The Economy of Europe is one the wealthiest economy in the world and is the first trade power in the world, trade within the Europe accounts for more than one-third of the world total. The economy of Europe comprises more than 728 million people in 48 different countries. Most European states have GDP per capita higher than the world's average Europe's largest national economy is that of Germany, which ranks fourth globally in nominal GDP, and fifth in purchasing power parity (PPP) GDP; followed by France, ranking fifth globally in nominal GDP, followed by the United Kingdom, ranking sixth globally in nominal GDP, followed by Italy, which ranks seventh globally in nominal GDP, then by Russia ranking tenth globally in nominal GDP. These 5 countries are all ranking in the world's top 10, therefore European economies account for half of the 10 wealthiest ones. The European Union has large coal, oil, and natural gas reserves. There are six oil producers in the European Union, primarily in North Sea oilfields. The United Kingdom by far is the largest producer; however Denmark, Germany, Italy, Romania and the Netherlands all produce oil. If it is treated as a single unit, which is not conventional in the oil markets, the European Union is the seventh largest producer of oil in the world The European Union is the largest exporter in the world. European countries with a long history of trade, a free market system, and a high level of development in the previous century are generally in the north and west of the continent. The European Union's member states are the birthplace of many of the world's largest leading multinational companies, and home to its global headquarters. The average standard of living in Western Europe is very high. The official currency of the European Union is the euro used in all its documents and policies. Following the recession that marked 2012, the EU economy is expected to stabilize in the first half of 2013 the EU economy is projected to return to growth in the second half of 2013.