Regional Analysis of Europe
The entire economy of Europe comprises of more than 730 million people in 48 countries. The wealth of the European states tends to vary. Differences of wealth in the region had been noted after Cold War divide, where some of the states were able to breach the divide. However, some of the European states have a GDP per capita that is higher than the world’s average and are highly developed (Wank & Farrer, 2015).
In the year 2010, the Continent was estimated to have a nominal GDP of $ 19.920 trillion which accounted for 30.2 percent of the world. Some of the largest Europe economies are Germany, the United Kingdom, France, Italy, Russia and Spain (Gannon & Pillai, 2015). These countries are ranked in the global top fifteen whereby Europe alone accounts for the half of the ten wealthiest countries. After the World War II, European countries were brought closer to each other which culminated in the formation of European Union in 1999 with the introduction of unified currency (euro). In general, the EU is the wealthiest and the largest economy in the entire world. In 2009, Europe was the world’s wealthiest region (Wank & Farrer, 2015).
In the year 2010, it was found that, the hospitality industry in the region created almost one trillion Euros in terms of output which was equal to 8.1 percent of the EU’s overall economic output. Generally, according to the report that considers country-by-country analysis, the sector in the same year made a contribution of 126 billion Euros to the……