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.

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 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.

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.

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 the 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.

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.

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.

According to European Commission forecasts, ****** will achieve the highest GDP growth in 2025 (+*** percent), followed by Croatia and Lithuania.

Global real gross domestic product (GDP) growth is estimated to remain around ***** percent until 2025. While the increase is expected to be only *** percent in the Euro Area in 2024, it is estimated to grow by over **** percent in emerging and developing Asia.

Graph and download economic data for Real Gross Domestic Product (Euro/ECU Series) for Euro Area (19 Countries) (CLVMEURSCAB1GQEA19) from Q1 1995 to Q2 2025 about Euro Area, Europe, real, and GDP.

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.

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.

FUME data Population data and migration flows from FUME projections ## Update 1.0.0 Major corrections of the projections ## Update 0.3.0 - Corrected error in No Migration scenario data - Added IGC (Intensifying Global Competition) scenario - Updated scenario names ## Update 0.2.0 Updated input rates ## Introduction International projection model with dimensions Age, Sex, Education and Country of Birth. Projected from 2015 to 2050, four different scenarios; Benchmark, Ukraine War, Recovery in Europe and Rise of the East. Additional scenario with no migration also included. Benchmark scenario: Identical to SSP2 from Koch & Leimbach (2022), including COVID shock but not Ukraine war. Ukraine War (previously called Short-War) scenario: Same as the benchmark scenario but we use the latest IMF GDP estimates till the year 2027 which include the Ukraine war. Afterwards, a linear transition over 1 years back to SSP2 growth rates is implemented. Exception: Ukraine is estimated to have a 35% decrease in GDP in 2022 and the IMF does not provide estimates for the following year. Using a linear transition to SSP2 growth rates till 2028 would reduce Ukraines GDP very drastically. Instead we assume that in 2023 Ukraine has another 17.5% GDP decrease and in 2024 the growth is zero. Afterwards (2025 and ongoing), we estimate Ukraine to again follow the SSP2 growth rates. Recovery in Europe (Scenario B): The same as the Ukraine War scenario till 2027 but afterwards European countries will transition towards the SSP with highest growth rates and developing countries will transition towards the SSP with lowest growth rates. All other countries will transition towards SSP2. Rise of the East (Scenario C): The same as the Ukraine War scenario till 2027 but afterwards developing countries will transition towards the SSP with highest growth rates and European countries will transition towards the SSP with lowest growth rates. All other countries will transition towards SSP2. IGC (Intensifying Global Competition): The same as the Ukraine War scenario till 2027 but afterwards every country with a projected GDPc less than 15000$ in 2040 will linearly transition to 15000$ in 2040 and afterwards keep on growing with SSP2 growth rates. All countries with a GDPc higher than 15000$ will behave the same as in the short-war scenario. This “catch-up” behaviour of poorer countries is inspired by the “CAP” and “FAIR” GDP scenarios in Bodirsky et al., 2022. No Migration: Same as Benchmark scenario but with no international migration. ## Variables ### Population data period: Start year of projection step dest: Country of residency / Migration destination country CoB: Country of Birth area: ISO3 numeric country code of destination age: Age, five year groups, 0 - 100+ edu: Education, 6 levels, (e1 = No Education, e2 = Some Primary, e3 = Primary, e4 = Lower Secondary, e5 = Upper Secondary, e6 = Post Secondary) sex: Sex, two categories pop: Population ### Migration rate data specific variable names POB: Place Of Birth (Country of Birth) Orig: Country of origin Dest: Country of destination flow: Migration rate Skill: Skill categories, (Low (Secondary and Less) and High (Post secondary+)) age: Age groups (1 (0-24), 2 (25-64), 3 (65+)) flowM: Male specific migration rate flowF: Female specific migration rate ## Countries Countries currently included in the model are in total 171 (given in ISO3 country codes): "AFG" "AUT" "BEL" "BGR" "CYP" "CZE" "DEU" "DNK" "ESP" "EST" "FIN" "FRA" "GBR" "GRC" "HRV" "HUN" "IRL" "ITA" "LTU" "LUX" "LVA" "MLT" "NLD" "POL" "PRT" "ROU" "SVK" "SVN" "SWE" "AGO" "ALB" "ARE" "ARG" "ARM" "AUS" "AZE" "BDI" "BEN" "BFA" "BGD" "BHR" "BHS" "BIH" "BLR" "BLZ" "BOL" "BRA" "BTN" "BWA" "CAF" "CAN" "CHE" "CHL" "CHN" "CIV" "CMR" "COD" "COG" "COL" "COM" "CPV" "CRI" "CUB" "DOM" "DZA" "ECU" "EGY" "ETH" "FJI" "GAB" "GEO" "GHA" "GIN" "GMB" "GNB" "GNQ" "GTM" "GUY" "HKG" "HND" "HTI" "IDN" "IND" "IRN" "IRQ" "ISL" "ISR" "JAM" "JOR" "JPN" "KAZ" "KEN" "KGZ" "KHM" "KOR" "KWT" "LAO" "LBN" "LBR" "LCA" "LKA" "LSO" "MAC" "MAR" "MDA" "MDG" "MDV" "MEX" "MKD" "MLI" "MMR" "MNE" "MNG" "MOZ" "MUS" "MWI" "MYS" "NAM" "NER" "NGA" "NIC" "NOR" "NPL" "NZL" "OMN" "PAK" "PAN" "PER" "PHL" "PRI" "PRY" "PSE" "QAT" "RUS" "RWA" "SAU" "SDN" "SEN" "SGP" "SLB" "SLE" "SLV" "SOM" "SRB" "STP" "SUR" "SWZ" "SYR" "TCD" "TGO" "THA" "TJK" "TKM" "TLS" "TTO" "TUN" "TUR" "TZA" "UGA" "UKR" "URY" "USA" "VCT" "VEN" "VNM" "VUT" "WSM" "YEM" "ZAF" "ZMB" "ZWE"

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 Germany M2 Growth

• Germany Money Supply M2 increased 3.7 % YoY in Jan 2025, compared with a growth of 3.9 % in the previous month
• Germany Money Supply M2 growth data is updated monthly, available from Jan 1970 to Jan 2025
• The data reached an all-time high of 27.0 % in Jan 1991 and a record low of -7.5 % in Apr 1995

CEIC calculates M2 Growth Rate from monthly M2. Deutsche Bundesbank provides M2 in EUR. Germany is part of the Euro Area and the reported figure corresponds to its contribution to the Euro money supply. Since January 1995, data is not fully comparable with data of previous periods as 'Resident' refers to the residents of Germany and of other euro area member states (before that Germany only). M2 Growth Rate prior to January 1996 is sourced from the International Monetary Fund.


Further information about Germany M2 Growth

• In the latest reports, Germany Foreign Exchange Reserves was measured at 36.7 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 0.3 Months of Import in Dec 2024
• Germany Domestic Credit reached 6,397.0 USD bn in Nov 2024, representing an drop of 2.2 % YoY
• The country's Non Performing Loans Ratio stood at 1.2 % in Dec 2022, compared with the ratio of 1.1 % in the previous year
• Household Debt of Germany reached 2,400.6 USD bn in Sep 2024, accounting for 50.3 % of the country's Nominal GDP

Key information about European Union Household Debt

• European Union Household Debt reached 6,956.2 USD bn in Jan 2025, compared with the reported number of 6,921.4 USD bn in the previous month
• EU Household Debt: USD mn data is updated monthly, available from Jan 1999 to Jan 2025
• The data reached an all-time high of 7,744.8 USD bn in Apr 2011 and a record low of 2,500.5 USD bn in Oct 2000

CEIC converts monthly Household Debt into USD. European Central Bank provides Household Debt in EUR. The Federal Reserve Board period end market exchange rate is used for currency conversions. Loans are used due to the lack of Flow of Funds statistics. Household Debt includes Mortgages and Consumer Loans.


Further information about European Union Household Debt

• In the latest reports, European Union Household Debt accounted for 44.1 % of the country's Nominal GDP in Dec 2024
• Money Supply M2 in European Union increased 16,206.2 USD bn YoY in Jan 2025
• European Union Foreign Exchange Reserves was measured at 297.5 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 1.4 Months of Import in Dec 2024
• European Union Domestic Credit reached 25,343.8 USD bn in Nov 2024, representing an increased of 0.7 % YoY

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.

In 2025, Luxembourg was the country with the highest gross domestic product per capita in the world. Of the 20 listed countries, 13 are in Europe and five are in Asia, alongside the U.S. and Australia. There are no African or Latin American countries among the top 20. Correlation with high living standards While GDP is a useful indicator for measuring the size or strength of an economy, GDP per capita is much more reflective of living standards. For example, when compared to life expectancy or indices such as the Human Development Index or the World Happiness Report, there is a strong overlap - 14 of the 20 countries on this list are also ranked among the 20 happiest countries in 2024, and all 20 have "very high" HDIs. Misleading metrics? GDP per capita figures, however, can be misleading, and to paint a fuller picture of a country's living standards then one must look at multiple metrics. GDP per capita figures can be skewed by inequalities in wealth distribution, and in countries such as those in the Middle East, a relatively large share of the population lives in poverty while a smaller number live affluent lifestyles.

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

The GDP of the Middle East and Central Asia is forecast to grow faster between 2024 and 2025 than other regions in the world. According to an economic outlook forecast, the GDP in the advanced economies will grow by **** percent in 2029.