The Economy of Europe comprises more than 731 million people in
48 different countries. 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 roughly in former Cold War divide, with some
countries breaching the divide (Greece, Portugal, Slovenia and the Czech
Republic). Whilst most European states have GDP per capita higher than the
world's average and are very highly developed (Liechtenstein, Luxembourg,
Monaco, Andorra, Norway, Sweden, the Netherlands, Switzerland), some European
economies, despite their position over the world's average (except for Moldova)
in the Human Development Index (Albania, Armenia, Azerbaijan, Bosnia and
Herzegovina, Georgia, Macedonia, Kazakhstan, Kosovo, Belarus, Ukraine) are
still catching up with European leading countries.
Throughout this article "Europe" and derivatives of
the word are taken to include selected states whose territory is only partly in
Europe – such as Turkey (depending on a definition – whole country or just
Thrace), Azerbaijan (Caucasus), and the Russian Federation (its European part
to Ural Mountains) – and states that are geographically in Asia, bordering
Europe and culturally adherent to the continent – such as Armenia, Georgia, and
Cyprus.
Europe in 2010 had a nominal GDP of $19.920 trillion (30.2% of
the world). Europe's largest national economy is that of Germany, which ranks
fourth globally in nominal GDP, and fifth in purchasing power parity (PPP) GDP;
[3] followed by the United Kingdom, ranking fifth globally in nominal GDP,
followed by France, ranking sixth globally in nominal GDP, followed by Italy,
which ranks seventh globally in nominal GDP, followed by Russia ranking tenth
globally in nominal GDP then by Spain ranking thirteenth globally in nominal
GDP.
These 6 countries all rank in the world's top 15, therefore
European economies account for half of the 10 wealthiest ones. The end of World
War II brought European countries closer together, culminating in the formation
of the European Union (EU) and in 1999, the introduction of a unified currency
– the euro. The EU as a whole is the wealthiest and largest economy in the
world, topping the US by more than 2,000 billion at a time of great economic
slowdown– sees List of countries by GDP. In 2009 Europe remained the world's
wealthiest region. Its $33 trillion in assets under management represented more
than one-third of the world’s wealth. Unlike North America ($29, 3 trillion) it
was one of few regions where wealth surpassed its précises year-end peak.
Of the top 500 largest corporations measured by revenue (Fortune
Global 500 in 2010), 184 have their headquarters in Europe. 161 are located in
the EU, 15 in Switzerland, 6 in Russia, 1 in Turkey, 1 in Norway.
As noted by the Spanish sociologist Manuel Castells the average
standard of living in Western Europe is very high.
“The bulk of the population in Western Europe still enjoys the
highest living standards in the world, and in the world’s history."
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