Apr 08, 2024

The Transatlantic Economy Sets New Records!

The $8.7 trillion transatlantic economy is proving to be remarkably resilient in the face of global economic and strategic disruptions. This is the conclusion of a newly published report ‘The Transatlantic Economy 2024’ commissioned by AmCham EU and the U.S. Chamber of Commerce – sponsored in part by AmCham Denmark.

The facts are clear:  No other two regions in the world are as deeply integrated as the U.S. and Europe. And despite what we often hear, the Transatlantic Economy still represents the world’s largest and wealthiest market: 1/3 of global GDP, 16 million jobs and nearly 7 trillion in commercial sales.

About the Report
The Transatlantic Economy report offers the most up-to-date facts and figures about the economic relationship between Europe and the United States. The report highlights that the key drivers of the transatlantic economy – investment, trade and company income – posted strong results again in 2023:

  • Sales by European affiliates of U.S. companies reached a record high of $3.8 trillion;
    sales by U.S. affiliates of European firms hit a record high of $3.1 trillion.
  • U.S.-EU goods trade reached an all-time high of $1.22 trillion in 2023
    – double U.S.-China goods trade of $575 billion.
  • U.S. company affiliates in Europe earned an estimated $350 billion, a record high;
    European affiliates in the U.S. earned an estimated $190 billion, a record high.

This edition features new insights into the impact of the war in Ukraine, international sanctions on Russia, transatlantic energy transformations, the reconfiguration of global supply chains with ‘de-risking’ strategies, relations with China as well as the green and digital transitions.

About the Authors
Research for the study was conducted independently by Daniel Hamilton and Joseph Quinlan at the Foreign Policy Institute at Johns Hopkins University’s School of Advanced International Studies, and the Transatlantic Leadership Network.

Key Findings (click to download):
  – Executive Summary
  – Chapter 1: Shaken, Not Stirred: The Transatlantic Economy in 2024
  – Chapter 2: Jobs, Trade and Investment: Cyclical Weakness, Structural Strength
  – Chapter 3: Derisking in a World Gone MAD: American, European and Chinese Characteristics
  – Chapter 4: Transatlantic Energy Transformations
  – Chapter 5: The Digital Drivers of the Transatlantic Economy
  – Chapter 6: The 50 U.S. States: European-Related Jobs, Trade and Investment
  – Chapter 7: European Countries: U.S.-Related Jobs, Trade and Investment

  – Appendix A: European Commerce and the 50 U.S. States: A State-by-State Comparison
  – Appendix B: U.S. Commerce and Europe: A Country-by-Country Comparison
  – Danish-U.S. Numbers

Download the full report:

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