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With a combined population of over 500 million inhabitants, or 7.3% of the world population, the EU in 2014 generated a nominal gross domestic product of 18.495 trillion US dollars, constituting approximately 24% of global nominal GDP and 17% when measured in terms of purchasing power parity. Additionally, 26 out of 28 EU countries have a very high Human Development Index, according to the UNDP. In 2012, the EU was awarded the Nobel Peace Prize.


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