Country vs country: Economy Stats: compare key data on European Union & United States and Economy Stats: compare key data on European Union & United States compared Economy

STAT European Union United States HISTORY
Central bank discount rate 1.75%
Ranked 85th. 4 times more than United States
0.5%
Ranked 122nd.

Distribution of family income > Gini index 30.4
Ranked 15th.
45
Ranked 9th. 48% more than European Union

Overview Internally, the EU is attempting to lower trade barriers, adopt a common currency, and move toward convergence of living standards. Internationally, the EU aims to bolster Europe's trade position and its political and economic power. Because of the great differences in per capita income among member states (from $7,000 to $69,000) and historic national animosities, the EU faces difficulties in devising and enforcing common policies. For example, since 2003 Germany and France have flouted the member states' treaty obligation to prevent their national budgets from running more than a 3% deficit. In 2004 and 2007, the EU admitted 10 and two countries, respectively, that are, in general, less advanced technologically and economically than the other 15. Eleven established EU member states introduced the euro as their common currency on 1 January 1999 (Greece did so two years later), but the UK, Sweden, and Denmark chose not to participate. Of the 12 most recent member states, only Slovenia (1 January 2007) and Cyprus and Malta (1 January 2008) have adopted the euro; the remaining nine are legally required to adopt the currency upon meeting EU's fiscal and monetary convergence criteria. The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.
GDP $16.63 trillion
Ranked 1st. 6% more than United States
$15.68 trillion
Ranked 2nd.

GDP > Composition by sector > Industry 25%
Ranked 85th. 31% more than United States
19.1%
Ranked 160th.

GDP > Per capita $29,423.40 per capita
Ranked 29th.
$45,759.46 per capita
Ranked 8th. 56% more than European Union

GDP > Purchasing power parity $14.90 trillion
Ranked 1st.
$16.24 trillion
Ranked 1st. 9% more than European Union

GDP > Purchasing power parity per capita $29,405.51
Ranked 28th.
$47,587.30
Ranked 7th. 62% more than European Union

GDP per capita $32,676.48
Ranked 25th.
$49,965.27
Ranked 10th. 53% more than European Union

GDP per person 32,838.17
Ranked 24th.
45,989.18
Ranked 9th. 40% more than European Union

Inbound tourism income > Current US$ $463.27 billion
Ranked 1st. 3 times more than United States
$166.53 billion
Ranked 2nd.

Inflation rate > Consumer prices 1.8%
Ranked 121st.
2.1%
Ranked 160th. 17% more than European Union

Tax > Tax rates 35.43
Ranked 28th. 2 times more than United States
15.91
Ranked 3rd.

Tourist arrivals 371.04 million
Ranked 1st. 6 times more than United States
57.94 million
Ranked 3rd.

Tourist arrivals > Per capita 755.65 per 1,000 people
Ranked 39th. 4 times more than United States
190.7 per 1,000 people
Ranked 91st.

GDP > Composition by sector > Services 73.2%
Ranked 17th.
79.7%
Ranked 15th. 9% more than European Union

Tourism > International tourism, number of arrivals per capita 0.792
Ranked 51st. 4 times more than United States
0.201
Ranked 98th.

Consumer spending 58.58
Ranked 86th.
71.37
Ranked 53th. 22% more than European Union

GDP > Composition by sector > Agriculture 1.8%
Ranked 115th. 50% more than United States
1.2%
Ranked 191st.

Industries among the world's largest and most technologically advanced, the European Union industrial base includes: ferrous and non-ferrous metal production and processing, metal products, petroleum, coal, cement, chemicals, pharmaceuticals, aerospace, rail transportation equipment, passenger and commercial vehicles, construction equipment, industrial equipment, shipbuilding, electrical power equipment, machine tools and automated manufacturing systems, electronics and telecommunications equipment, fishing, food and beverage processing, furniture, paper, textiles, tourism highly diversified, world leading, high-technology innovator, second largest industrial output in world; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining
Balance of payments > Capital and financial account > Foreign direct investment > Net inflows > BoP > Current US $429.91 billion
Ranked 1st. 3 times more than United States
$134.71 billion
Ranked 3rd.

GDP > Real growth rate 1.8%
Ranked 140th.
2.8%
Ranked 106th. 56% more than European Union

Economic growth > Per capita -4.59
Ranked 128th. 32% more than United States
-3.47
Ranked 111th.

GDP > Official exchange rate per capita $31,477.71
Ranked 25th.
$47,264.02
Ranked 8th. 50% more than European Union

Agriculture > Products barley, oilseeds, sugar beets, wine, grapes; dairy products, cattle, sheep, pigs, poultry; fish wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; fish; forest products
Trade > Imports per capita $3,370.57
Ranked 51st.
$6,152.08
Ranked 42nd. 83% more than European Union

Currency euro, British pound, Bulgarian lev, Czech koruna, Danish krone, Estonian kroon, Hungarian forint, Latvian lat, Lithuanian litas, Polish zloty, Romanian leu, Slovak koruna, Swedish krona US dollar
GDP > Purchasing power parity > Per capita $29,423.40 per capita
Ranked 29th.
$45,759.46 per capita
Ranked 8th. 56% more than European Union

Companies > Listed domestic companies, total 10,391
Ranked 1st. 3 times more than United States
4,102
Ranked 3rd.

Trade > Exports per capita $3,893.11
Ranked 46th.
$4,105.70
Ranked 46th. 5% more than European Union

Tourism > International tourism, number of arrivals 401.94 million
Ranked 1st. 6 times more than United States
62.71 million
Ranked 3rd.

Companies > Market capitalization of listed companies > Current US$ per capita $20,429.86
Ranked 23th.
$59,469.57
Ranked 6th. 3 times more than European Union

Stock of broad money 11170000000000 None
Exchange rates euros per US dollar - 0.7715 <strong>British pounds per US dollar: </strong>0.6324 (2012 est.), 0.624 (2011 est.), 0.6472 (2010), 0.6175 (2009), 0.5302 (2008)<br /><strong>Canadian dollars per US dollar:</strong> (2012 est.), 1.001 (2012 est.), 0.9895 (2011 est), 1.0302 (2010 est.), 1.1431 (2009), 1.0364 (2008)<br /><strong>Chinese yuan per US dollar:</strong> (2011 est.), 6.311 (2012 est.), 6.4615 (20111 est.), 6.7703 (2010 est.), 6.8314 (2009), 6.9385 (2008)<br /><strong>euros per US dollar:</strong> 0.7838 (2012 est.), 0.7185 (2011 est.), 0.755 (2010 est.), 0.7198 (2009), 0.6827 (2008)<br /><strong>Japanese yen per US dollar:</strong> 79.42 (2012 est.), 79.81 (2011 est.), 87.78 (2010), 93.57 (2009), 103.58 (2008)
GDP > Official exchange rate $15.95 trillion
Ranked 1st.
$16.02 trillion
Ranked 1st. About the same as European Union

Investment > Gross fixed 18.6% of GDP
Ranked 97th. 44% more than United States
12.9% of GDP
Ranked 139th.

Stock of narrow money 5542000000000 None
Trade > Exports > Exports of goods and services > Constant 2000 US$ per capita $12,663.95
Ranked 18th. 2 times more than United States
$5,885.16
Ranked 34th.

Government spending 2.01 trillion
Ranked 1st. 15% more than United States
1.74 trillion
Ranked 2nd.

High-technology > Exports > Current US$ > Per capita $1.23 million per 1,000 people
Ranked 18th. 61% more than United States
$760,722.33 per 1,000 people
Ranked 24th.

Savings > Gross domestic savings > Current US$ per capita $6,580.67
Ranked 25th.
$8,113.69
Ranked 21st. 23% more than European Union

Tax > Tax payments > Number 12.54
Ranked 134th. 14% more than United States
11
Ranked 139th.

Gross domestic savings 3.14 trillion
Ranked 1st. 95% more than United States
1.61 trillion
Ranked 3rd.

Inflation 110.3
Ranked 140th. About the same as United States
109.85
Ranked 143th.

Outbound tourist spending 453.3 billion
Ranked 1st. 4 times more than United States
117.97 billion
Ranked 2nd.

Income > GNI per capita, PPP > Current international $ $33,526.77
Ranked 20th.
$52,610.00
Ranked 5th. 57% more than European Union

Income > GNI, PPP > Current international $ per capita $33,526.77
Ranked 20th.
$52,608.35
Ranked 5th. 57% more than European Union

Size of economy > GDP > GDP growth -0.324%
Ranked 155th.
2.21%
Ranked 111th.

Innovation > Patent applications, residents per million 214.19
Ranked 13th.
795.12
Ranked 3rd. 4 times more than European Union

Saving rate 17.85
Ranked 59th. 83% more than United States
9.77
Ranked 96th.

GDP > CIA Factbook $11.05 trillion
Ranked 1st. 1% more than United States
$10.99 trillion
Ranked 1st.

GNI 16.31 trillion
Ranked 1st. 16% more than United States
14.01 trillion
Ranked 2nd.

Companies > Listed domestic companies, total per million 20.41
Ranked 40th. 56% more than United States
13.07
Ranked 49th.

Tax > GDP > Current US$ per capita $32,782.09
Ranked 26th.
$51,748.56
Ranked 10th. 58% more than European Union

Purchasing power parity > GDP per capita > PPP > Current international $ $31,456.68
Ranked 25th.
$45,989.18
Ranked 6th. 46% more than European Union

World trade > Exports 6.01 trillion
Ranked 1st. 4 times more than United States
1.58 trillion
Ranked 2nd.

Companies > Stock market > Stocks traded, total value > Current US$ per capita $15,761.47
Ranked 18th.
$68,092.78
Ranked 3rd. 4 times more than European Union

Industrial > Production growth rate 4.1%
Ranked 76th. 24% more than United States
3.3%
Ranked 92nd.

Spending > Household final consumption expenditure per capita > Constant 2000 US$ $16,430.77
Ranked 22nd.
$30,898.88
Ranked 3rd. 88% more than European Union

Income > GDP per capita, PPP > Current international $ $33,608.80
Ranked 25th.
$51,748.56
Ranked 8th. 54% more than European Union

Household spending per capita 11,411.19
Ranked 18th.
26,782.83
Ranked 1st. 2 times more than European Union

Commercial bank prime lending rate 7.52%
Ranked 96th. 2 times more than United States
3.25%
Ranked 170th.

Companies > Market capitalization of listed companies > Current US$ $10.40 trillion
Ranked 2nd.
$18.67 trillion
Ranked 1st. 80% more than European Union

Trade > Imports $1.69 trillion
Ranked 2nd.
$1.90 trillion
Ranked 1st. 13% more than European Union

GDP > CIA Factbook per capita $22,329.95
Ranked 1st.
$37,882.45
Ranked 2nd. 70% more than European Union

Purchasing power parity > GNI per capita > PPP > Current international $ $31,288.17
Ranked 22nd.
$45,640.00
Ranked 5th. 46% more than European Union

Income > Health expenditure per capita, PPP > Constant 2005 international $ $3,245.53
Ranked 19th.
$8,607.88
Ranked 1st. 3 times more than European Union

Spending > Household final consumption expenditure > Current US$ per capita $19,157.22
Ranked 23th.
$35,518.00
Ranked 4th. 85% more than European Union

Debt > Strength of legal rights index > 0=weak to 10=strong per million 0.0133
Ranked 186th.
0.0287
Ranked 182nd. 2 times more than European Union

Economy growth -4.25
Ranked 132nd. 62% more than United States
-2.63
Ranked 111th.

Purchasing power parity > Gross domestic product per capita > PPP 27,332.61
Ranked 23th.
41,761.08
Ranked 6th. 53% more than European Union

GDP > CIA Factbook > Per capita $24,217.28 per capita
Ranked 1st.
$37,791.00 per capita
Ranked 2nd. 56% more than European Union

Household spending 5.69 trillion
Ranked 2nd.
8.22 trillion
Ranked 1st. 45% more than European Union

Income > Household final consumption expenditure, PPP > Constant 2005 international $ per capita $15,253.69
Ranked 22nd.
$30,898.88
Ranked 1st. 2 times more than European Union

GDP > Per $ GDP $29,423.40 per $1 of GDP
Ranked 29th.
$45,759.46 per $1 of GDP
Ranked 8th. 56% more than European Union

Spending > Household final consumption expenditure, etc. > Current US$ $9.74 trillion
Ranked 2nd.
$11.15 trillion
Ranked 1st. 14% more than European Union

Trade > Exports $1.95 trillion
Ranked 1st. 54% more than United States
$1.27 trillion
Ranked 3rd.

Purchasing power parity > GDP > PPP > Current international $ $15.69 trillion
Ranked 1st. 11% more than United States
$14.12 trillion
Ranked 2nd.

Income > GDP, PPP > Current international $ per capita $33,608.80
Ranked 25th.
$51,748.56
Ranked 8th. 54% more than European Union

Debt > Banks > Automated teller machines > ATMs > Per 100,000 adults 66.54
Ranked 34th.
173.43
Ranked 4th. 3 times more than European Union

Trade > Export growth -12.35
Ranked 67th.
8.37
Ranked 54th.

Income > Household final consumption expenditure, PPP > Constant 2005 international $ $7.76 trillion
Ranked 2nd.
$9.70 trillion
Ranked 1st. 25% more than European Union

Income > GNI, PPP > Current international $ $17.07 trillion
Ranked 1st. 3% more than United States
$16.51 trillion
Ranked 2nd.

Income > GDP, PPP > Current international $ $17.11 trillion
Ranked 1st. 5% more than United States
$16.24 trillion
Ranked 2nd.

Balance of payments > Financial > Reserves 281.93 billion
Ranked 2nd.
-52,181,533,779.94
Ranked 142nd.

Balance of payments > Current account > Goods > Services and income > Exports > Goods and services > Current U $5.89 trillion
Ranked 1st. 4 times more than United States
$1.57 trillion
Ranked 2nd.

Balance of payments > Current account > Balances > Current account balance > Current US$ $-44,512,830,051.92
Ranked 139th.
$-378,434,537,000.00
Ranked 143th. 9 times more than European Union

Companies > Ease of doing business index > 1=most business-friendly regulations 41.79
Ranked 148th. 10 times more than United States
4
Ranked 185th.

Tourism > International tourism, receipts > Current US$ $463.15 billion
Ranked 1st. 2 times more than United States
$185.89 billion
Ranked 2nd.

Spending > Final consumption expenditure > Constant 2000 US$ per capita $22,642.07
Ranked 21st.
$37,586.27
Ranked 5th. 66% more than European Union

Currency > GDP > Constant 2000 US$ per capita $28,747.51
Ranked 24th.
$45,335.90
Ranked 10th. 58% more than European Union

Tax > GDP > Current US$ $16.69 trillion
Ranked 1st. 3% more than United States
$16.24 trillion
Ranked 2nd.

Steel > Production 139.1 million tonnes
Ranked 2nd. 2 times more than United States
58.1 million tonnes
Ranked 5th.

Purchasing power parity > GNI > PPP > Current international $ $15.60 trillion
Ranked 1st. 11% more than United States
$14.01 trillion
Ranked 2nd.

High-technology > Exports > Current US$ $602.17 billion
Ranked 1st. 3 times more than United States
$231.13 billion
Ranked 3rd.

National accounts > US$ at constant 2000 prices > Aggregate indicators > GDP per capita > Constant 2000 US$ $19,069.14
Ranked 23th.
$37,016.09
Ranked 6th. 94% more than European Union

Income > GDP per capita, PPP > Constant 2005 international $ $27,818.23
Ranked 26th.
$45,335.90
Ranked 7th. 63% more than European Union

Scientific and technical journals > Articles published 245,851.6
Ranked 1st. 17% more than United States
209,694.7
Ranked 2nd.

International tourism > Expenditures for travel items > Current US$ $392.45 billion
Ranked 1st. 5 times more than United States
$85.37 billion
Ranked 3rd.

Spending > Household final consumption expenditure > Constant 2000 US$ per capita $16,430.77
Ranked 22nd.
$30,898.88
Ranked 3rd. 88% more than European Union

Spending > Final consumption expenditure > Constant 2000 US$ $11.53 trillion
Ranked 2nd.
$11.80 trillion
Ranked 1st. 2% more than European Union

Savings > Gross domestic savings > Current US$ $3.35 trillion
Ranked 2nd. 32% more than United States
$2.55 trillion
Ranked 3rd.

Trade > Exports > Goods 4.43 trillion
Ranked 1st. 3 times more than United States
1.58 trillion
Ranked 2nd.

Patent applications > Residents 100,797
Ranked 4th.
231,588
Ranked 2nd. 2 times more than European Union

Income > GDP, PPP > Constant 2005 international $ per capita $27,818.23
Ranked 26th.
$45,335.90
Ranked 7th. 63% more than European Union

Income > GNI, PPP > Constant 2005 international $ $14.12 trillion
Ranked 2nd.
$14.47 trillion
Ranked 1st. 2% more than European Union

Income > GNI per capita, PPP > Constant 2005 international $ $27,737.93
Ranked 22nd.
$46,084.41
Ranked 3rd. 66% more than European Union

Innovation > Patent applications, nonresidents per million 48.64
Ranked 34th.
821.06
Ranked 7th. 17 times more than European Union

Innovation > Patent applications, residents 108,762
Ranked 5th.
247,750
Ranked 3rd. 2 times more than European Union

Innovation > Scientific and technical journal articles 249,819.6
Ranked 1st. 20% more than United States
208,600.8
Ranked 2nd.

Tax > Social security contributions 34.94%
Ranked 16th.
41.64%
Ranked 1st. 19% more than European Union

Market value of publicly traded shares $9.90 trillion
Ranked 2nd.
$15.64 trillion
Ranked 1st. 58% more than European Union

Tax > Time to prepare and pay taxes > Hours 230.38
Ranked 81st. 23% more than United States
187
Ranked 112th.

Balance of payments > Capital and financial account > Net errors and omissions > Adjusted > BoP > Current US$ $-19,249,367,336.89
Ranked 135th.
$162.52 billion
Ranked 1st.

Balance of payments > Current account > Goods > Services and income > Exports of goods > Services > Income and wo $7.18 trillion
Ranked 1st. 3 times more than United States
$2.16 trillion
Ranked 2nd.

Tourism > International tourism, receipts for travel items > Current US$ per capita $764.80
Ranked 43th. 60% more than United States
$479.02
Ranked 62nd.

Tourism > International tourism, expenditures > Current US$ $419.75 billion
Ranked 1st. 4 times more than United States
$117.29 billion
Ranked 2nd.

Tourism > International tourism, number of departures 400.81 million
Ranked 1st. 7 times more than United States
58.5 million
Ranked 4th.

Companies > Ease of doing business index > 1=most business-friendly regulations per million 0.0811
Ranked 186th. 6 times more than United States
0.0127
Ranked 188th.
International tourism > Receipts for travel items > Current US$ $393.32 billion
Ranked 1st. 3 times more than United States
$134.91 billion
Ranked 2nd.

Trade > Tariffs > Binding coverage > All products 99.98%
Ranked 17th. The same as United States
99.96%
Ranked 12th.

Patent applications > Nonresidents 32,555
Ranked 4th.
210,062
Ranked 1st. 6 times more than European Union

Tax > Tax payments > Number per million 0.0256
Ranked 187th.
0.035
Ranked 185th. 37% more than European Union

Trade > Exports > Per $ GDP $0.12 per $1 of GDP
Ranked 20th. 55% more than United States
$0.08 per $1 of GDP
Ranked 152nd.

Purchasing power parity > GDP > PPP > Constant 2005 international $ $13.63 trillion
Ranked 1st. 6% more than United States
$12.82 trillion
Ranked 2nd.

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