It is the second largest economy in the world in nominal terms, after the United States, and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP was estimated to be $18.8 trillion (nominal) in 2018, representing about 22% of the global economy. wileyc23. See Also: » European countries by GDP per capita » European Union countries by GDP » Asian … The industry reported contractions of 2.4% and 1.8% in 2012 and 2013, but the economy has strengthened in the past few years. Africa has a pool of some of the fastest-growing economies in the world. The country has a $3.68 trillion GDP. Favourite answer. Labour markets remain strong and unemployment continues to fall. Meanwhile, the industry sector is responsible for 25.3%, … Now, Beck argues, German reunification is being used as the template for German crisis management in Europe. By his calculations, Japan's response has been among the most aggressive, with a spending package estimated at roughly 20% of the country's economy. The country is among the world’s largest producers of … 7. It is the official world currency in European countries. From 1980 until 2020, Europe's five largest economies have consistently been France, Germany, Italy, Spain and the United Kingdom. 1 decade ago. List of European countries by GDP. Switzerland. In Asia, there are three economies in nominal and four in ppp basis. Which country has the best economy by GDP in the EU. The economy of the European Union is the joint economy of the member states of the European Union (EU). Are you looking for Telenor my app quiz answers? Germany has the highest ratio of exports to GDP (Gross Domestic Product) and the third in the world. Although the order on the list of the top countries with the strongest economy globally shifts from time to time, the key players on the list tend to be the same. In 2017, 37.5 million visitors entered the country. Great Britain has the strongest economy within the EU. Countries by GDP Growth 2020. 1 decade ago. In 2018, GDP saw growth on previous years and now sits at $51,936, By sector, this breaks down to 1.3% from agriculture, 28.4 % from … Question: … On PPP basis, top 10 share 61.06% of total. "We consider Turkey a strategic partner, not only for Hungary, but also for the EU, as Turkey is a country with the strongest economy in Europe's neighborhood," Szijjarto said. The European economy is now in its seventh consecutive year of growth and is forecast to continue expanding in 2020 and 2021. By the end of 2018, the figure is expected to rise to 7.2 percent. I daily upload answers to all Telenor questions so stay tuned. From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world. By sector of origin, the services sector makes up about 71.2% of GDP. Germany has a mixed economy and It allows a free market economy in consumer goods and business services. Brazil is a developing free-market economy. Countries by Area. Germany has one of the strongest economies in the world – but it's not because of Angela Merkel . In the absence of reliable economic data, it would be foolish to even try to undertake a comparison. Which Country Has The Strongest Economy in Europe? In terms of the total value of all goods and services produced, EU gross domestic product (GDP) in 2019, when the UK was still part of the EU, was €16.4 trillion. The country has emerged to be the world’s fastest economy according to the CSO and the IMF. However, the external environment has become much less supportive and uncertainty is running high. Four economically largest countries are located in Europe. Anonymous. Going back in history, according to Investopedia, since 1871 the number 1 on the list is occupied by the United States of America.Not much has changed ever since. Located in central-western Europe, Germany is a well-developed nation with a high standard of living. The world’s seventh largest economy is expected to be among the three top economies in the next two decades. 1 EUR= 1.11 USD. 8. Answer Save. Switzerland is one of the richest countries in the world with a very stable economy. 9. The German economy consistently ranks in the top 10, thanks to its extremely skilled and highly educated population. In the following paragraphs, the list based on the GDP growth of the countries all around … A good share of the German budget comes from tourism. Indonesia imports products to many major countries and has extensive natural resources. Germany is the fourth-largest economy in the world as well as the strongest Economy in Europe aside from being the largest in Europe. Private and Government play significant roles in the economy, and according to WTO, Indonesia was the 27 th biggest exporting country in the world. Just open your Telenor my app and then open the menu “Test your skill” here you will find these questions. How big is the EU economy? I have answered all questions and won the quiz. As per the estimation, Indonesia will be the 4 th strongest country in the economy by 2050. Countries are sorted by nominal GDP estimates from financial and statistical institutions, ... India has also experienced a similar economic boom since the implementation of economic liberalisation in the early 1990s. Turkey. Europe. … Visitors hardly travel across Europe without stopping in Germany. The Indian economy is expected to grow by 6.7 percent for the year 2017-18. While Japan has never operated aircraft carriers since World War 2, it does have 4 helicopter carriers in its Navy. The IMF sees U.S. GDP at 2% in 2020, and will decline further to 1.7% in 2021. As a result, the European economy looks to be heading towards a protracted period of more subdued … It is the second-largest economy in Europe (behind its main economic partner Germany). The country is trying to build-up better financial relations with its neighboring small nations like Bosnia and Herzegovina, France, and other European economies. Trade. The manufacturing industry is among strong pillars. The country has an estimated $21.8 trillion in natural resources, which includes vast amounts of timber, uranium, gold, and iron. The nominal GDP of the top 10 economies adds up to about 66% of the world's gdp. 1 0. mac. One of the strongest economies in the world has a very strong tourism industry as well. However, the size of its GDP in terms of purchasing power parity is $4.17 trillion while its GDP per capita is $44,549.69. Every time the country has been ravaged by war and internal conflict in the past, the economy has been able to recover. Relevance. The exporting sectors of industry play an especially important role in this. It was the largest from 2004, when ten countries joined the union, to 2014, after which it … However, since joining the EU, the country has developed its trading links with other member states, and simultaneously drawn a growing number of foreign investors attracted to its access to the single European market and its close ties to other growing EU economies. Answering these questions will help you to win Telenor Free Internet MBs. Also, it is the most powerful economy in the eurozone. Over 64 % of EU countries' total trade is done with other countries in the bloc. Reuters. When supranational entities are included, the European Union is the second largest economy in the world. Ireland has the highest rate of growth. Two North American countries are in nominal list and one in ppp list. Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. Especially the automotive industries play an important role. Source: International Monetary Fund World Economic Outlook (October-2019) Date: 24 Feb 2020: Top Statistics Coronavirus : 63,719,213 cases and 1,482,084 deaths. The country defends the airspace with 290 fighter jets and 84 attack helicopters. France has the second largest economy in Europe, however, but has a medium-growing economy due to the European Economic Crisis. The economy of a country is its backbone. US Coronavirus : 13,563,731 cases and 268,482 deaths . Finally, Australia is the world’s 10th strongest economy, according to per capita GDP, with an official value of USD 54,907.1 in 2019. The World Economic Forum’s Global Competitiveness Report 2015-2016 named Switzerland as Europe’s – and the world’s – most competitive economy for the seventh consecutive year. Which country has the strongest economy in Europe? Brazil, however, has one of the most unequal economies in the world. You have 4 contenders here, if we want to consider Russian as a European country (mainly Asian looking at its territory): Germany France The UK Russia Germany has the largest economy and no public deficit. The economy of this country is transformed from socialist planned economy to a capitalist mixed economy. Germany and the Netherlands complete the top three European economies. The most powerful economy in Europe, Germany boasts a GDP of $3.82 trillion and a per capita GDP of $44,741. Waves of Industrial Revolution in Western Europe and Northern America shifted the shares to the Western Hemisphere. 0 0. The currency used in Euro is known as the European Euro. It is one of the largest exporters and has a very strong … READ: African Countries with the most Powerful Military Strength 2020. 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