Economic Overview
Economic System |
HDI and Ranking |
GDP (billions of USD) |
GDP per capita (nominal USD) |
Level of Developmen |
Primary Sector |
Secondary Sector |
Tertiary Sector |
Exports |
Imports |
|
Austria |
Market System |
0.885 Rank 23 |
387.299 |
51,296 |
MDC |
4 |
26 |
70 |
$163.1 billion Machinery, motor parts, paper, metals, textiles |
$170.5 billion Machinery, motor parts,chemicals, oil |
Belgium |
Market System |
0.890 Rank 21 |
470.179 |
47,348 |
MDC |
1 |
22 |
77 |
$314.6 billion Machinery, processed diamonds, metals, food |
325.2 billion Machinery, chemicals, pharmaceuticals, oil |
France |
Mixed - Market and Socialist |
0.888 Rank 22 |
2,488.280 |
42,802 |
MDC |
3 |
21 |
76 |
$0.51 trillion Machinery, aircraft parts, chemicals, pharmaceuticals |
$0.66 trillion Machinery, oil, vehicles, plastics |
Germany |
Mixed - Market and Socialist |
0.916 Rank 6 |
3,494.900 |
47,966 |
MDC |
2 |
30 |
68 |
$1.5 trillion Motor vehicles, machinery, pharmaceuticals, electronics |
$1.3 trillion Data processing equipment, oil, vehicles, agricultural products |
Liechtenstein |
Market System |
0.908 Rank 13 |
4.826 |
4.826 |
MDC |
8 |
40 |
52 |
$2.218 billion Agricultural product, machinery, textile, foods |
$2.218 billion Machinery, metal goods, motor vehicles |
Luxembourg |
Market System |
0.892 Rank 19 |
60.984 |
116,560 |
MDC |
1 |
11 |
88 |
$14.7 billion Steel Products, diamonds, machinery, food items |
$23.8 billion Minerals, metals, food |
Monaco |
Market System |
1.074 Rank 1 |
6.075 |
187,650 |
MDC |
16 |
84 |
$1140.46 million Textiles and art |
$1211.43 million Gemstones and precious metals |
|
Netherlands |
Market System |
0.922 Rank 5 |
769.930 |
52,129 |
MDC |
2 |
17 |
81 |
$488.3 billion machinery and chemicals |
$404.6 billion Machinery, transport equipment, clothing |
Switzerland |
Market System |
0.930 Rank 3 |
662.483 |
85,374 |
MDC |
3 |
24 |
73 |
$206.94 billion Machinery, chemicals, watches |
$177.55 billion Machinery, agricultural products, textiles |
Analysis of Economic Development
From the data collected on the economy of Western Europe, it is fair to say that this region is one of the wealthiest and most successful in Europe, if not in all of the world. All of the countries in the Western Europe are MDC's with high HDI's and high GDP's. Western Europe is a financially powerful and stable region. The most common export and import throughout these nations is machinery. Some of these countries have slighter more imports than exports. When this happens, it is known trade deficit. Trade deficits are not as bad as they sound, and they usually correct themselves over time; It is simply just a flow of domestic currency out into foreign markets.
Connection to EU
The EU is a union of 28 countries that collaborate on political and economic issues facing Europe. All countries within the Western Europe region are a part of the EU (with exception to Switzerland, Monaco, and Liechtenstein although they all are in close cooperation with the EU). There are many advantages, but also some disadvantages to this union. To start off with some benefits of the EU, first, it allows for free trade between member nations, with no additional tax. Next, movement between member nations is open and simple, increasing opportunity for citizens. Another important aspect of the EU is its use of a common currency throughout all the member countries, the euro. The union enforces peace and collaboration between countries, preventing conflicts that could affect many countries and people. Now, on to disadvantages. First, the EU can freely take power from a country. The EU can overthrow any political official or government that doesn't suit it. Next, policies that the EU pushes for aren't targeted for specific countries, but for the union as a whole. Sometimes, these policies can harm smaller countries that are the minority in the union and that policies don't specifically focus on. Lastly, leaving the EU is extremely difficult. If a country is not very happy with their membership in the union, there is not much it can do.