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 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 European Union is comprised of 27 member states who share the European Single Market, a common trade area which ensures the free movement of goods, services, capital, and people. As of 2024, the largest economies in the EU were Germany, France, Italy, Spain, and the Netherlands, with these countries making up the vast majority of the EU's almost 17 trillion Euro GDP. The relatively small island member states of Cyprus and Malta come in at the bottom of the list, with GDPs of around 23 and 33 billion Euros respectively.

The Gross Domestic Product (GDP) in European Union was worth 18590.72 billion US dollars in 2023, according to official data from the World Bank. The GDP value of European Union represents 17.63 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.

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.

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.

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 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.

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.

The Gross Domestic Product per capita in European Union was last recorded at 34601.03 US dollars in 2023. The GDP per Capita in European Union is equivalent to 274 percent of the world's average. This dataset provides the latest reported value for - European Union GDP Per Capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

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 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 European Union is comprised of 27 member states with economies of varying sizes. In 2024, Germany, France, and Italy made up over half of the European economy's output. Roughly another quarter of the union's GDP was made up by the next five largest economies, Spain, the Netherlands, Poland, Sweden, and Belgium. The remaining 19 member states make up the rest of the EU's GDP, with around 20 percent collectively.

Key information about European Union External Debt: % of GDP

• European Union External Debt accounted for 111.1 % of the country's Nominal GDP in 2023, compared with the ratio of 118.2 % in the previous year.
• EU External Debt: % of Nominal GDP data is updated yearly, available from Dec 2008 to Dec 2023.
• The data reached an all-time high of 136.7 % in Dec 2015 and a record low of 111.1 % in Dec 2023.

CEIC calculates External Debt as % of Nominal GDP from quarterly External Debt and quarterly Nominal GDP. European Central Bank provides External Debt in EUR. Eurostat provides Nominal GDP in EUR. External Debt as % of Nominal GDP covers Euro Area 20. External Debt as % of Nominal GDP prior to 2013 covers Euro Area 19.


Related information about European Union External Debt: % of GDP

• In the latest reports of EU, Current Account recorded a surplus of 133.2 USD bn in Dec 2024.
• Foreign Direct Investment (FDI) increased by 4.8 USD bn in Nov 2024.
• EU Direct Investment Abroad expanded by 7.2 USD bn in Nov 2024.
• Its Foreign Portfolio Investment increased by 239.3 USD bn in Sep 2024.
• The country's External Debt reached 18,601,546.0 in Sep 2024.
• The country's Nominal GDP was reported at 4,430.4 USD bn in Mar 2023.

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.

As of 2025, there are nine official candidate countries for membership in the European Union, as well as Kosovo identified by the European Commission as a potential future candidate. A key element of the Copenhagen Criteria - the conditions which must be fulfilled to join the EU - is the existence of a functioning market economy in the candidate country, with the ability of the country to handle the strong competition and economic pressures which come with joining the European Single Market. While the political and administrative/institutional criteria have been considered the key stumbling block which has prevented the current candidate countries from progressing towards full membership, the current state of the economies of candidate countries is also a cause for concern. According to the most recently available data, all candidate countries have lower GDP per capita than even the poorest EU member state, Bulgaria. Ukraine, the newest candidate country, which was granted candidate status by the EU in response to Russia's invasion of the country in 2022, is the poorest candidate country, as measured by GDP per capita. This represents a serious issue, as the EU has never incorporated a country which is so far from the average economic standards of the Union. On the other hand, the chance to join the EU could provide an economic boost to Ukraine, or any other candidate country, as can be seen with the fast rising GDP per capita of countries which have joined the EU since 2004, such as Czechia, Hungary, and Poland.

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.

Graph and download economic data for Real Gross Domestic Product for Euro Area (19 Countries) (CLVMNACNSAB1GQEA19) from Q1 1995 to Q1 2025 about Euro Area, Europe, real, and GDP.