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.

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.

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.

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 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.

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.

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.

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.

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.

Валовый внутренний продукт (ВВП) в Европейском союзе вырос на 0,60 процента в первом квартале 2025 года по сравнению с предыдущим кварталом. ?? ???? ???????? ???????????? ????????? ???????? ????????? - ???? ????? ??? ???????????? ????? - ???? ?????????? ???????, ???????????? ????????? ? ????????, ????????????? ??????? ? ???????????? ????????????, ????????????? ?????????, ???????? ?????? ? ???????.

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).

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 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.

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.

Historical chart and dataset showing Euro Area gdp growth rate by year from 1961 to 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.

Across the United States, the United Kingdom, Germany, and the European Union, gross domestic products (GDP) decreased in 2020 as a result of the COVID-19 pandemic. However, by 2021, growth rates were positive in all four areas again. The United Kingdom, Germany, and the European Union all experiencing slow economic growth in 2023 amid high inflation, with Germany even seeing an economic recession. GDP and its components GDP refers to the total market value of all goods and services that are produced within a country per year. It is composed of government spending, consumption, business investments and net exports. It is an important indicator to measure the economic strength of a country. Economists rely on a variety of factors when predicting future performance of the GDP. Inflation rate is one of the economic indicators providing insight into the future behavior of households, which make up a significant proportion of GDP. Projections are based on the past performance of such information. Future considerations Some factors can be more easily predicted than others. For example, projections of the annual inflation rate of the United States are easy to come by. However, the intensity and impact of something like Brexit is difficult to predict. Moreover, the occurrence and impact of events such as the COVID-19 pandemic and Russia's war in Ukraine is difficult to foresee. Hence, actual GDP growth may be higher or lower than the original estimates.

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.