterprise through the government practices agricultural protectionism.

weden

Based on GDP per capita, Sweden is the 16th most prosperous country in the world with some of the highest standards of living in Europe. The mixed economy has a heavy emphasis on foreign trade with iron ore, hydropower, and timber, making up the resource base of the economy.
Advertisement

Its engineering industry makes up 50% of exports and output while supplementary industries such as pharmaceuticals, telecommunications, and automotive industry are also important. The Swedish economy is best known for its emphasis on export and knowledge-intensive manufacturing and a comparatively small but growing business service industry and a large public service sector.

Sweden is also characterized by large organizations in the service and manufacturing industries. Some of these include the likes of Ericsson, Volvo, Electrolux, and Scania. It is also one of the most competitive countries in the world and was fourth in the IMD World Competitiveness Yearbook 2013. Sweden still uses the Kroner rather than the Euro having rejected the use of the EU currency in a referendum.

Romania

The Romanian economy has recently seen a boom in development. They are a leading destination in central Europe for Foreign Direct Investment. As such, Bucharest, the capital city, is one of the leading financial centers in Europe. Romania has also recently developed greatly in mobile technology, information security, and hardware research.
Advertisement

The Romanian economy ranks 40th in the world with a $516 Billion annual output according to PPP. The Romanian economy is expected to see a slowdown in growth from 2018; however, recent projections are showing it will remain steady and moving upward. Industry in Romania generated 33% of their GDP in the first half of 2018.

The chief exports of Romania are vehicles, machinery, electronic products, pharmaceuticals, transport equipment, and other industrial materials. The Romanian economy is currently 48% services, 29% industry, and 23% agriculture.

 

 

The Romanian economy ranks 40th in the world with a $516 Billion annual output according to PPP. The Romanian economy is expected to see a slowdown in growth from 2018; however, recent projections are showing it will remain steady and moving upward. Industry in Romania generated 33% of their GDP in the first half of 2018.

The chief exports of Romania are vehicles, machinery, electronic products, pharmaceuticals, transport equipment, and other industrial materials. The Romanian economy is currently 48% services, 29% industry, and 23% agriculture.

 

 

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