Countries listed by HDI ranking, economic system/economic type, national GDP/GDP per capita. level of development, level of economic activities, percentages of economic activities, (major imports & exports on seperate hyperlinked page below)
- Austria - 0.885; free market, ~$437 billion GDP/$50,546 per capita, MDC
- Mostly tertiary activities; 1.33% agriculture, 70.68% services, 27.99 industry, 18.53% manufacturing;
- Belgium - 0.890 (21); free market; $524.8 billion GDP/$46,878 per capita, MDC
- Mostly tertiary activities; 0.62% agriculture, 77.44% services, 21.94% industry, 13.7% manufacturing
- France - 0.888; mixed economic system; $2.806 trillion/$42,503 per capita, MDC
- Mostly tertiary activities; 1.74% agriculture, 78.76% services, 19.5% industry, 11.23% manufacturing
- Germany - 0.916; social market economy, $3.73 trillion/$46,268 per capita, MDC
- Mostly tertiary activities; 0.55% agriculture, 69.03% services, 20.42% industry, 22.57% manufacturing
- Liechtenstein - 0.908; free enterprise economy, $4.826 billion GDP/$134,617 per capita, MDC
- Mostly tertiary activities; 7.1% agriculture, 42.8% industry, 50.1% services
- Luxembourg - 0.892; free market, 60.13 billion/$110,697 per capita, MDC
- Mostly tertiary activities; 0.18% agriculture, 88.54% services, 11.28% industry, 4.74% manufacturing
- Monaco - 0.946, free market, $6.075 billion GDP/$163,025 per capita, MDC
- Mostly tertiary and quaternary level activities; 14% industry, 86% services
- Netherlands - 0.922, free market, $853.5 billion GDP/50,793 per capita, MDC
- Mostly tertiary activities; 1.65% agriculture, 77.76% services, 20.59% industry, 12.29% manufacturing
- Switzerland - 0.922, market economy, $685.4 billion GDP/$84,815 per capita
- Mostly tertiary activities; 0.69% agriculture, 73.59% services, 25.73% industry, 18.55% manufacturing
- Mostly tertiary activities; 0.69% agriculture, 73.59% services, 25.73% industry, 18.55% manufacturing
Imports and Exports <-Click There
Summary of Economic System: Compared to the majority of the world, Western Europe has a fairly advanced economic system. The majority of nations, especially ones with powerhouse GDPs such as France and Germany are characterized with high GDPs. The majority of jobs are in the tertiary sector, signifying high economic and technological growth. The high-tech majority exports mean that the Western Europe region is very advanced in terms of economic development. Since these nations are in the EU, the free trade agreements enforced through the organization may also have impacted the level of economic growth. However, due to recent crises such as Brexit and Greece’s bankruptcy, the economic future of Western Europe is precarious.
EU Impacts: The three major statutes the EU enforces on most or all of its member is a unified currency (euro), open borders between EU nations, and free trade. Western European nations such as France, Belgium, Liechtenstein, Switzerland, Austria, and luxembourg. This open border policy between EU nations known as the Schengen Area has the advantage of reducing border control costs for individual nations and allow an easier flow of labor between nations, but disadvantages include border loopholes that make drug and human trafficking more efficient. Western European nations such as Germany, Belgium, France, Austria, and Luxembourg all use the EU’s euro which has advantages of having smaller nations being backed up by the larger economies such as France’s and Germany’s, but disadvantages include taking away a sovereign nation’s ability to take control of their inflation rates. EU free trade agreements have the advantage of a more dynamic business climate but the disadvantage of a more competitive job market.
EU Impacts: The three major statutes the EU enforces on most or all of its member is a unified currency (euro), open borders between EU nations, and free trade. Western European nations such as France, Belgium, Liechtenstein, Switzerland, Austria, and luxembourg. This open border policy between EU nations known as the Schengen Area has the advantage of reducing border control costs for individual nations and allow an easier flow of labor between nations, but disadvantages include border loopholes that make drug and human trafficking more efficient. Western European nations such as Germany, Belgium, France, Austria, and Luxembourg all use the EU’s euro which has advantages of having smaller nations being backed up by the larger economies such as France’s and Germany’s, but disadvantages include taking away a sovereign nation’s ability to take control of their inflation rates. EU free trade agreements have the advantage of a more dynamic business climate but the disadvantage of a more competitive job market.