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European Union Economy 2004

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. The Economic and Monetary Union (EMU), an associated organization, introduced the euro as the common currency on 1 January 1999. The UK, Sweden, and Denmark do not now participate; the 10 new countries may choose to join the EMU when they meet its fiscal and monetary criteria and the member states so agree.
GDP: purchasing power parity - $11.05 trillion (2004 est.)
GDP - real growth rate: 1% (2004 est.)
GDP - per capita: purchasing power parity - $25,700 (2004 est.)
GDP - composition by sector: agriculture: 2.3% industry: 28.3% services: 69.4% (2004 est.)
Investment (gross fixed): percent of GDP - NA (2004 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: 2.9% highest 10%: 25.2% (1995 est.)
Distribution of family income - Gini index: 31.1 (2003 est.)
Inflation rate (consumer prices): 2% (2004 est.)
Labor force: 211.1 million
Labor force - by occupation: agriculture 4.3%, industry 29%, services 66.8% (2000)
Unemployment rate: 9.1% (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 industries, including iron and steel, aluminum, petroleum, coal, cement, chemicals, pharmaceuticals, automobiles, aircraft, railroad equipment, shipbuilding, electrical power equipment, machine tools, electronics, telecommunications equipment, fishing, food processing, furniture, paper, textiles and clothing, tourism
Industrial production growth rate: 0.8% (2004 est.)
Electricity - production: 2.822 trillion kWh (2001)
Electricity - consumption: 2.635 trillion kWh (2001)
Electricity - exports: 234.8 billion kWh (2001)
Electricity - imports: 245.7 billion kWh (2001)
Oil - production: 3.244 million bbl/day (2001)
Oil - consumption: 14.48 million bbl/day (2001)
Oil - exports: 6.429 million bbl/day (2001)
Oil - imports: 16.97 million bbl/day (2001)
Oil - proved reserves: 7.467 billion bbl (1 January 2002)
Natural gas - production: 243.8 billion cu m (2001)
Natural gas - consumption: 463.6 billion cu m (2001)
Natural gas - exports: 77.04 billion cu m (2001)
Natural gas - imports: 292.2 billion cu m (2001)
Natural gas - proved reserves: 3.262 trillion cu m (1 January 2002)
Current account balance: $NA
Exports: $850.3 billion (2002)
Exports - commodities: machinery, motor vehicles, aircraft, plastics, pharmaceuticals and other chemicals, fuels, iron and steel, nonferrous metals, wood pulp and paper products, textiles, meat, dairy products, fish, alcoholic beverages.
Exports - partners: NA
Imports: $887.1 billion (2002)
Imports - commodities: machinery, vehicles, aircraft, plastics, crude oil, chemicals, textiles, metals, foodstuffs, clothing
Imports - partners: NA
Reserves of foreign exchange & gold: $NA
Debt - external: $NA
Economic aid - donor: $NA
Currency: euro; pound (Cyprus), koruna (Czech Republic), krone (Denmark), kroon (Estonia), forint (Hungary), lat (Latvia), litas (Lithuania), lira (Malta), zloty (Poland), koruna (Slovakia), tolar (Slovenia), krona (Sweden), pound (UK)
Currency code: EUR
Exchange rates: euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001)
Fiscal year: NA

NOTE: The economy information regarding European Union on this page is re-published from the 2004 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of European Union Economy 2004 information contained here. All suggestions for corrections of any errors about European Union Economy 2004 should be addressed to the CIA.