The State of Europe – Richest and Poorest Countries in the Continent
The European economy has 50 countries and a market of more than 740 million people. The formation of the European Union in 1999 and the adoption of the Euro made the continent even more productive as it improved convenience and participation.
Most countries in Europe have GDP per capita higher than average those of the world. However, there is a divide between the countries behind the former Iron curtain and those of Western Europe. By 2010, Europe had $19.920 in nominal GDP, which represented 30.2% of the world economy. The European Union produced between 75 to 80% of the GDP of the continent, which is about $20 trillion.
The EU is currently the most significant and wealthiest economy in the world, beating the US by up to $2 trillion in 2008. Essential industries in Europe include the services sector, investment, and banking, tourism, manufacturing, and agriculture. The region currently has more than $33 trillion assets under management, which is more than a third of the entire Globe’s wealth. Europe is the headquarters of 184 of the largest 500 companies by revenue on the Globe. In 2010 just as the effects of the financial crisis were wearing off, Europeans, particularly in Western Europe, enjoyed some of the highest standards of living in the world.
Austria is a highly industrialized economy, which has made the country consistently rank well in GDP per capita terms. While it is a free market economy, labor unions are very influential and exercise a lot of clout on economic decisions. Apart from industry, international tourism is one of the most critical sectors for Austria.
Tourism makes about 9% of the Austrian GDP with the country earning $18.9 billion from the industry in 2007. As a member of the EU, Austria has attracted a lot of foreign direct investment and access to the European market.
However, Austria was impacted by the 2008 financial crisis in which many private finance companies such as Hypo Alpe-Adria-Bank International had to be bought out by the bank. However, the service industry is Austria’s most important sector that contributes much to the country’s GDP. Vienna has become a consulting and finance metropole that is the gateway to the East.
GDP global rank: 26th
GDP per capita global rank: 13th
GDP European rank: 12th
GDP per cpita European rank: 14th
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