The European economy operates as a single market between the 27 member countries of the European Union (EU),
The EU’s main economic engine is the single market which enables most goods, services, money and people to move freely,
In 2019, the total value of all goods and services produced or the European Gross Domestic Product (GDP), was €16.4 trillion (in 2019 the UK was still part of the EU),
Gross domestic product (GDP) is the most commonly used measure for the size of an economy. GDP can be compiled for a country, a region (such as Tuscany in Italy or Burgundy in France), or for several countries combined, as in the case of the European Union (EU). The GDP is the total of all value added created in an economy.
The European Union is seeking to support its citizens through the European employment strategy (EES), which dates back to 1997, with its main aim “the creation of more and better jobs throughout the EU”.
The European Union has updated its strategy to Europe 2020, a ten-year strategy for smart, sustainable and inclusive growth.