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And it looks to improve further in the next few months. And in neighboring Ukraine, only a scant 11% have confidence in Putin. At that time, the EU GDP per capita was $8,799. Italy has barely grown since the euro was introduced in 1999, Find your bookmarks in your Independent Premium section, under my profile. Sir John Major criticises Theresa May's Brexit strategy, The European Commission expects the eurozone to grow faster than the UK this year. Poland, Spain, Italy and France each saw a significant drop between 2009 and 2012 in those saying EU membership was good, as many nations were feeling the full effects of the European sovereign debt crisis. It ranks 13th on the basis of per capita income, with a GDP per capita of $53,106.38. Hungarian Prime Minister Viktor Orban garners the lowest median confidence across the 14 EU nations when it comes to world affairs, with just 27%. You can find our Community Guidelines in full here. The European Union (EU) is a political and economic union of 28 countries in the Europe continent. Manufacturing remains as one of its crucial sectors and is being given due push via the governments' initiatives, such as "Make in India." For example, shoppers in the UK receive a two-year guarantee on all products, and a 14-day period to change their minds and return a purchase, these things are useful, www.PeopleImages.com-licence restrictions apply, Believe it or not, although the situation is improving, some areas of the UK have appalling air quality. The vital tourism sector is set to languish amid the collapse in visitors and lingering travel restrictions, and it risks suffering permanent damage with … It's Germany's third largest export market. If you take as a starting point growth last year, the Eurozone reached 1.7 per cent. However, it has charted impressive growth ever since. During 2017, it declined to 9.681%. The economy shrunk by 6% during this time (between the first quarter of 2008 and the second quarter of 2009) and eventually took five years to grow back to the pre-recession levels, according to data from the Office of National Statistics. Turkey, with its $766.43 billion economy, is the 19th-largest economy in the world. Two large economies, Germany and Italy, contracted in that period, though Spain and France both managed reasonably firm growth. The US population increased by 100 million, whereas the EU population increased by 79 million. We will use the publicly available data from IMF (See notes at the bottom). The US population is less than two-third of the EU total population. (+1) 202-857-8562 | Fax Post-Brexit, Spain is the fourth-largest economy in the eurozone. Greece is small enough for the rest of Europe to bail it out, given the will to do so. In these four countries, attitudes toward joining the EU have since rebounded to mirror acceptance levels prior to austerity and the euro crisis. The GDP PPP per capita gap continues to increase. IMF projects the economic growth to revive to 2.5% by 2019. If we take the UK GDP PPP of $3 trillion out of the EU, then the EU GDP PPP would get reduced to $19 trillion. During 1980, the US GDP on a Purchasing Power Parity (GDP PPP) basis was $2.9 trillion, whereas the EU GDP PPP was $4 trillion. The eurozone as whole slowed markedly in the third quarter of the year. Back in 1980, China was the seventh-largest economy, with a GDP of $305.35 billion, while the size of the U.S. then was $2.86 trillion. Canada is laying a lot of emphasis on manufacturing, which is crucial to its future economic growth. Germany's economy had shrunk in the third quarter of the year, by 0.2%, with global trade disputes blamed for the contraction. The size of its GDP in terms of purchasing power parity is $4.44 trillion, while its GDP per capita is $46,560 (18th place). Want an ad-free experience?Subscribe to Independent Premium. The country ranks third when GDP is compared in terms of purchasing power parity at $11.33 trillion. This implies an increase of 5-times in the EU GDP and 4-times in the EU GDP per capita from 1980 to 2018. During the next decade, Russia witnessed growth at a healthy pace of 7%. The US GDP PPP per capita during 1980 was $12,533. The problems of Greece have been widely publicised – there are currently some debt renegotiations taking place and these may well fail – but the existential threat to the Eurozone is Italy rather than Greece. Over the years, the difference in the size of the Chinese and the U.S. economy has been shrinking rapidly. When it comes to calculating GDP per capita, India's high population drags its nominal GDP per capita down to $2,170. You can also choose to be emailed when someone replies to your comment. This negative view is more prominent among Britons in rural and suburban areas (34% and 30%, respectively) than with those in UK cities (14%). The EU had a total population of 432 million in 1980. In 2018, the Chinese GDP in nominal terms stood at $13.37 trillion, lower than the U.S. by $7.21 trillion. Support for a right-wing populist party and views of European leaders are related. IMF forecasts the US GDP per capita to reach $62,518 in 2018, whereas the EU GDP per capita would reach $36,736. Across the 14 EU member countries surveyed, a median of 67% hold favorable views of the European Union while 31% have an unfavorable view. Numbers, Facts and Trends Shaping Your World. India's growth rate is expected to rise from 7.3% in 2018 to 7.5% in 2019 as drags from the currency exchange initiative and the introduction of the goods and services tax fade, according to the IMF. China is often referred to as the "world's factory," given its huge manufacturing and export base. Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. Those living in pre-1990 West Germany (71%) see the EU more favorably than those living in former East Germany (59%). Germany continues to create jobs not just for itself but for the rest of Europe. In Greece, for example, where only 17% voice optimism about their country’s job prospects, the unemployment rate was 19.3% in 2018, the highest such rate in the EU by far. Wikipedia article on European Union. The names of the EU countries are as follows: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden, United Kingdom.The following map shows the location of the EU countries on the Europe continent. 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