2023 Transatlantic Economy Report
March 21, 2023
The Transatlantic Economy 2023 study offers the most up-to-date facts and figures about the economic relationship between Europe and the United States. The transatlantic economy is proving to be remarkably resilient in the face of global economic and strategic disruptions. The U.S. and Europe remain each other’s most important markets and geo-economic base. The $7.1 trillion transatlantic economy employs 16 million workers in mutually “onshored” jobs on both sides of the Atlantic. It is the largest and wealthiest market in the world, accounting for half of total global personal consumption and close to one-third of world GDP in terms of purchasing power.
Ties are particular thick in foreign direct investment (FDI), portfolio investment, banking claims, trade and affiliate sales in goods and services, digital links, energy, mutual R&D investment, patent cooperation, technology flows, and sales of knowledge-intensive services.
2022 was record-breaking on multiple fronts:
- U.S.-Europe trade in goods reached an all-time high of $1.2 trillion.
- U.S.-EU goods trade hit a record $909.5 billion, more than EU-China goods trade and 25% higher than U.S.-China goods trade.
- U.S. company affiliates in Europe earned an estimated $325 billion, a record high, while European affiliates in the U.S. earned $151 billion, the second highest level ever.
- U.S. exports of liquefied natural gas (LNG) to Europe hit their highest levels ever. The U.S. accounted for more than half of Europe’s LNG imports, and Europe accounted for more than half of U.S. LNG exports to the world.