With a projected GDP of 12.7 trillion for 2021, the Eurozone collectively would have the third-largest global economy, after the US and China, according to statistics from Trading Economics.
Today, the Eurozone’s strongest economies are Germany, France, and Italy. While the range of industries across the Eurozone is diverse, there is considerable crossover between countries. In particular though, Germany’s key strengths lie with mechanical engineering, aviation and automotive, with standout sectors for France including tourism, agriculture and transport, and Italy’s focus including textiles, chemicals and machinery.
In terms of international trade, the EU had a 2020 trade surplus with the US of €150 billion, with Eurozone countries Germany, Italy, France and Netherlands accounting for the vast majority of that figure. The EU’s trade deficit with China was €181 billion in 2020.