The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the third largest economy in the world in nominal terms, after the United States and China, 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 around $15 trillion (nominal) in 2020, representing around 1/6 of the global economy.
The European Union economy consists of an internal market of mixed economies based on free market and advanced social models. For instance, it includes an internal single market with free movement of goods, services, capital, and labor.
EU's investments in foreign countries total $9.1 trillion, while the foreign investments made in the European Union total $5.1 trillion in 2012, by far the highest foreign and domestic investments in the world.
The EU is the world’s main provider and the top global destination of foreign investment. Foreign direct investment stocks held in the rest of the world by investors resident in the EU amounted to €8,990 billion at the end of 2019. Meanwhile, foreign direct investment stocks held by third country investors in the EU amounted to €7,138 billion at the end of 2019.
By contributing to economic growth, job creation and integration in global value chains, foreign investment tends to benefit host countries as well as home countries. Through domestic policies and international agreements, most countries seek to improve conditions to attract investors. Recent findings also highlight the importance of helping investors retain and expand their existing investments.
We can help your company make the right decisions on how and where to start on the European market, by providing the necessary information on taxation, legal environment and market research. We can provide help throughout the entering of this new market and be a trustworthy ally in the following years. ICT group has 20 years of experience and a Europe wide contact network that allows us to help our Clients whichever country they choose to settle in within the European Union. We are also one of the only non BIG4 companies that has a local office in the United States which allows for seamless information flow and availability right here in the US.