With a Gross Domestic Product of over 4.18 trillion Euros, the German economy was by far the largest in Europe in 2023. The similarly 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 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.

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.

The Gross Domestic Product (GDP) in European Union was worth 19423.32 billion US dollars in 2024, according to official data from the World Bank. The GDP value of European Union represents 18.29 percent of the world economy. This dataset provides the latest reported value for - European Union GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Since 1980, Europe's largest economies have consistently been France, Germany, Italy, Spain, and the United Kingdom, although the former Soviet Union's economy was the largest in the 1980s, and Russia's economy has been larger than Spain's since 2010. Since Soviet dissolution, Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year. Italy's economy was of a relatively similar size to that of the UK and France until the mid-2000s when it started to diverge, resulting in a difference of approximately 800 billion U.S dollars by 2018. Russia's economy had overtaken both Italy and Spain's in 2012, but has fallen since 2014 due to the drop in international oil prices and the economic sanctions imposed for its annexation of Crimea - economic growth is expected to be comparatively low in Russia in the coming years due to the economic fallout of its invasion of Ukraine in 2022. In 2025, Germany, now the world's third-largest economy, was estimated at over *** trillion U.S. dollars.

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 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.

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.

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.

Key information about EU Tax revenue: % of GDP

• European Union Tax revenue: % of GDP was reported at 25.8 % in Dec 2023.
• This records a decrease from the previous number of 26.5 % for Dec 2022.
• EU Tax revenue: % of GDP data is updated yearly, averaging 25.9 % from Dec 1995 to 2023, with 29 observations.
• The data reached an all-time high of 26.7 % in 2021 and a record low of 24.4 % in 1995.
• EU Tax revenue: % of GDP 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: Tax Revenue: % of Nominal GDP: Annual.

CEIC calculates annual Tax Revenue as % of Nominal GDP from annual Tax Revenue and quarterly Nominal GDP. Tax Revenue is calculated as the sum of Production and Import Tax and Current Taxes on Income Wealth and Etc. Eurostat provides Tax Revenue in EUR and 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 gross domestic product of the United Kingdom was around 2.56 trillion British pounds, an increase when compared to the previous year, when UK GDP amounted to about 2.54 trillion pounds. The significant drop in GDP visible in 2020 was due to the COVID-19 pandemic, with the smaller declines in 2008 and 2009 because of the global financial crisis of the late 2000s. Low growth problem in the UK Despite growing by 0.9 percent in 2024, and 0.4 percent in 2023 the UK economy is not that much larger than it was before the COVID-19 pandemic. Since recovering from a huge fall in GDP in the second quarter of 2020, the UK economy has alternated between periods of contraction and low growth, with the UK even in a recession at the end of 2023. While economic growth picked up somewhat in 2024, GDP per capita is lower than it was in 2022, following two years of negative growth. UK's global share of GDP falling As of 2024, the UK had the sixth-largest economy in the world, behind the United States, China, Japan, Germany, and India. Among European nations, this meant that the UK currently has the second-largest economy in Europe, although the economy of France, Europe's third-largest economy, is of a similar size. The UK's global economic ranking will likely fall in the coming years, however, with the UK's share of global GDP expected to fall from 2.16 percent in 2025 to 2.02 percent by 2029.  

Key information about EU Labour Productivity Growth

• European Union Labour Productivity improved by 0.67 % YoY in Dec 2024, compared with a growth of 0.32 % in the previous quarter
• EU Labour Productivity Growth data is updated quarterly, available from Mar 2006 to Dec 2024, averaging at 0.68 %
• The data reached an all-time high of 13.18 % in Jun 2021 and a record low of -10.87 % in Jun 2020

CEIC calculates quarterly Labour Productivity Growth from quarterly Real GDP and quarterly Employment. Eurostat provides Real GDP in local currency, at 2020 prices and Employment. European Union stands for EU27 excluding UK

Key information about EU Private Consumption Expenditure

• EU Private Consumption Expenditure was reported at 2,556.722 USD bn in Dec 2024. This records a decrease from the previous number of 2,607.066 USD bn for Sep 2024.
• EU Private Consumption Expenditure data is updated quarterly, averaging 2,028.633 USD bn from Mar 1999 to Dec 2024, with 104 observations.
• The data reached an all-time high of 2,607.066 USD bn in Sep 2024 and a record low of 971.984 USD bn in Dec 2000.
• EU Private Consumption Expenditure data remains in an 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: Private Consumption Expenditure: USD: Quarterly: Seasonally Adjusted.

CEIC converts quarterly Private Consumption Expenditure into USD. Eurostat provides Private Consumption Expenditure in EUR. Federal Reserve Board average market exchange rate is used for currency conversions. European Union stands for EU27 excluding UK.

In 2024, Russia had the largest population among European countries at ***** million people. The next largest countries in terms of their population size were Turkey at **** million, Germany at **** million, the United Kingdom at **** million, and France at **** million. Europe is also home to some of the world’s smallest countries, such as the microstates of Liechtenstein and San Marino, with populations of ****** and ****** respectively. Europe’s largest economies Germany was Europe’s largest economy in 2023, with a Gross Domestic Product of around *** trillion Euros, while the UK and France are the second and third largest economies, at *** trillion and *** trillion euros respectively. Prior to the mid-2000s, Europe’s fourth-largest economy, Italy, had an economy that was of a similar sized to France and the UK, before diverging growth patterns saw the UK and France become far larger economies than Italy. Moscow and Istanbul the megacities of Europe Two cities on the eastern borders of Europe were Europe’s largest in 2023. The Turkish city of Istanbul, with a population of 15.8 million, and the Russian capital, Moscow, with a population of 12.7 million. Istanbul is arguably the world’s most famous transcontinental city with territory in both Europe and Asia and has been an important center for commerce and culture for over 2,000 years. Paris was the third largest European city with a population of ** million, with London being the fourth largest at *** million.

In the third quarter of 2024, Greece's national debt was the highest in all the European Union, amounting to 158 percent of Greece's gross domestic product. In spite of Greece's total being high by EU standards, it marks a substantial decrease from the historical high point reached by the country's national debt of 207 percent of GDP in 2020. Italy, France, Spain, Belgium, and Portugal also all have government debt worth over one year's production of their economies, while the small Baltic country of Estonia has the smallest national debt when compared with GDP, at only 24 percent. In debitum incrementum?A country’s national debt, also known as government debt or public debt, is defined as all borrowings owed by the government of a country. It usually comprises internal debt – owed to other governmental departments – and external debt, which is held by the public and is owed to government bond owners. National debt can be caused by a struggling economy in general, or by low tax income, which usually leads to money being borrowed from other governments for support, which in turn cannot be paid back right away. At first glance, a high national debt is not always a sign of a struggling economy – but since increasing debt can slow down economic growth significantly, it is imperative for the respective government to seek a steady reduction in the long run.

Key information about European Union Public Consumption Expenditure

• European Union Public Consumption Expenditure was reported at 1,049.236 USD bn in Dec 2024.
• This records a decrease from the previous number of 1,074.942 USD bn for Sep 2024.
• EU Public Consumption Expenditure data is updated quarterly, averaging 791.499 USD bn from Mar 1999 to Dec 2024, with 104 observations.
• The data reached an all-time high of 1,074.942 USD bn in Sep 2024 and a record low of 344.980 USD bn in Dec 2000.
• EU Public Consumption Expenditure 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: Government Consumption Expenditure: USD: Quarterly: Seasonally Adjusted.

CEIC converts quarterly Government Consumption Expenditure into USD. Eurostat provides Government Consumption Expenditure in EUR. Federal Reserve Board average market exchange rate is used for currency conversions. European Union stands for EU27 excluding UK.

Key information about EU Gross Fixed Capital Formation

• European Union Gross Fixed Capital Formation was reported at 1,030.078 USD bn in Dec 2024.
• This records a decrease from the previous number of 1,049.941 USD bn for Sep 2024.
• EU Gross Fixed Capital Formation data is updated quarterly, averaging 760.560 USD bn from Mar 1999 to Dec 2024, with 104 observations.
• The data reached an all-time high of 1,049.941 USD bn in Sep 2024 and a record low of 395.381 USD bn in Dec 2000.
• EU Gross Fixed Capital Formation 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: Gross Fixed Capital Formation: USD: Quarterly: Seasonally Adjusted.

CEIC converts quarterly Gross Fixed Capital Formation into USD. Eurostat provides Gross Fixed Capital Formation in EUR. Federal Reserve Board average market exchange rate is used for currency conversions. European Union stands for EU27 excluding UK.

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

Resource productivity is defined as the ratio between gross domestic product (GDP) and domestic material consumption (DMC). The indicator Domestic Material Consumption (DMC) is based on the Economy-wide Material Flow Accounts (EW-MFA). The theory of Economy-wide material flow accounts (EW-MFA) includes compilations of the overall material inputs into national economy, the changes of material stock within the economy and the material outputs to other economies or to the environment. EW-MFA covers all solid, gaseous, and liquid materials, except water and air. Water included in products is included. Domestic material consumption (DMC) measures the total amount of materials directly used by an economy and is defined as the annual quantity of raw materials extracted from the domestic territory of the focal economy, plus all physical imports minus all physical exports. It is important to note that the term "consumption" as used in DMC denotes apparent consumption and not final consumption. DMC does not include upstream hidden flows (materials that are extracted or moved, but do not enter the economy) related to imports and exports of raw materials and products originating outside of the focal economy. When examining resource productivity trends over time in a single geographic area, the GDP that should be used is in units of Euros in chain-linked volumes to the reference year 2010. If comparisons of resource productivity between countries during one time period are made then the GDP in purchasing power standards should be used and not the chain-linked volume GDP figures. The source data can be found in the Eurostat dissemination database ´Eurobase´.

Metadata description: http://ec.europa.eu/eurostat/cache/metadata/en/tsdpc100_esmsip.htm

Website:

http://ec.europa.eu/eurostat/web/products-datasets/-/tsdpc100

In 2025, the United States had the largest economy in the world, with a gross domestic product of over 30 trillion U.S. dollars. China had the second largest economy, at around 19.23 trillion U.S. dollars. Recent adjustments in the list have seen Germany's economy overtake Japan's to become the third-largest in the world in 2023, while Brazil's economy moved ahead of Russia's in 2024. Global gross domestic product Global gross domestic product amounts to almost 110 trillion U.S. dollars, with the United States making up more than one-quarter of this figure alone. The 12 largest economies in the world include all Group of Seven (G7) economies, as well as the four largest BRICS economies. The U.S. has consistently had the world's largest economy since the interwar period, and while previous reports estimated it would be overtaken by China in the 2020s, more recent projections estimate the U.S. economy will remain the largest by a considerable margin going into the 2030s.The gross domestic product of a country is calculated by taking spending and trade into account, to show how much the country can produce in a certain amount of time, usually per year. It represents the value of all goods and services produced during that year. Those countries considered to have emerging or developing economies account for almost 60 percent of global gross domestic product, while advanced economies make up over 40 percent.