GDP in European Union 2013

European Union if looked at it as a whole solid brick economy - could be named as a Worlds largest economy by GDP. But European Union still consists of 28 independent countries. I won't discuss in this article about  - are they really independent, or how dependent National Parliaments are on Brussels,  but I will look at GDP in each country in European Union.

GDP in European Union 2013

  2012 $ (bln) 2013 $ (bln) Growth $ (mln) Growth % % of Total GDP
Germany 3425.95 3634.82 208.87 6.096703104 20.96381818
France 2611.22 2734.94 123.72 4.738015181 15.7737618
United Kingdom 2461.76 2522.26 60.5 2.457591317 14.54713027
Italy 2013.26 2071.3 58.04 2.882886463 11.94621923
Spain 1322.48 1358.26 35.78 2.705522957 7.833762243
Netherlands 770.06 800.17 30.11 3.910084928 4.614979116
Sweden 523.94 557.93 33.99 6.487384052 3.217860327
Poland 490.21 517.54 27.33 5.575161665 2.984911071
Belgium 482.91 508.11 25.2 5.21836367 2.930523562
Austria 394.45 415.84 21.39 5.422740525 2.398356494
Denmark 315.16 330.81 15.65 4.965731692 1.907946113
Finland 247.14 256.84 9.7 3.924900866 1.481324264
Greece 248.42 241.72 -6.7 -2.697045326 1.394119689
Portugal 212.14 219.96 7.82 3.686244933 1.268618926
Ireland 210.63 217.81 7.18 3.408821156 1.256218805
Czech Republic 196.44 198.44 2 1.018122582 1.144502363
Romania 169.39 189.63 20.24 11.94875731 1.093690703
Hungary 124.6 125.94 1.34 1.075441413 0.7263587361
Slovakia 91.34 92.15 0.81 0.8867965842 0.5314749685
Luxembourg 55.14 60.38 5.24 9.503083061 0.3482415474
Croatia 56.15 57.53 1.38 2.457702582 0.3318041773
Bulgaria 51.3 53 1.7 3.313840156 0.30567741
Slovenia 45.37 44.86 -0.51 -1.124090809 0.2587299738
Lithuania 42.34 43.82 1.48 3.495512518 0.2527317756
Latvia 28.37 29.61 1.24 4.37081424 0.1707756247
Estonia 22.37 24.47 2.1 9.387572642 0.1411306834
Cyprus 22.76 21.46 -1.3 -5.711775044 0.1237705135
Malta 8.74 8.94 0.2 2.288329519 0.05156143482
           
  16644.04 17338.54 694.5 4.17266481 100

Data source World Bank

In 2013 GDP in European Union totalled in $ 17.3 trillions what is 4.17% increase if compared with 2012.  Economy of EU now is the largest in world, the US cames second this year with $16.8 trillions.

In 2013 in EU there was 5 economies which was larger that $1 trillion - Germany, France, United Kingdom, Italy and Spain. Their total GDP amounts of about 70% of Total GDP in EU. Well, that's easy to explain, these are most populated countries in EU. In close future, my prediction are as follow - Netherlands and Poland could reach $1 trillion mark, and it could happen in less than 10 years. I strongly believe that.

The rest of 23 European countries have GDP of about 29% of Total GDP, leaving those 23 countries with about $5 trillions to divide between them. And again the lions share of it takes - Netherlands, Sweden and Poland. The rest 20 countries leaves with rest 19%. And so on and so on. To not make this as never ending loop, I will separately divide the smallest economies of EU.

I tried to define a "smallest economy" in EU last year already, then I chose to name a economy small if it's less than $100 bln, but this year I decided to use different approach - I will consider a small those economies which doesn't pass 1% border, now:

There are 11 countries in EU which GDP is less than 1% - Hungary, Slovakia, Luxembourg, Croatia, Bulgaria, Slovenia, Lithuania, Latvia, Estonia, Cyprus and Malta - total GDP in those countries amounts of 3.2% of total EU. 

Who has the most money in EU?

As you can see from map above, the least GDP has Eastern Europe, while West has solid GDP. Now taking in account that 2 (Slovenia and Cyprus) out of 3 (Greece) economies who had negative GDP growth, are from so called Small economy club - it makes me think, that small economies are more vulnerable than those who have large economies. And it's obvious - small is dependent from large.

If there is a recession in large economy - it's almost 100% sure, the recession will be in small economies as well. Although, if there will be recession in small economy it will not impact larger economy. So speaking of recessions in Slovenia, Cyprus and Greece (although Greece is not in the Small economy group, it's economy still amounts of modest 1.39% of total EU GDP)- I doubt there is need for panic. 

If you are willing to compare GDP per Capita in European Union, you might find interesting this article.

Another interesting observation - EU now is the Worlds largest economy, making me to think, what will be the future of EU. Will EU will go to more brick solid creation? What will be the US next move? EU is worlds largest and China is racing up. Should US needs to start to worry? Aren't they doing that already?