The European Union covers more than 4 million km2 and includes 27 countries. Their size varies enormously, with France the largest and Malta the smallest. The European Union is a major economic and industrial power. As its membership has grown from six to twenty seven nations, its population has soared to 493 million, the world?s third largest after China and India.
The European Union is less than half the size of the Usa, but its population is over 50 % larger. Even with nearly half a billion individuals, the EU still represents only seven% of the globe?s population, yet it accounts for about a fifth of global imports and exports. It’s so a major trading force with an necessary role to play on the planet stage.
In the ten years following the completion of the Single Market package in 1993, the interior market brought the following edges:
- It boosted the European Union?s GDP by ?223 billion or 2.2% of EU GDP since 1993 representing ?1, 450 of extra income per household.
- Employment grew by 1.4% delivering an further 2.75 million jobs.
- Shoppers benefited additional from reduced value-cost margins. Evidence shows that in those sectors most full of the one market, worth-price margins declined by 3.9% within the 1990s. Moreover, the single market has led to increased price convergence. The coefficient of variation, that measures the convergence of final consumption prices, decreased from twenty% in 1991 (for the EU-15) to 13% in 2005.
- Intra-EU producing trade increased as a percentage of Gross Domestic Product from less than twenty five% in the EU-twelve in 1993 to thirty eight% within the EU-25 in 2005.
- Foreign direct investment from outside the EU in the Single Market rose from ?twenty three billion (EU-fifteen) in 1992 to ?one hundred forty five billion (EU-twenty five) in 2006.
- However, intra-EU FDI flows are abundant a lot of important. In 1995 53% of total FDI inflows within the EU-15 originated from other EU-15 countries. Ten years later this share has grown to 78% within the EU-15 and even up to 82% for EU-25 flows.
- 60 million customs clearance documents per year no longer needed to be completed, cutting forms and reducing prices and delivery times.
The GDP of the European Union?s Single Market is steadily growing. With the recent enlargements from fifteen to twenty seven countries, the Single Market now has the largest GDP of any economy in the world. ? $1.2 trillion in 2005. Though Gross Domestic Product per inhabitant in the new Member States is on the whole less than within the older ones, it is converging towards the EU average at a quick rate.
Despite monumental growth recently within the services sector, in all EU countries combined, some 25% of Gross Domestic Product remains generated by the goods sector.
- Considering Breaking into the European Market?
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