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.

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 Gross Domestic Product (GDP) In the Euro Area expanded 1.50 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides - Euro Area GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Full Year GDP Growth in European Union increased to 1 percent in 2024 from 0.40 percent in 2023. This dataset includes a chart with historical data for European Union Full Year GDP Growth.

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.

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.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. Eurostat provides Nominal GDP in EUR. European Union stands for EU27 excluding UK.

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.

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.

According to projections by a range of economic institutions, the economy of the Euro currency area is forecast to grow by between 0.5 percent and 1.2 percent in 2024. The Eurozone saw slow growth in 2023, when it grew by 0.7 percent - albeit this was significantly better than many economic forecasts which predicted a recession in the EU in that year. Across all the forecasts included, growth is expected to pick up in 2025, when the Eurozone's economy is expected to grow between 1.4 and 1.8 percent.

The Gross Domestic Product (GDP) In the Euro Area was worth 16406.13 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Euro Area represents 14.74 percent of the world economy. This dataset provides the latest reported value for - Euro Area GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This statistic shows gross domestic product (GDP) of the European Union from 2020 to 2030 in billion international dollars. In 2024, the EU's GDP amounted to about 19.41 trillion U.S. dollars. Brexit and the economy of the European Union The European Union is still recovering from the crisis in 2008, but it is by no means making an impressive comeback and 2016 has not started out on the right foot either. Total GDP of the European Union staggered in 2012 and even moreso in 2015. Recent events are also bound to reduce consumer confidence and drag down growth. The year began with the economic slowdown in China and has continued on with the United Kingdom’s decision to leave the European Union. The long term effects this decision is expected to have have an overall negative effect on GDP growth within the European Union. However, the effects will likely hit the UK and Ireland more so. By 2030, it is expected that the GDP growth of the European Union will be negative at around minus 0.36 percent. Even considering an optimistic scenario, GDP of the UK is expected to decrease by 2.72 percent by 2030, as well - a pessimistic forecast even reducing GDP growth to a 7.7 percent decrease. Yet, it is still too early to tell how Brexit will play out in reality, but it will almost certainly impact current future projections of GDP growth in the European Union and the Euro Area.

This statistic shows the growth of the real gross domestic product (GDP) in the Euro area from the second quarter 2020 to the second quarter 2024. In the second quarter of 2024, the GDP of the Euro area increased by 0.6 percent compared to the same quarter of the previous year.

European Union - Real GDP growth rate was 1.00% in December of 2024, according to the EUROSTAT. Trading Economics provides the current actual value, an historical data chart and related indicators for European Union - Real GDP growth rate - last updated from the EUROSTAT on July of 2025. Historically, European Union - Real GDP growth rate reached a record high of 6.30% in December of 2021 and a record low of -5.60% in December of 2020.

In 2024 the gross domestic product of the European Union amounted to approximately 17.9 trillion euros. GDP is the total value of all goods and services produced in a country within a year. It is an important indicator of the economic strength of a country. The financial crisis and its aftermath The European Union is a union made up of 27 states located within and around Europe, including several of the world’s largest economies. Since its inception in 1993, the European Union has displayed the benefits of uniting several countries together, however have also showed possible consequences. The majority of European countries felt the aftermath of the 2008 global financial crisis and afterwards the Eurozone crisis, which has had a severe and continuous effect on the general European economy. Additionally, due to the close association between all the countries, several banks around different European countries were forced to shut down. A generally lower standard of life in the EU, particularly around 2009 during the prime of both economical disasters, led to doubt and uncertainty about the future of many European families and consumers. However, as the economic situation all around the world slowly improved, so did the outlook on the future for most consumers. Struggles around Europe resulted in a larger need to stimulate the economy, which was only possible by borrowing and spending more money. As a result, national debt soared. It was also necessary for more economically successful countries to help finance countries that were deep in the crisis, such as Greece.

GDP Growth Annualized in European Union increased to 2.20 percent in the first quarter of 2025 from 1.60 percent in the fourth quarter of 2024. This dataset provides - European Union Gdp Growth Annualized- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about European Union Private Consumption: % of GDP

• European Union Private Consumption accounted for 51.9 % of its Nominal GDP in Dec 2024, compared with a ratio of 53.2 % in the previous quarter.
• EU Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1995 to Dec 2024, with an average share of 55.2 %.
• The data reached an all-time high of 56.9 % in Mar 1997 and a record low of 50.0 % in Dec 2020.

CEIC calculates Private Consumption as % of Nominal GDP from quarterly Private Consumption Expenditure and quarterly Nominal GDP. Eurostat provides Private Consumption Expenditure in EUR and Nominal GDP in EUR. European Union stands for EU27 excluding UK.


Related information about European Union Private Consumption: % of GDP

• In the latest reports, EU GDP expanded 1.0 % YoY in Mar 2023.
• Its Nominal GDP reached 4,430.4 USD bn in Mar 2023.
• EU GDP Per Capita reached 38,468.8 USD in Dec 2021.
• Its Gross Savings Rate was measured at 25.7 % in Dec 2024.

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.

CEIC calculates GDP Deflator Growth from quarterly GDP Deflator. Eurostat provides GDP Deflator at chain linked 2015 prices. European Union stands for EU27 excluding UK.


Related information about EU GDP Deflator Growth

• 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.

Full Year GDP Growth In the Euro Area increased to 0.90 percent in 2024 from 0.40 percent in 2023. This dataset includes a chart with historical data for Euro Area Full Year GDP Growth.

Graph and download economic data for Real Gross Domestic Product for European Union (15 Countries) (CLVMNACSCAB1GQEU15) from Q1 1995 to Q4 2019 about EU, Europe, real, and GDP.