7 July, 2022 seen 4,209In 2022 three were 27 member states in the European Union (EU), and 20 of the 27 EU member states have adopted the euro…
European Union with 28 member states, with population reaching over 500 millions, for some might sound as the Worlds largest Economy, if looking to European Union as a whole, solid brick creature. In 2012, GDP in EU was $16.6 trillions.
But lets break things up, and see what makes European Union? Today I would like to speak about smallest economies of EU
The Smallest economies of European Union:
I decided to call a small economy, if it's Gross Domestic Product is less than $100 billions.
In 2012 in European Union there were 10 countries with GDP less than $100. Malta, Estonia, Cyprus, Latvia, Lithuania, Slovenia, Bulgaria, Croatia, Luxembourg and Slovakia. Population total in these countries made 28 millions.
In total 10 smallest economies generated $425 billions of GDP.
According to chart above, we can expect in closer future to see Slovakia to left list of smallest economies. In 2012 Slovakia's GDP was $91.604. I truly believe that in close future we should see Bulgaria too to be removed from this list as well. In 2012 Bulgarian GDP made just $51 billion, with it's population of 7.3 millions, making Bulgaria the poorest country by GDP per capita in European Union in 2012. In 2012, GDP per capita in Bulgaria was $6.980
In 2012 these 10 smallest economies of EU generated just about 2.6% of total economy.
GDP per capita in EU smallest economies
In average GDP per capita in those 10 countries was $15,00.19
Smallest GDP per capita was in Bulgaria, making just $6.985, while the highest was in Luxembourg - $107.560 per capita.