Few people doubt that education is valuable for individuals and that a well-educated society benefits each country. But many do not fully understand the magnitude of impact of high-quality education on economic wellbeing. This report provides an analysis of the economic benefits of educational improvement for each of the EU countries. The analysis focuses on the relationship between educational achievement (as measured by scores on the Programme for International Student Assessment (PISA)) and the long-run growth of nations. Prior research shows that test scores serve as a good proxy for the skills of a nation's workforce and that three-quarters of the variation in long-run growth rates across countries can be attributed to these quantitative measures of educational outcomes. [This is an Analytical Report of the European Expert Network on Economics of Education (EENEE) prepared for the European Commission.]