Country Economic Profiles
Austria
Economic System: Market
HDI Ranking: 23
National GDP: $404.3 billion
Per Capita Income: $47,300
Level of Development: MDC
Levels of Economic Activities: Agriculture (1.3%), Industry (28.3%), and Services (70.4%)
Major Imports: machinery, vehicles, chemicals, metal, oil, natural gas, food
Major Exports: machinery, vehicles, paper, metal, chemicals, textiles, steel, food
HDI Ranking: 23
National GDP: $404.3 billion
Per Capita Income: $47,300
Level of Development: MDC
Levels of Economic Activities: Agriculture (1.3%), Industry (28.3%), and Services (70.4%)
Major Imports: machinery, vehicles, chemicals, metal, oil, natural gas, food
Major Exports: machinery, vehicles, paper, metal, chemicals, textiles, steel, food
Belgium
Economic System: Private-Enterprise
HDI Ranking: 21
National GDP: $494.1 billion
Per Capita Income: $43,600
Level of Development: MDC
Levels of Economic Activities: Agriculture (0.6%), Industry (21.9%), and Services (77.4%)
Major Imports: raw materials, machinery, chemicals, raw diamonds, pharmaceuticals, food, transportation equipment, oil
Major Exports: chemicals, machinery, finished diamonds, metal, food
HDI Ranking: 21
National GDP: $494.1 billion
Per Capita Income: $43,600
Level of Development: MDC
Levels of Economic Activities: Agriculture (0.6%), Industry (21.9%), and Services (77.4%)
Major Imports: raw materials, machinery, chemicals, raw diamonds, pharmaceuticals, food, transportation equipment, oil
Major Exports: chemicals, machinery, finished diamonds, metal, food
France
Economic System: Mixed
HDI Ranking: 22
National GDP: $2.647 trillion
Per Capita Income: $41,200
Level of Development: MDC
Levels of Economic Activities: Agriculture (3%), Industry (21.3%), and Services (75.7%)
Major Imports: machinery, vehicles, crude oil, aircrafts, plastic, chemicals
Major Exports: machinery and transportation equipment, aircrafts, plastic, chemicals, pharmaceuticals, iron and steel, drinks
HDI Ranking: 22
National GDP: $2.647 trillion
Per Capita Income: $41,200
Level of Development: MDC
Levels of Economic Activities: Agriculture (3%), Industry (21.3%), and Services (75.7%)
Major Imports: machinery, vehicles, crude oil, aircrafts, plastic, chemicals
Major Exports: machinery and transportation equipment, aircrafts, plastic, chemicals, pharmaceuticals, iron and steel, drinks
Germany
Economic System: Market
HDI Ranking: 6
National GDP: $3.841 trillion
Per Capita Income: $46,900
Level of Development: MDC
Levels of Economic Activities: Agriculture (1.6%), Industry (24.6%), and Services (73.8%)
Major Imports: machinery, data processing equipment, vehicles, chemicals, oil and gas, metals, electric equipment, pharmaceuticals, food, agricultural products
Major Exports: motor vehicles, machinery, chemicals, computer and electronic products, electrical equipment, pharmaceuticals, metals, transport equipment, food, textiles, rubber, and plastic products
HDI Ranking: 6
National GDP: $3.841 trillion
Per Capita Income: $46,900
Level of Development: MDC
Levels of Economic Activities: Agriculture (1.6%), Industry (24.6%), and Services (73.8%)
Major Imports: machinery, data processing equipment, vehicles, chemicals, oil and gas, metals, electric equipment, pharmaceuticals, food, agricultural products
Major Exports: motor vehicles, machinery, chemicals, computer and electronic products, electrical equipment, pharmaceuticals, metals, transport equipment, food, textiles, rubber, and plastic products
Liechtenstein
Economic System: Free-enterprise
HDI Ranking: 13
National GDP: $3.2 billion
Per Capita Income: $89,400
Level of Development: MDC
Levels of Economic Activities: Agriculture (0.8%), Industry (39.4%), and Services (59.9%)
Major Imports: agricultural products, raw materials, energy products, machinery, metal, textiles, food, motor vehicles
Major Exports: small specialty machinery, audio and video connectors, motor vehicle parts, dental products, hardware, prepared food, electronic equipment, and optical products
HDI Ranking: 13
National GDP: $3.2 billion
Per Capita Income: $89,400
Level of Development: MDC
Levels of Economic Activities: Agriculture (0.8%), Industry (39.4%), and Services (59.9%)
Major Imports: agricultural products, raw materials, energy products, machinery, metal, textiles, food, motor vehicles
Major Exports: small specialty machinery, audio and video connectors, motor vehicle parts, dental products, hardware, prepared food, electronic equipment, and optical products
Luxembourg
Economic System: Market
HDI Ranking: 19
National GDP: $55.73 billion
Per Capita Income: $99,000
Level of Development: MDC
Levels of Economic Activities: Agriculture (1.1%), Industry (20%), and Services (78.9%)
Major Imports: commercial aircrafts, minerals, chemicals, metal, food, luxury consumer goods
Major Exports: machinery and equipment, steel products, chemicals, rubber, glass
HDI Ranking: 19
National GDP: $55.73 billion
Per Capita Income: $99,000
Level of Development: MDC
Levels of Economic Activities: Agriculture (1.1%), Industry (20%), and Services (78.9%)
Major Imports: commercial aircrafts, minerals, chemicals, metal, food, luxury consumer goods
Major Exports: machinery and equipment, steel products, chemicals, rubber, glass
Monaco
Economic System: Market
HDI Ranking: N/A
National GDP: $6.79 billion
Per Capita Income: $78,700
Level of Development: MDC
Levels of Economic Activities: Agriculture (0%), Industry (16.1%), and Services (83.9%)
Major Imports: energy, vehicles, equipment, consumer goods
Major Exports: cosmetics, pharmaceuticals, glass, processed foods, postal cards and stamps
HDI Ranking: N/A
National GDP: $6.79 billion
Per Capita Income: $78,700
Level of Development: MDC
Levels of Economic Activities: Agriculture (0%), Industry (16.1%), and Services (83.9%)
Major Imports: energy, vehicles, equipment, consumer goods
Major Exports: cosmetics, pharmaceuticals, glass, processed foods, postal cards and stamps
Netherlands
Economic System: Market
HDI Ranking: 5
National GDP: $832.6 billion
Per Capita Income: $49,200
Level of Development: MDC
Levels of Economic Activities: Agriculture (1.8%), Industry (17%), and Services (81.2%)
Major Imports: machinery and transport equipment, chemicals, fuel, food, clothes
Major Exports: machinery and equipment, chemicals, fuel, food
HDI Ranking: 5
National GDP: $832.6 billion
Per Capita Income: $49,200
Level of Development: MDC
Levels of Economic Activities: Agriculture (1.8%), Industry (17%), and Services (81.2%)
Major Imports: machinery and transport equipment, chemicals, fuel, food, clothes
Major Exports: machinery and equipment, chemicals, fuel, food
Switzerland
Economic System: Market
HDI Ranking: 3
National GDP: $482.3 billion
Per Capita Income: $58,600
Level of Development: MDC
Levels of Economic Activities: Agriculture (3.4%), Industry (23.4%), and Services (73.2%)
Major Imports: machinery, chemicals, vehicles, metal, agricultural products, textiles
Major Exports: machinery, chemicals, watches, agricultural products
HDI Ranking: 3
National GDP: $482.3 billion
Per Capita Income: $58,600
Level of Development: MDC
Levels of Economic Activities: Agriculture (3.4%), Industry (23.4%), and Services (73.2%)
Major Imports: machinery, chemicals, vehicles, metal, agricultural products, textiles
Major Exports: machinery, chemicals, watches, agricultural products
Economic State of Western Europe
Western Europe as whole has a pretty strong economy, with Germany being the fifth largest economy in the world and the largest in Europe. The majority of the countries in this region operate under a Market Economic System. All of the countries in the region are MDCs. They all have the majority of their occupations, or employment, in the tertiary, services, sector. The majority, if not all, of the countries import and export machinery. This shows that they are advanced and that their labor is not done manually, which explains the lack of occupations in the primary, agriculture, sector.
European Union Effects
The countries in this region that are part of the European Union (EU) are Austria, Belgium, France, Germany, Luxembourg, and the Netherlands. Five out of the six of these countries were originally part of the EU when it began to form. Overall, the EU has brought together 28 countries to cooperate economically, meaning they share an economic system, views on the economy, and most countries share the same currency, the euro. Unfortunately, the EU had an economic crisis a few years ago, which caused the euro's worth to decrease. This has made it harder to maintain the strong economy the EU was known for, and some countries have struggled, and still are struggling, to get back to where they used to be. However, the countries in this region have bounced back and are now well off economically.