The European Union remains the largest economy and economic area in the world.
Most countries in this region have a relatively high standard of living compared to other regions of the world.There is still a disparity among the wealthy and poor countries in Europe, but none is below the international poverty standards.
The creation of the European Union banished trade barriers, tariffs and built the greatest single trade bloc with 27 countries. As a result, the economies are closely linked and benefit from each other. The introduction of the Euro, as one common currency, erased exchange rates among the 24 member countries. Due to this, cross-border trading was simplified in the Euro zone.
Understanding Markets in Europe
European markets are very diverse and complex. Market Research in Europe can provide an insight to the dynamics and demographics of this diverse market, providing numerous growth and innovation opportunities for the business landscape.
The larger European economies are located in Western Europe, with the exception of Russia. Eastern Europe consists of several countries that are still in development stages. The markets in these two regions vary on a number of accounts, the leading one being the gap in per capita income level of their countries.
| Countries | Overview |
| Austria | The country has a growing annual GDP and is home to a large, vibrant capital city of Vienna. |
| Denmark | The country has the lowest level of income inequality in the world. Denmark has one of the highest standards of living in the world. |
| Finland | Finland is a highly industrialized economy, and its biggest industry is electronics. Major companies such as Nokia and Finnair are from Finland. |
| France | Home to one of Europe’s largest metropolitan cities, Paris is one of the most prosperous cities in Europe with a high living standard. France is ranked as the fifth biggest economy in the world and second biggest in Europe. |
| Germany | The country’s capital city Berlin is among the top ten metropolitan cities in Europe. Its export-driven policies and leading automotive industry are major sources of economic growth. Germany hosts many of the largest companies in the world including Volkswagen, Adidas, Nivea and Siemens. |
| Greece | With a stable and remarkable growth rate, Greece maintains an important geographical position between Europe and Asia. Its capital city Athens is a major tourist attraction, the country has large market potentials. |
| Italy | Italy has one of the lowest unemployment rates in the world. Two of Europe’s ten largest cities, Milan and Rome are located here. The largest industries of the country are wine production, automobiles and apparels. |
| Spain | Spain is the fifth largest European economy. Its tourism rose to be the second highest in the world in the recent years. Barcelona and Madrid the two major metropolitan cities of Europe. |
| United Kingdom | London is one of the most important cities in the Global Economy. The United Kingdom has long been a leading country in scientific development and is home to one of the largest financial centers alongside New York City. |
The top five largest economies of Europe according to nominal GDP are Germany (fourth largest economy worldwide), France (fifth largest worldwide), UK (sixth largest economy worldwide) and Italy (seventh highest world ranking)
Most of the countries that are part of Eastern Europe are developing nations with growing and diverse markets. These countries include Albania, Croatia, Poland, Romania, Slovakia, and Slovenia. These markets have quite diverse and different cultural outlook than the western region of Europe and can be regarded as completely different markets.
About SIS Market Research
SIS International Research is a Global Market Research that provides Qualitative and Quantitative research and Strategy Consulting. Our regional offices are in London. We conduct:
- Focus Groups
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- Customer Interviews
- Qualitative Fieldwork
- Quantitative Data Collection
- Competitive Analysis
- Market Entry & Opportunity Research
