The fastest growing economy in Europe in 2024 was Malta. The small Mediterranean country's gross domestic product grew at five percent in 2024, beating out Montenegro which had a growth rate of almost four percent and the Russian Federation which had a rate of 3.6 percent in the same year. Estonia was the country with the largest negative growth in 2024, as the Baltic country's economy shrank by 0.88 percent compared with 2023, largely as a result of the country's exposure to the economic effects of Russia's invasion of Ukraine and the subsequent economic sanctions placed on Russia. Germany, Europe's largest economy, experience economic stagnation with a growth of 0.1 percent. Overall, the EU (which contains 27 European countries) registered a growth rate of one percent and the Eurozone (which contains 20) grew by 0.8 percent.

The economy of the European Union is set to grow by *** percent in 2025, according to forecasts by the European Commission. This marks a significant slowdown compared to previous years, when the EU member states grew quickly in the aftermath of the COVID pandemic. ***** is the country which is forecasted to grow the most in 2025, with an annual growth rate of *** percent. Many of Europe's largest economies, on the other hand, are set to experiencing slow growth or stagnation, with Germany, France, and Italy growing below *** percent.

The statistic shows the growth of the real gross domestic product (GDP) in the EU member states in the second quarter 2024 compared to the same quarter of the previous year. GDP is the total value of all goods and services produced in a country in a year. It is considered to be a very important indicator of the economic strength of a country and a positive change in it is a sign of economic growth. In the second quarter of 2024, the real GDP in Denmark increased by 2.5 percent compared to the same quarter of the previous year. The overall EU GDP amounted to around 15.8 trillion euros around the same time. Global economy and the economic crisis The global economy has been slowly recovery after having been devastated by the global financial crisis in 2008. The economic crisis, which hit Greece, Ireland and Portugal, among other countries, severely, marked the beginning of the European sovereign debt crisis which forced these nations to request a bailout between 2013 and 2014. In November 2014, the unemployment rate in Greece amounted to around a desastrous 25 percent, which means one quarter of Greeks who were of working age were out of work. Meanwhile, the unemployment rate average for the whole European Union was at 10 percent. In addition, Greece, Italy, Portugal, and Ireland ranked at the top of the list of the nations in the European Union with the largest national debt in relation to the gross domestic product. In the third quarter of 2014, Greece’s national debt amounted to 176 percent of the gross domestic product. Despite the crisis, the global economy is expected to improve. It is estimated that GDP in the European Union will grow by 1.85 percent in 2015 in comparison to the previous year. Also, the national debt in relation to GDP in Greece, Italy, Portugal and Ireland will decrease between 2015 and 2016.

This dataset provides values for GDP ANNUAL GROWTH RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

European Union gdp growth rate for 2023 was 0.43%, a 3.07% decline from 2022.

<ul style='margin-top:20px;'>

<li>European Union gdp growth rate for 2022 was <strong>3.50%</strong>, a <strong>2.86% decline</strong> from 2021.</li>
<li>European Union gdp growth rate for 2021 was <strong>6.36%</strong>, a <strong>11.93% increase</strong> from 2020.</li>
<li>European Union gdp growth rate for 2020 was <strong>-5.58%</strong>, a <strong>7.45% decline</strong> from 2019.</li>
</ul>Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

The real gross domestic product (GDP) of Malta is estimated to have grown by *** percent in 2023 and is projected to grow a further **** percent in 2024, which are the highest growth rates across all European countries for each year. In comparison, Estonia, Austria, Finland, and Ireland all had *************** rates in 2023.

Key information about EU Nominal GDP Growth

• European Union Nominal GDP Growth was reported at 4.145 % in Dec 2024.
• This records a decrease from the previous number of 4.350 % for Sep 2024.
• EU Nominal GDP Growth data is updated quarterly, averaging 3.822 % from Mar 1996 to Dec 2024, with 116 observations.
• The data reached an all-time high of 16.294 % in Jun 2021 and a record low of -11.067 % in Jun 2020.
• EU Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

The Gross Domestic Product (GDP) In the Euro Area expanded 0.60 percent in the first quarter of 2025 over the previous quarter. This dataset provides - Euro Area GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about European Union Real GDP Growth

• The Gross Domestic Product (GDP) in European Union expanded 1.3 % YoY in Mar 2023, following a growth of 1.7 % in the previous quarter.
• Real GDP Growth YoY data in EU is updated quarterly, available from Mar 1996 to Mar 2023, with an average rate of 2.0 %.
• The data reached an all-time high of 13.8 % in Jun 2021 and a record low of -13.4 % in Jun 2020.

• In the latest reports, Nominal GDP of EU reached 4,140.5 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.1 % in Dec 2022.
• GDP Per Capita in EU reached 38,454.2 USD in Dec 2021.
• Its Gross Savings Rate was measured at 25.8 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 24.2 % in Dec 2022.
• Public Consumption accounted for 22.3 % in Dec 2022.
• Private Consumption accounted for 51.9 % in Dec 2022.

Graph and download economic data for Real Gross Domestic Product for Euro Area (19 Countries) (CLVMNACSCAB1GQEA19) from Q1 1995 to Q1 2025 about Euro Area, Europe, real, and GDP.

The Gross Domestic Product (GDP) in European Union expanded 1.60 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides the latest reported value for - European Union GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This dataset provides values for GDP GROWTH ANNUAL reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

This statistic shows a forecast of the gross domestic product (GDP) growth in the euro countries in 2025. In 2025, the gross domestic product in Germany is forecast to grow by 1.33 percent over the previous year.

The statistic shows the growth of the real gross domestic product (GDP) in the European Union and the Euro area from 2019 to 2023, with projections up until 2029. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. In 2022, the GDP in the European Union increased by about 3.61 percent compared to the previous year. Growth trends in the EU compared to the euro area The euro area, which is also called the eurozone, is an economic and monetary union (EMU) which includes 19 of the 27 European Union member states which have formally adopted the euro. Those countries include Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Member states which have not yet adopted the euro include Bulgaria, Croatia, Czechia, Denmark, Hungary, Poland, Romania, Sweden and the United Kingdom. Additionally, there is the so-called Schengen Area, which is composed of EU and non-EU states, and has been established mainly to facilitate travelling in Europe. While some countries, such as Kosovo and Montenegro have adopted the euro unilaterally, they are not formally part of the eurozone. Others have established a monetary agreement with the EU to use the euro, such as Andorra, Monaco, San Marino and the Vatican, but they do not form part of the official euro area. As can be seen in the chart, annual GDP growth slumped in 2012 and 2013, presumably as a result of the global financial crisis, in both the EU and the euro area. In 2013, growth began increasing ever so slightly and in 2014 the EU regained a bit of stability. However, overall recovery in the EU has been relatively moderate and gradual; growth throughout the EU has been slightly better than in the euro area and is projected to remain slightly better for the foreseeable future. Relatively new member states such as Romania and Czechia, which have not yet adopted the euro, reported the highest annual growth rates in the EU in 2015, and generally, new member states show slightly better growth rates. Also, unemployment has been slightly higher in the euro area compared to the EU for the last ten years (267906). The unemployment rate also remains relatively high for both the EU and the euro area. As for public spending as a share of GDP, these figures are slightly higher in the euro area than in the EU as a whole. The member states with the highest national debt include the United Kingdom, Italy, France and Germany - some of the oldest members of the euro area. The national debt of the euro area is slightly higher than the national debt of the EU as a whole, underlining the economic situation of both areas.

This dataset provides information on the Real GDP per capita for 30 countries and regions across Europe, from 1995 to 2023. The dataset includes real GDP per capita data, which is adjusted for inflation (constant prices), allowing comparisons over time across different countries. This data is critical for economic analysis, providing insights into the economic performance and living standards in these countries and regions.

Countries included are:

• Austria (AT)
• Belgium (BE)
• Bulgaria (BG)
• Cyprus (CY)
• Czech Republic (CZ)
• Germany (DE)
• Denmark (DK)
• Euro Area (EA20) – The 20 countries using the euro
• Estonia (EE)
• Greece (EL)
• Spain (ES)
• European Union 27 (EU27_2020) – EU countries excluding the UK (post-Brexit)
• Finland (FI)
• France (FR)
• Croatia (HR)
• Hungary (HU)
• Ireland (IE)
• Italy (IT)
• Lithuania (LT)
• Luxembourg (LU)
• Latvia (LV)
• Malta (MT)
• Netherlands (NL)
• Poland (PL)
• Portugal (PT)
• Romania (RO)
• Sweden (SE)
• Slovenia (SI)
• Slovakia (SK)

Source:

• Eurostat API (via Python Eurostat library)

Time Period:

• 1995 - 2023

Year:

• The year of the data (1995 to 2023)

Usage:

• This dataset is suitable for economic research, data analysis, and forecasting. It can be used to study trends in economic growth, compare the performance of different European economies, and examine the effects of historical events on national GDP.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

This dataset provides values for GDP PER CAPITA PPP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The average for 2023 based on 27 countries was 0.85 percent. The highest value was in Malta: 7.5 percent and the lowest value was in Ireland: -5.53 percent. The indicator is available from 1961 to 2023. Below is a chart for all countries where data are available.

Key information about EU GDP Deflator Growth

• European Union GDP deflator (implicit price deflator) increased 6.1 % in Dec 2022, compared with an increase of 5.1 % in the previous quarter.
• EU GDP Deflator Growth data is updated quarterly, available from Mar 1996 to Dec 2022, with an average rate of 1.7 %.
• The data reached an all-time high of 6.1 % in Dec 2022 and a record low of -0.6 % in Sep 2009.

• In the latest reports, European Union GDP expanded 1.3 % YoY in Mar 2023.
• Its Nominal GDP reached 4,140.5 USD bn in Dec 2022.
• EU GDP Per Capita reached 38,454.2 USD in Dec 2021.
• Its Gross Savings Rate was measured at 25.8 % in Dec 2022.

The average for 2025 based on 43 countries was 1.92 percent. The highest value was in Malta: 3.9 percent and the lowest value was in Austria: -0.26 percent. The indicator is available from 1980 to 2030. Below is a chart for all countries where data are available.