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{| style="margin: 0 0 1em 1em; width:300px; float:right;" border="1" cellpadding="2" cellspacing="0"|+
Economy of EuropeDuring 2003 unless otherwise stated|-|Population:|710,000,000|-|
Gross domestic product (List of countries by GDP (PPP)):|
US$ $12.82 trillion (2006)]) :| $29,300|-|GDP /capita (
List of countries by GDP (Nominal) per capita) :| $30,937|-|Annual growth of
per capita GDP:|2.8% (2006)|-|Income of top 10%:|27.5%|-|
Millionaires:]|8.8% (2006)|-|Estimated female
income from 2002, some numbers exclude certain countries for lack of information. Statistics are for entire nations, not just the portions within Europe.|-| align="center" colspan="2" | |}
The economy of Europe comprises more than 710 million people in 48 different states. Like other continents, the wealth of [Europe's states varies, although the poorest are well above the poorest states of other continents in terms of GDP and living standards. The difference in wealth across Europe can be seen in a rough East-West divide. Whilst Western European states all have high Gross domestic product and living standards, many of
Eastern Europe's economies are still emerging from the collapse of the
USSR and SFRY. Throughout this article "Europe" and derivatives of the word are taken to include selected states that are geographically in Asia, bordering Europe - such as Azerbaijan and Cyprus.
As a continent, Europe has the third largest economy in the world. Europe's largest national economy is that of
Germany, which ranks third globally in nominal
Gross domestic product, and fifth in
purchasing power parity (PPP) GDP; and its second is that of the United Kingdom, which ranks fifth globally in nominal GDP and sixth in PPP GDP. The
European Union is the world's largest (as determined by the IMF and the World Bank - 2005) or second largest economy (CIA World Factbook - 2006) if counted as a single unit -- see
List of countries by GDP (PPP).
Economic development
Pre-1945: Industrial growth
Prior to
World War II, Europe's major financial and industrial states were the
United Kingdom, France,
Germany and Italy. The Industrial Revolution, which began in Britain, had spread rapidly across Europe, and before long the entire continent was at a high level of industry.
World War I had briefly led to the industries of some European states stalling, but in the run-up to World War II Europe had recovered well, and was competing with the ever increasing economic might of the United States of America.
However,
World War II caused the destruction of most of Europe's industrial centres, and much of the continent's infrastructure was laid to waste.
1945-1990: The Cold War era
Following World War II, Europe's economy and infrastructure was in tatters. The vast majority of
Eastern European states came under the control of the USSR in what became the
COMECON, and therefore a communist market-system (Yugoslavia also adopted this type of market-system but it was not USSR-controlled). Those states that retained free-markets were given large amounts of aid by the USA in order to help rebuild their state of economy (see Marshall Plan).
Many Western European governments moved to link their economies, laying the foundation for what would become the
European Union. This meant a huge increase in shared infrastructure and cross-border trade. Whilst these Western European states rapidly improved their economies, by the 1980s, the economy of the COMECON was struggling, mainly due to the massive cost of the
Cold War. The GDP and living standard of Eastern European states were also behind those of their Western neighbours. Even free-market Greece, situated in South-Eastern Europe, struggled due to geographical isolation from Western Europe.
The European Community grew from 6 original members following World War II, to 12 in this period. The emphasis placed upon resurrecting West Germany's economy led to it overtaking the
United Kingdom as Europe's largest economy.
]
{| style="margin: 0 0 1em 1em; width:300px; float:right;" border="1" cellpadding="2" cellspacing="0"|+
Economy of EuropeDuring 2003 unless otherwise stated|-|Population:|710,000,000|-|
Gross domestic product (
List of countries by GDP (PPP)):|US$ $12.82 trillion (2006)]) :| $29,300|-|GDP /capita (
List of countries by GDP (Nominal) per capita) :| $30,937|-|Annual growth of
per capita GDP:|2.8% (2006)|-|Income of top 10%:|27.5%|-|
Millionaires:]|8.8% (2006)|-|Estimated female
income from 2002, some numbers exclude certain countries for lack of information. Statistics are for entire nations, not just the portions within Europe.|-| align="center" colspan="2" | |}
The economy of Europe comprises more than 710 million people in 48 different states. Like other continents, the wealth of [Europe's states varies, although the poorest are well above the poorest states of other continents in terms of GDP and living standards. The difference in wealth across Europe can be seen in a rough East-West divide. Whilst
Western European states all have high Gross domestic product and living standards, many of Eastern Europe's economies are still emerging from the collapse of the USSR and SFRY. Throughout this article "Europe" and derivatives of the word are taken to include selected states that are geographically in Asia, bordering Europe - such as Azerbaijan and Cyprus.
As a continent, Europe has the third largest economy in the world. Europe's largest national economy is that of Germany, which ranks third globally in nominal Gross domestic product, and fifth in purchasing power parity (PPP) GDP; and its second is that of the United Kingdom, which ranks fifth globally in nominal GDP and sixth in PPP GDP. The European Union is the world's largest (as determined by the IMF and the World Bank - 2005) or second largest economy (CIA World Factbook - 2006) if counted as a single unit -- see
List of countries by GDP (PPP).
Economic development
Pre-1945: Industrial growth
Prior to World War II, Europe's major financial and industrial states were the United Kingdom,
France, Germany and
Italy. The Industrial Revolution, which began in Britain, had spread rapidly across Europe, and before long the entire continent was at a high level of industry.
World War I had briefly led to the industries of some European states stalling, but in the run-up to World War II Europe had recovered well, and was competing with the ever increasing economic might of the United States of America.
However,
World War II caused the destruction of most of Europe's industrial centres, and much of the continent's infrastructure was laid to waste.
1945-1990: The Cold War era
Following
World War II, Europe's economy and infrastructure was in tatters. The vast majority of Eastern European states came under the control of the USSR in what became the
COMECON, and therefore a communist market-system (Yugoslavia also adopted this type of market-system but it was not USSR-controlled). Those states that retained free-markets were given large amounts of aid by the USA in order to help rebuild their state of economy (see
Marshall Plan).
Many Western European governments moved to link their economies, laying the foundation for what would become the
European Union. This meant a huge increase in shared infrastructure and cross-border trade. Whilst these Western European states rapidly improved their economies, by the 1980s, the economy of the
COMECON was struggling, mainly due to the massive cost of the Cold War. The GDP and living standard of Eastern European states were also behind those of their Western neighbours. Even free-market Greece, situated in South-Eastern Europe, struggled due to geographical isolation from Western Europe.
The European Community grew from 6 original members following World War II, to 12 in this period. The emphasis placed upon resurrecting West Germany's economy led to it overtaking the
United Kingdom as Europe's largest economy.
]
Economy of Europe - Wikipedia, the free encyclopedia
The economy of Europe comprises more than 710 million people in 48 different states. Like other continents, the wealth of Europe 's states varies, although the poorest are well ...
Category:Economy of Europe - Wikipedia, the free encyclopedia
Subcategories. This category has the following 7 subcategories, out of 7 total.
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Global news service providing up to date information on current affairs and the latest news on Europe.
UCL SSEES: MA in the Political Economy of Russia and Eastern Europe
MA in the Political Economy of Russia and Eastern Europe (180 UCL credits / 72 ECTS) Programme Tutor: Professor Tomasz Mickiewicz (from September 2008 Dr Julia Korosteleva)
The political economy of 'normative power' Europe: EU environmental ...
This paper examines the transformation of the European Union from a laggard to a leader in the international politics of biotechnology regulation. The emergence of EU leadership in ...
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