Economy
The $16 Trillion European Union Economy

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The $16 Trillion European Union Economy
The European Union has the third-largest economy in the world, accounting for one-sixth of global trade. All together, 27 member countries make up one internal market allowing free movement of goods, services, capital and people.
But how did this sui generis (a class by itself) political entity come into being?
A Brief History of the EU
After the devastating aftermath of the World War II, Western Europe saw a concerted move towards regional peace and security by promoting democracy and protecting human rights.
Crucially, the Schuman Declaration was presented in 1950. The coal and steel industries of Western Europe were integrated under common management, preventing countries from turning on each other and creating weapons of war. Six countries signed on — the eventual founders of the EU.
Here’s a list of all 27 members of the EU and the year they joined.
Country | Year of entry |
---|---|
🇧🇪 Belgium | 1958 |
🇫🇷 France | 1958 |
🇩🇪 Germany | 1958 |
🇮🇹 Italy | 1958 |
🇱🇺 Luxembourg | 1958 |
🇳🇱 Netherlands | 1958 |
🇩🇰 Denmark | 1973 |
🇮🇪 Ireland | 1973 |
🇬🇷 Greece | 1981 |
🇵🇹 Portugal | 1986 |
🇪🇸 Spain | 1986 |
🇦🇹 Austria | 1995 |
🇫🇮 Finland | 1995 |
🇸🇪 Sweden | 1995 |
🇨🇾 Cyprus | 2004 |
🇨🇿 Czechia | 2004 |
🇪🇪 Estonia | 2004 |
🇭🇺 Hungary | 2004 |
🇱🇻 Latvia | 2004 |
🇱🇹 Lithuania | 2004 |
🇲🇹 Malta | 2004 |
🇵🇱 Poland | 2004 |
🇸🇰 Slovakia | 2004 |
🇸🇮 Slovenia | 2004 |
🇧🇬 Bulgaria | 2007 |
🇷🇴 Romania | 2007 |
🇭🇷 Croatia | 2013 |
Greater economic and security cooperation followed over the next four decades, along with the addition of new members. These tighter relationships disincentivized conflict , and Western Europe—after centuries of constant war—has seen unprecedented peace for the last 80 years.
The modern version of the EU can trace its origin to 1993, with the adoption of the name, ‘the European Union,’ the birth of a single market, and the promise to use a single currency—the euro.
Since then the EU has become an economic and political force to reckon with. Its combined gross domestic product (GDP) stood at $16.6 trillion in 2022, after the U.S. ( $26 trillion ) and China ( $19 trillion. )
Front Loading the EU Economy
For the impressive numbers it shows however, the European Union’s economic might is held up by three economic giants, per data from the International Monetary Fund. Put together, the GDPs of Germany ($4 trillion), France ($2.7 trillion) and Italy ($1.9 trillion) make up more than half of the EU’s entire economic output.
These three countries are also the most populous in the EU, and together with Spain and Poland, account for 66% of the total population of the EU.
Here’s a table of all 27 member states and the percentage they contribute to the EU’s gross domestic product.
Rank | Country | GDP (Billion USD) | % of the EU Economy |
---|---|---|---|
1. | 🇩🇪 Germany | 4,031.1 | 24.26% |
2. | 🇫🇷 France | 2,778.1 | 16.72% |
3. | 🇮🇹 Italy | 1,997.0 | 12.02% |
4. | 🇪🇸 Spain | 1,390.0 | 8.37% |
5. | 🇳🇱 Netherlands | 990.6 | 5.96% |
6. | 🇵🇱 Poland | 716.3 | 4.31% |
7. | 🇸🇪 Sweden | 603.9 | 3.64% |
8. | 🇧🇪 Belgium | 589.5 | 3.55% |
9. | 🇮🇪 Ireland | 519.8 | 3.13% |
10. | 🇦🇹 Austria | 468.0 | 2.82% |
11. | 🇩🇰 Denmark | 386.7 | 2.33% |
12. | 🇷🇴 Romania | 299.9 | 1.81% |
13. | 🇨🇿 Czechia | 295.6 | 1.78% |
14. | 🇫🇮 Finland | 281.4 | 1.69% |
15. | 🇵🇹 Portugal | 255.9 | 1.54% |
16. | 🇬🇷 Greece | 222.0 | 1.34% |
17. | 🇭🇺 Hungary | 184.7 | 1.11% |
18. | 🇸🇰 Slovakia | 112.4 | 0.68% |
19. | 🇧🇬 Bulgaria | 85.0 | 0.51% |
20. | 🇱🇺 Luxembourg | 82.2 | 0.49% |
21. | 🇭🇷 Croatia | 69.4 | 0.42% |
22. | 🇱🇹 Lithuania | 68.0 | 0.41% |
23. | 🇸🇮 Slovenia | 62.2 | 0.37% |
24. | 🇱🇻 Latvia | 40.6 | 0.24% |
25. | 🇪🇪 Estonia | 39.1 | 0.24% |
26. | 🇨🇾 Cyprus | 26.7 | 0.16% |
27. | 🇲🇹 Malta | 17.2 | 0.10% |
Total | 16,613.1 | 100% |
The top-heaviness continues. By adding Spain ($1.3 trillion) and the Netherlands ($990 billion), the top five make up nearly 70% of the EU’s GDP. That goes up to 85% when the top 10 countries are included.
That means less than half of the 27 member states make up $14 trillion of the $16 trillion EU economy.
Older Members, Larger Share
Aside from the most populous members having bigger economies, another pattern emerges, with the time the country has spent in the EU.
Five of the six founders of the EU—Germany, France, Italy, the Netherlands, Belgium—are in the top 10 biggest economies of the EU. Ireland and Denmark, the next entrants into the union ( 1973 ) are ranked 9th and 11th respectively. The bottom 10 countries all joined the EU post-2004.
The UK—which joined the bloc in 1973 and formally left in 2020—would have been the second-largest economy in the region at $3.4 trillion .
Sectoral Analysis of the EU
The EU has four primary sectors of economic output: services, industry, construction, and agriculture (including fishing and forestry.) Below is an analysis of some of these sectors and the countries which contribute the most to it. All figures are from Eurostat .
Services and Tourism
The EU economy relies heavily on the services sector, accounting for more than 70% of the value added to the economy in 2020. It also is the sector with the highest share of employment in the EU, at 73%.
In Luxembourg, which has a large financial services sector, 87% of the country’s gross domestic product came from the services sector.
Tourism economies like Malta and Cyprus also had an above 80% share of services in their GDP.
Industry
Meanwhile 20% of the EU’s gross domestic product came from industry, with Ireland’s economy having the most share (40%) in its GDP. Czechia, Slovenia and Poland also had a significant share of industry output.
Mining coal and lignite in the EU saw a brief rebound in output in 2021, though levels continued to be subdued.
Rank | Sector | % of the EU Economy |
---|---|---|
1. | Services | 72.4% |
2. | Industry | 20.1% |
3. | Construction | 5.6% |
4. | Agriculture, forestry and fishing | 1.8% |
Agriculture
Less than 2% of the EU’s economy relies on agriculture, forestry and fishing. Romania, Latvia, and Greece feature as contributors to this sector, however the share in total output in each country is less than 5%. Bulgaria has the highest employment ( 16% ) in this sector compared to other EU members.
Energy
The EU imports nearly 60% of its energy requirements. Until the end of 2021, Russia was the biggest exporter of petroleum and natural gas to the region. After the war in Ukraine that share has steadily decreased from nearly 25% to 15% for petroleum liquids and from nearly 40% to 15% for natural gas, per Eurostat .
Headwinds, High Seas
The IMF has a gloomy outlook for Europe heading into 2023. War in Ukraine, spiraling energy costs, high inflation, and stagnant wage growth means that EU leaders are facing “severe trade-offs and tough policy decisions.”
Reforms—to relieve supply constraints in the labor and energy markets—are key to increasing growth and relieving price pressures, according to the international body. The IMF projects that the EU will grow 0.7% in 2023 .
Misc
Vintage Viz: China’s Export Economy in the Early 20th Century
This pie chart, circa 1914, is a fascinating breakdown of China’s export economy just prior to World War I.

Vintage Viz: China’s Export Economy in the Early 20th Century
“The past is a foreign country; they do things differently there” is the oft-quoted first line of L.P. Hartley’s 1953 novel, The Go-Between .
A statement that is as profound as it is banal. In other words, when we do history, we’re a bit like tourists. If we really want to understand the past, we have to think like a local.
The infographic above, Aspects of Principal Exports of Chinese Goods to Foreign Countries , is the first in a series that we’re calling Vintage Viz , which presents a historical visualization along with the background and analytical tools to make sense of it.
Today, the People’s Republic of China is the second largest economy in the world, a permanent member of the UN Security Council, and a growing military power . But at the dawn of the 20th century, things were much, much different.
Opium and the Opening of China to the West
Early Sino-Western trade was restricted by the Qing emperors to three ports, and after 1757, just one, in what became known as the Canton System. This name came from the one remaining port city of the same name, present-day Guangzhou.
Foreign trade was tightly monitored and subject to stiff tariffs, and Western traders chafed under these restrictions. So when in 1839, Chinese authorities moved to shut down opium smuggling—an important source of profit for foreign merchants—Western powers saw their chance and used the pretext to revise the terms of trade by force.
In what became known as the Opium Wars, 1839-1842 and 1856-1860, first Great Britain and then an Anglo-French alliance defeated imperial China and imposed punitive treaties that included indemnities and lowered tariffs, but also expanded the number of ports open to foreign traders, first to five and by 1911, to more than 50.
Westerners were exempted from local laws, Christian missionaries were allowed to proselytize freely, and the opium trade was legalized. Hong Kong was also ceded to Great Britain at this time.
The Treaty Port Era, also known as the Century of Humiliation , was perhaps too much for the country to bear. The weakened central government was beset by popular unrest, including the Taiping Rebellion (1850–64), which killed 20 million people, and the Boxer Rebellion (1899-1901), so-named for the secret society that led the movement, the Righteous and Harmonious Fists.
Eventually, the last Chinese emperor was deposed and a republic declared in 1911. Nevertheless, the government was too weak to impose its will, and was repeatedly challenged by warlords.
So as we approach the outbreak of the First World War in 1914, and the period covered by our visualization, we find China weakened internally by civil strife, and externally by Western powers.
The History of this Century-Old Pie Chart
Aspects of Principal Exports of Chinese Goods to Foreign Countries captures Chinese exports for 1914, and comes from The New Atlas and Commercial Gazetteer of China: A Work Devoted to Its Geography & Resources and Economic & Commercial Development .
Originally published in 1917 and edited by Edwin J. Dingle for the Far Eastern Geographical Establishment, the volume contains a wealth of data for the period. According to the book’s Preface, it “seeks to give all the information that is essential to the business-man in regard to a country… about which less is known than in regard to any similar area in the world.”
The visualization breaks down total Chinese exports for 1914 in haikwan taels (hk. tls.), a unit of silver currency used to collect tariffs. In 1907, one haikwan tael was worth $0.79 U.S. dollars.
Official figures come from the Chinese Maritime Customs Service . This was set up by foreign consuls after the First Opium War to collect tariffs to guarantee the payment of treaty indemnities.
Exports in 1914 represented 345 million hk. tls., a 14.4% decrease from 1913, likely owing to the outbreak of the First World War that same year.
Apart from “Other Metals and Minerals, Sundries, etc,” which served as a catch-all category, the largest categories were silks and teas of various types, representing 22.6% and 10.4% of total exports respectively.
Export Item | Value (hk. tls.) |
---|---|
Animals, Living | 5,270,910 |
Beancake | 21,734,135 |
Bristles | 4,347,582 |
Coal | 8,624,805 |
Cotton Goods | 2,012,128 |
Cotton, Raw | 12,339,549 |
Eggs, Fresh, Preserved and Frozen | 4,192,535 |
Fire crackers and fire works | 2,435,841 |
Grasscloth | 1,422,727 |
Mats and Matting | 3,326,819 |
Medicines | 2,672,341 |
Oil, Bean and Nutgalls | 6,027,967 |
Oil, Groundnuts | 2,414,900 |
Oil, Wood | 3,736,275 |
Opium, Chinese | 250,255 |
Other Metals and Minerals, Sundries, etc | 74,449,181 |
Paper | 2,864,983 |
Ramie | 1,664,463 |
Seed, Rape | 2,662,349 |
Seed, Sesamum | 6,355,317 |
Sheep’s Wool | 6,658,962 |
Silk Cocoons | 2,078,721 |
Silk Piece Goods | 10,841,472 |
Silk Pongees | 4,720,914 |
Silk Waste | 5,025,679 |
Silk, Raw, not Steam Filature | 2,811,367 |
Silk, Raw, White, Steam Filature | 37,384,485 |
Silk, Raw, Wild not Filatures | 4,072,777 |
Silk, Raw, Yellow Steam Filatures | 1,267,413 |
Silk, Raw, Yellow, (not Steam Filature) | 4,439,073 |
Silk, Re-Reeled | 5,552,127 |
Skins and Hides Undressed (Cow and Buffalo) | 13,499,340 |
Skins, Goat Untanned | 3,207,974 |
Straw Braid | 1,104,310 |
Tallow, Animals and Vegetables | 3,175,270 |
Tea Brick, Black | 6,711,019 |
Tea Brick, Green | 2,323,259 |
Tea, Black | 16,203,547 |
Tea, Green | 10,785,584 |
Timber | 1,820,273 |
Tin, in Slabs | 7,978,558 |
Vermicelli Macaroni | 1,957,827 |
Wheat | 3,850,179 |
Yellow Beans | 19,005,709 |
Total | 345,280,901 |
Below are some more details that emerge from this visualization.
All the Tea in China
The Chinese tea trade was the subject of another visualization in the Atlas. It shows that China had been steadily losing ground to British India. Between 1888-1892 Chinese exports to Great Britain were 242 million pounds against India’s 105 million pounds. By 1912-1913, India had surpassed China to export 279 million pounds against 198 million pounds.
In 1914, the majority of Chinese exports went to Russia, 902,716 piculs in all. A picul is equal to “as much as a man can carry on a shoulder-pole” or about 133 pounds.
The Silk Road to Profits
Silk has long been in demand in the West as a luxury good, giving its name to the overland trade route that connected East and West for centuries: the Silk Road.
In 1914, China was the largest producer and exporter of silks in the world. On an annual basis, China averaged 14 million pounds, compared to the number two spot, Japan, at 11 million pounds, and number three, Italy, at 9 million pounds. Together, these three controlled 81.7% of the global silk trade.
The Opium of the Masses?
The opium trade, the pretext that opened China to foreign trade, was still big money in 1914.
A total of 37 million hk. tls. were imported in 1914 from India, up 11.9% from 1908. This is actually down from a peak of 41 million hk. tls. in 1913.
In 1907, China signed the Ten Year Agreement with India, which ultimately phased out the opium trade. By 1917 the trade was all but extinguished.
Back to the Future
The Aspects of Principal Exports of Chinese Goods to Foreign Countries is a far cry from the contemporary trade picture. China’s top export in 2021 was in the category “telephones for cellular networks or other wireless networks,” and was worth $147.1 billion .
But it’s worth noting that China today is a direct result of this period. The resentment created during the Century of Humiliation would eventually help lead to Mao Zedong, the Long March, and the establishment of the People’s Republic of China.
And in 1979, the Chinese central government would set up the first of their own “treaty ports,” in the form of special economic zones, places where foreign companies could set up shop. But this time, it wasn’t foreign powers who were making the rules.
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