Economy of the European Union | Wikipedia audio article
Channel: wikipedia tts
Date: 06/12/2018

This is an audio version of the Wikipedia Article:
Economy of the European Union


00:02:49 1 Currency
00:04:28 2 Budget
00:04:53 3 Sectors
00:05:02 3.1 Services
00:07:23 3.2 Agriculture
00:08:47 3.3 Tourism
00:09:44 3.4 Energy
00:10:54 4 Companies
00:13:06 5 Economies of member states
00:13:16 5.1 Wealth
00:14:36 5.2 Labour market
00:15:15 5.3 Public finance
00:15:24 6 Trade
00:16:23 7 Regional variation
00:17:55 7.1 NUTS-1 and NUTS-2 regions
00:20:27 8 See also



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SUMMARY
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The European Union is the second largest economy in the world in nominal terms and according to purchasing power parity (PPP). The European Union's GDP was estimated to be $18.8 trillion (nominal) in 2018, representing ~22% of global economy (Nominal global GDP).

The euro, used by 19 of its 28 members, is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The euro is the official currency in 25 countries, in the eurozone and in six other European countries, officially or de facto.
The European Union (EU) economy consists of an internal market of mixed economies based on free market and advanced social models. The GDP per capita (PPP) was $37,800 in 2017, compared to $59,495 in the United States, $42,695 Japan and $16,636 in China. With a low Gini coefficient of 31, the European Union has a more egalitarian repartition of incomes than the world average.Major economic hubs and financial centres where the large number of institutions, companies and banks is located are Amsterdam, Brussels, Bucharest, Dublin, Frankfurt, Göteborg, Helsinki, Lisbon, London, Madrid, Milan, Paris and Warsaw.
Euronext is the main stock exchange of the Eurozone and the 7th world largest by market capitalisation. Foreign investments made in the European Union total $5.1 trillion in 2012, while the EU's investments in foreign countries total $9.1 trillion, by far the highest domestic and foreign investments in the world.Since the beginning of the public debt crisis in 2009, opposite economic situations have emerged between Southern Europe on one hand, and Central and Northern Europe on the other hand: a higher unemployment rate and public debt in the Mediterranean countries with the exception of Malta, and a lower unemployment rate with higher GDP growth rate in the Eastern and in Northern member countries. In 2015, public debt in the European Union was 85% of GDP, with disparities between the lowest rate, Estonia with 9.7%, and the highest, Greece with 176%.The ten largest trading partners of the European Union are the United States, China, Switzerland, Russia, Turkey, Japan, Norway, South Korea and India (Trade with all these countries crossed $110 billion mark in 2016). The EU is represented as a unified entity in the World Trade Organization (WTO), the G-20 and G7, alongside with the EU's member countries participating.