| Economy - overview: | Domestically, the European Union attempts to lower trade barriers, adopt a common currency, and move toward convergence of living standards. Internationally, the EU aims to bolster Europe's trade position and its political and economic power. Because of the great differences in per capita income (from $10,000 to $28,000) and historic national animosities, the European Community faces difficulties in devising and enforcing common policies. For example, both Germany and France since 2003 have flouted the member states' treaty obligation to prevent their national budgets from running more than a 3% deficit. In 2004, the EU admitted 10 central and eastern European countries that are, in general, less advanced technologically and economically than the existing 15. Twelve EU member states introduced the euro as their common currency on 1 January 1999. The UK, Sweden, and Denmark do not now participate; the 10 new member states may choose to adopt the euro when they meet the EU's fiscal and monetary criteria and the member states so agree. |
| GDP - real growth rate (%) | 1.7% (2005 est.) |
| GDP - composition by sector (%) | agriculture: 2.2%, industry: 27.3%, services: 70.5% (2004 est.) |
| Agriculture - products | wheat, barley, oilseeds, sugar beets, wine, grapes, dairy products, cattle, sheep, pigs, poultry, fish |
| Industries | among the world's largest and most technologically advanced, the European Union industrial base includes: ferrous and non-ferrous metal production and processing, metal products, petroleum, coal, cement, chemicals, pharmaceuticals, aerospace, rail transportation equipment, passenger and commercial vehicles, construction equipment, industrial equipment, shipbuilding, electrical power equipment, machine tools and automated manufacturing systems, electronics and telecommunications equipment, fishing, food and beverage processing, furniture, paper, textiles, tourism |
| Population below poverty line (%) | See individual country listingsGDP - per capita purchasing power parity - $28,100 (2005 est.) |
| Labor force - by occupation (%) | agriculture 4.5%, industry 27.4%, services 66.9% |
World Rainforests
