Overall, GDP per capita in Western European countries is increased by 12% with European Union membership, making it beneficial to the economies of these countries. Poorer countries benefit more from membership of the EU than richer ones, economics-wise, but richer countries gain more in terms of productivity, so, since all the countries of Western Europe are quite wealthy, they wouldn’t expand much economically but would become more productive. As part of the EU, Western European countries also have increased financial stability, reinforcing the dynamics of their economies and, therefore, making them more resistant against shocks that could cause huge declines in the economy. Additionally, labor productivity growth, physical infrastructure, and employment levels, as well as the integrity of the legal system in Western Europe’s countries are positively impacted by EU membership. As members of the EU, the countries have privileges such as faster trading with foreign countries overseas and a more open market. On the other hand, disadvantages of EU membership include inefficient policy-making, expensive initial membership costs, less democracy, and vastly increased net migration that can cause immigration issues. Also, despite the current decline in GDP per capita in the EU and rising unemployment rates due to Brexit, the EU is focusing on keeping inflation levels lowered (at 2%) rather than improving these economic issues, which may cause problems in the near future.
ECONOMIC PROFILES OF WESTERN EUROPEAN COUNTRIES
Summary
The Western-European countries are some of the most wealthiest countries in the world, with very high per capita income averaging at $77,620, Monaco being the richest. These countries are well developed, and have a social market or free-enterprise economy. Trade in these countries are very similar to others in Western Europe, usually involving the import of vehicles, machinery, chemicals, foodstuffs, and the export of cars, refined petroleum, food, aircrafts and machinery. These countries usually trade with each other and countries all over the world. All of the countries in Western Europe are placed low on the HDI (Human Development Index), the lowest being Switzerland at 3rd in the world, which shows how developed the countries actually are. Unemployment in these countries range from 4% to about 10%, and have larger effects on countries with smaller populations.
Germany
Economic System: Social Market
HDI Ranking: 6th
GPD: 3.37 Trillion
Per Capita Income: $45,888
Level of Development: Developed
Major Imports: Crude petroleum, cars, vehicle parts, computers.
Major Exports:Cars, vehicle parts, packaged medicaments, planes, helicopters.
HDI Ranking: 6th
GPD: 3.37 Trillion
Per Capita Income: $45,888
Level of Development: Developed
Major Imports: Crude petroleum, cars, vehicle parts, computers.
Major Exports:Cars, vehicle parts, packaged medicaments, planes, helicopters.
Austria
Economic System: Social Market
HDI Ranking: 23rd
GDP: 374.056 billion
Per Capita Income: $46,420
Level of Development: Developed
Major Imports: Cars, crude petroleum, machines, engines, pumps.
Major Exports: Machinery, metal goods, chemicals, vehicle parts.
HDI Ranking: 23rd
GDP: 374.056 billion
Per Capita Income: $46,420
Level of Development: Developed
Major Imports: Cars, crude petroleum, machines, engines, pumps.
Major Exports: Machinery, metal goods, chemicals, vehicle parts.
Belgium
Economic System: Free Market
HDI Ranking: 21st
GDP: 481.5 billion
Per Capita Income: $42,973
Level of Development: Developed
Major Imports: Machinery and equipment, chemicals, finished diamonds, foodstuffs.
Major Exports: Refined petroleum, cars. diamonds, petroleum gas
HDI Ranking: 21st
GDP: 481.5 billion
Per Capita Income: $42,973
Level of Development: Developed
Major Imports: Machinery and equipment, chemicals, finished diamonds, foodstuffs.
Major Exports: Refined petroleum, cars. diamonds, petroleum gas
France
Economic System: Capitalism/Socialism
HDI Ranking: 23rd
GDP: 2.422 Trillion
Per Capita Income: $40,375
Level of Development: Developed
Major Imports: cars, other vehicles, crude oil, aircraft.
Major Exports: machinery, transportation equipment, chemicals, plastics.
HDI Ranking: 23rd
GDP: 2.422 Trillion
Per Capita Income: $40,375
Level of Development: Developed
Major Imports: cars, other vehicles, crude oil, aircraft.
Major Exports: machinery, transportation equipment, chemicals, plastics.
Liechtenstein
Economic System: Free-enterprise
HDI Ranking: 13th
GDP: 5.488 Billion
Per Capita Income: $158,976
Level of Development: Developed
Major Imports: raw materials, metal goods, machinery, agricultural products.
Major Exports: Machinery, vehicles, chemical products, beverages.
HDI Ranking: 13th
GDP: 5.488 Billion
Per Capita Income: $158,976
Level of Development: Developed
Major Imports: raw materials, metal goods, machinery, agricultural products.
Major Exports: Machinery, vehicles, chemical products, beverages.
Luxembourg
Economic System: Open Economy
HDI Ranking: 19th
GPD: 64.874 Billion
Per Capita Income: $92,049
Level of Development: Developed
Major Imports: Fuels, foodstuffs, ores, metals.
Major Exports: steel products, foodstuffs, diamonds, chemicals.
HDI Ranking: 19th
GPD: 64.874 Billion
Per Capita Income: $92,049
Level of Development: Developed
Major Imports: Fuels, foodstuffs, ores, metals.
Major Exports: steel products, foodstuffs, diamonds, chemicals.
Monaco
Economic System: Free Market Capitalistic System
HDI Ranking: n.a.
GPD: 6.075 Billion
Per Capita Income: $163,025
Level of Development: Developed
Major Imports: foodstuffs, chemicals, transportation products.
Major Exports: Art products, manufactured goods, textiles.
HDI Ranking: n.a.
GPD: 6.075 Billion
Per Capita Income: $163,025
Level of Development: Developed
Major Imports: foodstuffs, chemicals, transportation products.
Major Exports: Art products, manufactured goods, textiles.
Netherlands
Economic System: Mixed Economy
HDI Ranking: 5th
GPD: 752.547 Billion
Per Capita Income: $50,793
Level of Development: Developed
Major Imports: foodstuffs, chemicals, clothing, transport equipment
Major Exports: food, machinery, chemicals, fuel
HDI Ranking: 5th
GPD: 752.547 Billion
Per Capita Income: $50,793
Level of Development: Developed
Major Imports: foodstuffs, chemicals, clothing, transport equipment
Major Exports: food, machinery, chemicals, fuel
Switzerland
Economic System: Market Economy
HDI Ranking: 3rd
GPD: 664.738 Billion
Per Capita Income: $58,087
Level of Development: Developed
Major Imports: Metals, machinery, chemicals
Major Exports: Gold, watches, pharmaceuticals
HDI Ranking: 3rd
GPD: 664.738 Billion
Per Capita Income: $58,087
Level of Development: Developed
Major Imports: Metals, machinery, chemicals
Major Exports: Gold, watches, pharmaceuticals