eeuuu - he economy of the European Union generates a GDP of...

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he economy of the European Union generates a GDP of over €12,279.033 billion (US$16,228.23 billion in 2010) according to the IMF , making it the largest economy in the world. The EU economy consists of a single market and the EU is represented as a unified entity in the WTO . Contents [ hide ] 1 Currency 2 Budget 3 Economic variation 4 Economies of member states 5 Economic growth 6 Energy resources 7 Trade 8 Unemployment 9 Industries o 9.1 Agriculture o 9.2 Tourism 10 Companies 11 Gini index 12 Regional variation o 12.1 Top 10: economically strongest NUTS-1 and NUTS-2 regions o 12.2 Economically weakest NUTS-2 regions 13 o 13.1 2008) o 13.2 2008) 14 See also 15 References 16 External links Currency Main articles: Euro and Eurozone The official currency of the European Union is the euro, used in all its documents and policies. The Stability and Growth Pact sets out the fiscal criteria to maintain for stability and (economic) convergence . The euro is also the most widely used currency in the EU, which is in use in
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17 member states known as the Eurozone . All other member states, apart from Denmark and the United Kingdom, which have special opt-outs, have committed to changing over to the euro once they have fulfilled the requirements needed to do so. Also, Sweden can effectively opt out by choosing when or whether to join the European Exchange Rate Mechanism , which is the preliminary step towards joining. The remaining states are committed to join the Euro through their Treaties of Accession. Budget Further information: Budget of the European Union The operation of the EU has an agreed budget of €141 billion for the year 2011, and €862 billion for the period 2007–2013, [1] this represents around 1% of the EU's GDP. By comparison, the UK expenditure for 2004 was estimated at about €759 billion and France's was estimated at about €801 billion. In 1960, the then "EU" ( EEC ) budget was 0.03% of GDP. [2] Economic variation Below is a table showing, respectively, the GDP and the GDP (PPP) per capita for the European Union and for each of its 27 member states, sorted by GDP (PPP). This can be used as a rough gauge to the relative standards of living among member states, with Luxembourg the highest and Romania the lowest. Eurostat , based in Luxembourg , is the Official Statistical Office of the European Communities releasing yearly GDP figures for the member states as well as the EU as a whole, which are regularly updated, supporting this way a measure of wealth and a base for the European Union's budgetary and economic policies. Figures are stated in euro. 2007 GDP per capita in NUTS 3 areas
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This note was uploaded on 01/15/2012 for the course ECON 101 taught by Professor Mikson during the Spring '08 term at Aarhus Universitet.

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eeuuu - he economy of the European Union generates a GDP of...

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