Major Economic Indicators of the European Union

The European Union (EU) is an economic and political union of 27 member states which are located primarily in Europe. Committed to regional integration, the EU was established by the Treaty of Maastricht in 1993 upon the foundations of the European Communities. With over 500 million citizens, the EU generated an estimated 28% share (US$ 16.5 trillion) of the nominal and about 21% (US$14.8 trillion) of the PPP gross world product in 2009.

The EU has developed a single market through a standardised system of laws which apply in all member states, and ensures the free movement of people, goods, services, and capital, including the abolition of passport controls by the Schengen Agreement between 22 EU states. It enacts legislation in justice and home affairs, and maintains common policies on trade, agriculture, fisheries and regional development. Sixteen member states have adopted a common currency, the euro, constituting the eurozone.

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