Portal:European Union/Selected article/1

The economy of the European Union combines the economies of 28 member states and is generating an estimated nominal GDP of €12.8 trillion in 2012 according to the Eurostat. It accounts for about 31% of the world's total economic output. 18 member states adopted a single currency, the euro, managed by the European Central Bank. The EU economy consists of a single market and is represented as a unified entity in the WTO.