(FORTUNE Magazine) – Here are economic snapshots of the 19 countries in Europe making up the European Community (EC) and the European Free Trade Association (EFTA). Many are in recession. Yet their potential is huge. Together they form a market of 400 million largely prosperous consumers.

EC COUNTRIES BELGIUM '92 '93 est. proj. GDP growth % 1.6 2.2 Unemployment % 9.7 9.6 Inflation % 3.1 3.0 Balance of trade 1.8 3.4 Billions of dollars (incl. Luxembourg)

Public debt % of GDP 132.9 Population in millions 10.0 Cars per 1,000 pop. 388 TVs per 1,000 pop. 301

Belgium's economy is weakening because of a drop in its exports, mainly to Germany, which has long been the country's major trading partner. The budget deficit as a percentage of GDP rose last year, reversing a recent trend, but the government promises increased austerity next year. Consumer spending should benefit from an expected decline in interest rates in early 1993.

BRITAIN '92 '93 est. proj. GDP growth % -0.4 2.0 Unemployment % 9.8 9.7 Inflation % 5.1 3.7 Balance of trade -19.7 -25.1 Billions of dollars

Public debt % of GDP 38.5 Population in millions 57.4 Cars per 1,000 pop. 383 TVs per 1,000 pop. 534

The surprise reelection of a Conservative government in April buoyed the economy briefly, but Britain has settled back into deep recession. Despite lower interest rates since the country withdrew from the European Monetary System (EMS), consumer spending remains flat. Unemployment has edged up. One bright spot: The pound's 14% depreciation should lift exports.

DENMARK '92 '93 est. proj. GDP growth % 1.8 2.5 Unemployment % 10.7 10.2 Inflation % 2.3 2.2 Balance of trade 5.5 5.8 Billions of dollars

Public debt % of GDP 61.6 Population in millions 5.2 Cars per 1,000 pop. 311 TVs per 1,000 pop. 386

Danes sent shock waves across Europe last summer by voting down the European Community's treaty for currency and political union. But the Danish economy remains in good shape, mainly because exporters concentrate on upscale niches. The government plans another vote on European unity next year. If voters say no again, business confidence could decline rapidly.

FRANCE '92 '93 est. proj. GDP growth % 2.0 2.3 Unemployment % 9.8 9.8 Inflation % 3.1 2.7 Balance of trade -0.7 0.4 Billions of dollars

Public debt % of GDP 48.5 Population in millions 57.1 Cars per 1,000 pop. 418 TVs per 1,000 pop. 332

Winemakers and luxury-goods producers are suffering, but the economy as a whole is growing, if slowly. GDP is expected to be up just 2% this year. Key to France's economic policy is its strong economic ties to Germany. Paris has outdone the Bundesbank in keeping interest rates high to fight inflation. At 3.1%, inflation is below Germany's and among the lowest in Europe.

GERMANY '92 '93 est. proj. GDP growth % 1.2 1.7 Unemployment % 4.7 4.8 Inflation % 4.5 3.8 Balance of trade 32.8 40.0 Billions of dollars

Public debt % of GDP 43.5 Population in millions 79.8 Cars per 1,000 pop. 481 TVs per 1,000 pop. 379

Unification has proved to be far costlier than Chancellor Helmut Kohl or anyone else anticipated. The bill is currently running at 5.6% of GDP. Even so, Germany still has the strongest economy in Europe. Rebuilding the East has sparked a boom for construction companies. Consumer spending ought to pick up now that the Bundesbank has begun lowering interest rates.

GREECE '92 '93 est. proj. GDP growth % 1.4 2.1 Unemployment % 9.4 10.3 Inflation % 14.8 11.0 Balance of trade -10.9 -11.8 Billions of dollars

Public debt % of GDP 87.1 Population in millions 10.1 Cars per 1,000 pop. 166 TVs per 1,000 pop. 174

War in neighboring Yugoslavia has overshadowed the government's struggle to control its runaway deficit. Not only does the conflict threaten to spill into Greece's border provinces, it has also hurt exports. Goods from Greece that once passed through Yugoslavia now have to give the region a wide berth, increasing costs. Greece has also lost markets in Yugoslavia itself.

IRELAND '92 '93 est. proj. GDP growth % 2.3 2.9 Unemployment % 16.9 16.6 Inflation % 3.5 3.2 Balance of trade 4.0 4.4 Billions of dollars

Public debt % of GDP 108.8 Population in millions 3.5 Cars per 1,000 pop. 209 TVs per 1,000 pop. 216

The country continues to attract foreign investment -- 1,000 new companies in the first half of this year alone. That influx raised manufacturing output 11%. But in spite of record levels of job creation, Ireland's unemployment remains high. Main reason: Irish emigrants -- fleeing recession in Britain, North America, and Australia -- have come home looking for work.

ITALY '92 '93 est. proj. GDP growth % 1.3 1.7 Unemployment % 11.2 11.5 Inflation % 5.3 4.4 Balance of trade 1.7 2.1 Billions of dollars

Public debt % of GDP 107.8 Population in millions 57.8 Cars per 1,000 pop. 424 TVs per 1,000 pop. 255

The 18% devaluation of the lira after Italy's split from the EMS in September seems to have finally spurred the government to take action against its deficit, the third largest in the EC. Proposed cuts in health, pensions, and $ local government, plus new taxes, have triggered public outrage. But if the government can make them stick, the measures could save $70 billion in 1993.

LUXEMBOURG '92 '93 est. proj. GDP growth % 3.2 3.5 Unemployment % 1.4 1.3 Inflation % 3.8 3.2 Balance of trade Billions of dollars (see Belgium)

Public debt % of GDP N.A. Population in millions 0.4 Cars per 1,000 pop. 506 TVs per 1,000 pop. 253

This country remains a healthy economic island in Europe. A strict bank secrecy code and relaxed rules on capital movements have made Luxembourg strong in financial services. Some of these advantages will erode as the EC implements financial deregulation, but Luxembourg should remain popular as a money center because of its location in the middle of Europe.

NETHERLANDS '92 '93 est. proj. GDP growth % 1.3 2.0 Unemployment % 6.5 6.9 Inflation % 3.1 3.3 Balance of trade 14.4 16.2 Billions of dollars

Public debt % of GDP 79.9 Population in millions 15.1 Cars per 1,000 pop. 370 TVs per 1,000 pop. 327

Economic policy has two pillars: Reduce the budget deficit and maintain the guilder's parity with the German mark. Proposals to cut social-welfare spending and raise taxes have angered unions. With unemployment rising, consumers have grown reluctant to spend. Prime Minister Ruud Lubbers will retire in 1994 and may run for the presidency of the European Commission.

PORTUGAL '92 '93 est. proj. GDP growth % 2.6 3.1 Unemployment % 5.0 5.4 Inflation % 11.3 8.0 Balance of trade -8.2 -9.0 Billions of dollars

Public debt % of GDP N.A. Population in millions 9.9 Cars per 1,000 pop. 143 TVs per 1,000 pop. 157

It has the highest infant-mortality rate and the lowest education standards in the EC. Agriculture accounts for 5% of Portugal's GDP, but thrives only because of protectionist barriers, which are now being reduced. Still, a strong flow of foreign investment ought to help correct many of these problems. The government is pressing ahead with privatization of the state oil company.

SPAIN '92 '93 est. proj. GDP growth % 2.4 2.6 Unemployment % 16.1 15.5 Inflation % 6.0 5.1 Balance of trade -33.8 -37.0 Billions of dollars

Public debt % of GDP 48.0 Population in millions 39.5 Cars per 1,000 pop. 295 TVs per 1,000 pop. 322

For all the success of the summer Olympics in Barcelona, Spain's boom seems to be ending. The foreign investors who pumped in $40 billion over the past five years are now heading for Portugal, where labor costs are about half of Spain's. A 5% devaluation of the peseta in September cheered Spanish exporters but further dampened Spain's attractiveness to investors.

EFTA COUNTRIES AUSTRIA '92 '93 est. proj. GDP growth % 2.1 2.5 Unemployment % 4.0 4.2 Inflation % 4.2 3.8 Balance of trade -12.2 -12.8 Billions of dollars

Public debt % of GDP 52.6 Population in millions 7.8 Cars per 1,000 pop. 381 TVs per 1,000 pop. 323

The creation last spring of the European Economic Area (EEA), which strengthens trade pacts between the EC and members of the European Free Trade Association (EFTA), will boost Austria's already strong exports. So will trade deals completed with Czechoslovakia and Turkey, and pending with Hungary and Poland. The government is eager for full membership in the EC.

FINLAND '92 '93 est. proj. GDP growth % -1.2 2.7 Unemployment % 11.3 10.9 Inflation % 2.7 3.0 Balance of trade 4.7 6.4 Billions of dollars

Public debt % of GDP 27.7 Population in millions 5.0 Cars per 1,000 pop. 317 TVs per 1,000 pop. 372

Following the roaring Eighties, Finland went into a severe recession, mainly because of a sharp drop in exports to the former Soviet Union, which had been the country's major trading partner. Increased trade with other EFTA countries and with the EC will help offset that loss. In addition, devaluation of the markka has made Finnish exports more competitive.

ICELAND '92 '93 est. proj. GDP growth % -2.6 0.5 Unemployment % 2.6 2.4 Inflation % 3.7 3.7 Balance of trade 0.0 0.0 Billions of dollars

Public debt % of GDP N.A. Population in millions 0.3 Cars per 1,000 pop. 488 TVs per 1,000 pop. 306

After recent growth, the economy stalled this year, partly because of the government's campaign to cut spending to reduce the deficit. Export earnings dropped as a result of lower world aluminum prices. A poor fishing season didn't help exports either. Rising unemployment and falling incomes cut into consumer demand. Iceland is undecided on whether to join the EC.

NORWAY '92 '93 est. proj. GDP growth % 2.0 2.2 Unemployment % 5.8 5.3 Inflation % 0.0 2.2 Balance of trade 9.0 9.4 Billions of dollars

Public debt % of GDP 45.8 Population in millions 4.3 Cars per 1,000 pop. 381 TVs per 1,000 pop. 348

When intense currency speculation in September caused a number of countries in Europe to devalue, the Norwegian krone managed to withstand the onslaught, mainly because of the foreign reserves built up over the years Norway has been an oil and gas exporter. Norway's trade with Britain and Finland suffered, though, because of devaluation of the pound and markka.

SWEDEN '92 '93 est. proj. GDP growth % -0.4 0.7 Unemployment % 4.5 5.2 Inflation % 2.3 2.8 Balance of trade 7.0 8.1 Billions of dollars

Public debt % of GDP 50.3 ^ Population in millions 8.6 Cars per 1,000 pop. 419 TVs per 1,000 pop. 393

Severe recession in Sweden has been marked by banking and real estate crises, and a swing to the right in parliamentary elections. The new government wants to cut spending, privatize many state companies, and foster an entrepreneurial culture. The last mentioned especially will take time. Swedes will get to vote on EC membership some time before the next election in 1994.

SWITZERLAND '92 '93 est. proj. GDP growth % 0.7 1.8 Unemployment % 2.5 2.5 Inflation % 4.5 3.5 Balance of trade -1.0 0.0 Billions of dollars

Public debt % of GDP N.A. Population in millions 6.8 Cars per 1,000 pop. 440 TVs per 1,000 pop. 411

The Alpine nation's application for EC membership is a stunning break with Switzerland's isolationist past. It's also a great opportunity for Swiss exporters, who have already been enjoying strong demand for their products. As Switzerland opens to the world, the government and bankers are toughening financial rules to put to rest the country's reputation as a haven for hot money.

TURKEY '92 '93 est. proj. GDP growth % 5.1 3.7 Unemployment % 11.8 12.2 Inflation % 59.0 51.8 Balance of trade -7.4 -7.7 Billions of dollars

Public debt % of GDP N.A. Population in millions 50.7 Cars per 1,000 pop. 32 TVs per 1,000 pop. 165

Though most of the world has forgotten the Gulf war, Turkey's economy is just now recovering from its effects. The country was enjoying a modest upturn when Iraq invaded Kuwait. The embargo that followed devastated its export trade, while the turmoil destroyed consumer confidence. Exports have begun climbing because of Turkey's new links with other EFTA countries.