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 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.

In 2023, the gross domestic product in the European Union grew by 0.8 percent, as economic stagnation and high inflation caused by the Russia-Ukraine war impacted European economies. The European Commission forecasts that the European economy will have grown by 0.9 percent in 2024, continuing the trend registered in the previous year. This represents slow economic growth after the post-pandemic resurgence, yet avoids the recession many commentators warned the EU might slip into. Growth is forecast to increase again in 2025, climbing to 1.5 percent—a figure considered low by historical EU standards, excluding periods of economic crisis.

The real gross domestic product (GDP) of Malta is estimated to have grown by 7.5 percent in 2023 and is projected to grow a further five 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 negative growth rates in 2023.

The economy of the European Union is set to grow by 1.5 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. Malta is the country which is forecasted to grow the most in 2025, with an annual growth rate of 4.3 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 two percent.

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 European Union expanded 1.40 percent in the fourth quarter of 2024 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.

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.

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 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.

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.

GDP at purchaser's prices 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. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

During the post-war economic boom, between the Second World War and the 1970s' recession, virtually all areas of Europe experienced significant economic growth. While this period is known as the "Golden Age of Capitalism" in Western Europe, communist countries in Eastern Europe (with socialist economic systems) generally experienced higher GDP growth rates in the 1950s and 1960s. Although most of these economies entered the period at a much less-developed stage than the likes of Britain, France, or West Germany, the Soviet model proved to be an economic success in these decades. Controlling the means of production The transition to communism across Eastern Europe saw the nationalization of most industries, as governments took control of the means of production in their respective countries. As much of Eastern Europe entered the period with relatively-low levels of industrialization compared to the west, this meant that governments could dictate the development of their manufacturing and retail industries. By the end of the 1960s, state-owned endeavors in Eastern Europe were responsible for over 95 percent of national income. Problems did arise, however, when states attempted to take control of the agricultural sector, as many of the families who owned the land were unwilling to part with it. Agriculture proved to be the only major industry not mostly owned by the state during Eastern Europe's communist era; in the long term, agriculture suffered due to the lack of government investment in such state-run economic systems. Variations There is a correlation between the sides taken during the Second World War and the speed of economic growth in each decade; the Allied nations of Czechoslovakia, Poland, the Soviet Union and Yugoslavia all experienced faster economic growth in the 1950s; whereas the Axis nations of Bulgaria, Hungary, and Romania saw faster growth in the 1960s. East Germany was the exception to this rule, as its economy was much more developed than other former-Axis powers. The speed of recovery in these countries was the largest contributor to variations in growth rates, although regional variations in governance did influence development in later years (particularly in Yugoslavia).

The Gross Domestic Product (GDP) in European Union expanded 0.10 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides the latest reported value for - European Union GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Annual gross domestic product (GDP) growth rates slowed in 2023 as the effects of the high inflation rates hit the global economy, even being negative in Germany. In Eastern Europe, the GDP grew by less than 0.3 percent. What is GDP? GDP is an important indicator to measure the economic strength of a country. It is the sum of all the consumption, investment, government expenditures, and net exports in a country. For this reason, consumer confidence can give an idea of future GDP growth. Similarly, stock exchanges such as the S&P 500 index can give an idea of the investment trends in an economy. Government spending tends to be more constant, and net exports are generally a smaller component of overall GDP. In fact, a negative trade balance can fuel an economy by boosting domestic consumption and investment. Not included in GDP GDP does not account for some factors. For example, existing infrastructure is not a part of the GDP calculation, though a thriving economy would be impossible without it. Nevertheless, GDP is the most widespread measure of economic performance because of its simplicity and wide scope.

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.

The current growing interest in the growth of the Western European economies between the end of World War II and the first oil crisis of 1973 is primarily due to the end of the Cold War and the subsequent demand for solutions for the economic problems of Central and Eastern European transition countries. It was and is discussed to what extent we could learn from the successful rebuilding of the Western European economies. In this context one area of special interest is the reconstruction of West Germany, closely accompanied by the principle of the social market economy. The recollection of this principle, and the call for a new Marshall Plan imply the idea that the Western European post-war boom in essence can be traced to a successful economic policy. It is shown how this assumption can stand up to a theoretical and empirical analysis. Using the new growth theory and the cointegration analysis both national (eg social market economy and Planification (i.e. macroeconomic framework development planning)) and international explanations (eg the Marshall Plan) of the so called ‘golden age’ are examined. It turns out that the impact of economic policies on economic growth must be put into perspective. In contrast, the importance of the different economic conditions of the countries for the explication of their growth process is underlined.

Variables, inter alia: - Investment behavior of industry - Production and Export industry - Exchange Rates - Structure of the economies

Data focus: Foreign trade structure, external value (foreign wholesale prices), export volume, industrial production, capital stock, long-term development (income, investment rates, openness, exchange rates), patents (patent applications in Germany, France).

List of tables in the database HISTAT ZA: - Investment rates in four European countries (1880-1995) - Net fixed assets of the industry in Germany (1950-1968) - Sectoral Gross capital expenditures in Germany (1960-1976) - Sectoral Gross investment in France (1949-1965) - Export volume index of France and the Federal Republic of Germany (1950-1973) - Export volume in millions of current U.S. dollars (1951-1990) - Weighted exchange rate index in indirect rate (1950-1973) - Index of industrial production in Europe and North America (1950-1973) - Construction and equipment investment in Germany (1950-1968) - Investment rates in four European countries (1880-1995) - Sectoral gross and net capital stock in France (1950-1970) - Sectoral gross and net capital stock, investment in France (1950-1969) - Percentage of the French colonies in the French total exports (1950-1973) - Openness of four European economies (1880-1994) - Annual patent applications in the United States (1963-1995) - Real per capita income in Europe and the United States (1870-1992) - Regional structure of the French export value (1896-1973) - French sector gross investment (1960-1976) - Exchange rates in four European countries (1891-1995)

Territory of investigation: Germany, France, further OECD-states.

Sources: Publications of the official French and German statistics, publications of the OECD, USA and further states; scientific journals.

With a Gross Domestic Product of over 4.18 trillion Euros, the German economy was by far the largest in Europe in 2023. The similar-sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 5.7 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.1 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same time period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.

Graph and download economic data for Real Gross Domestic Product for Euro Area (19 Countries) (CLVMNACSCAB1GQEA19) from Q1 1995 to Q4 2024 about Euro Area, Europe, real, and GDP.

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