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.

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.

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 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 2023 the gross domestic product of the European Union amounted to approximately 17.1 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.

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 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.

CEIC calculates Real GDP Growth from quarterly Real GDP. Eurostat provides Real GDP in EUR, at chain linked 2015 prices. European Union stands for EU27 excluding UK.


Related information about European Union Real GDP Growth

• 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.

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.

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 (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.

This statistic shows gross domestic product (GDP) of the European Union from 2019 to 2029 in billion international dollars. In 2023, the EU's GDP amounted to about 18.58 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.

The average for 2023 based on 27 countries was 16.65 million. The highest value was in Germany: 84.48 million and the lowest value was in Malta: 0.55 million. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

Europe Creator Economy Market valued at US$ 16.24 Bn in 2025, is anticipated to reaching US$ 65.32 Bn by 2032, with a steady annual growth rate of 22.0%.

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 European Business Performance database describes the performance of the largest enterprises in the twentieth century. It covers eight countries that together consistently account for above 80 per cent of western European GDP: Great Britain, Germany, France, Belgium, Italy, Spain, Sweden, and Finland. Data have been collected for five benchmark years, namely on the eve of WWI (1913), before the Great Depression (1927), at the extremes of the golden age (1954 and 1972), and in 2000.The database is comprised of two distinct datasets. The Small Sample (625 firms) includes the largest enterprises in each country across all industries (economy-wide). To avoid over-representation of certain countries and sectors, countries contribute a number of firms that is roughly proportionate to the size of the economy: 30 firms from Great Britain, 25 from Germany, 20 from France, 15 from Italy, 10 from Belgium, Spain, and Sweden, and 5 from Finland. By the same token, a cap has been set on the number of financial firms entering the sample, so that they range between up to 6 for Britain and 1 for Finland.The second dataset, or Large Sample (1,167 firms), is made up of the largest firms per industry. Here industries are so selected as to take into account long-term technological developments and the rise of entirely new products and services. Firms have been individually classified using the two-digit ISIC Rev. 3.1 codes, then grouped under a manageable number of industries. To some extent and broadly speaking, the two samples have a rather distinct focus: the Small Sample is biased in favour of sheer bigness, whereas the Large Sample emphasizes industries.As far as size and performance indicators are concerned, total assets has been picked as the main size measure in the first three benchmarks, turnover in 1972 and 2000 (financial intermediaries, though, are ranked by total assets throughout the database). Performance is gauged by means of two financial ratios, namely return on equity and shareholders’ return, i.e. the percentage year-on-year change in share price based on year-end values. In order to smooth out volatility, at each benchmark performance figures have been averaged over three consecutive years (for instance, performance in 1913 reflects average performance in 1911, 1912, and 1913).All figures were collected in national currency and converted to US dollars at current year-average exchange rates.

Key information about European Union Private Debt: % of Nominal GDP

• European Union Private Debt accounted for 78.27 % of its Nominal GDP in Dec 2024, compared with a ratio of 78.60 % in the previous quarter
• EU Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Sep 1997 to Dec 2024, with an average share of 88.81 %
• The data reached an all-time high of 104.24 % in Jun 2010 and a record low of 74.22 % in Sep 1997

CEIC calculates quarterly Private Debt as % of Nominal GDP from quarterly Private Debt and quarterly Nominal GDP. Private Debt is calculated as the sum of Loans to Non Financial Sector and Households. European Central Bank provides Private Debt in EUR. Eurostat provides Nominal GDP in EUR.

Key information about European Union Foreign Exchange Reserves: % of GDP

• European Union Foreign Exchange Reserves: % of GDP was reported at 1.915 % in Dec 2024
• This records an increase from the previous number of 1.813 % for Sep 2024
• EU Foreign Exchange Reserves: % of GDP data is updated quarterly, averaging 1.900 % from Dec 1999 to Dec 2024, with 101 observations
• The data reached an all-time high of 3.696 % in Sep 2000 and a record low of 1.423 % in Sep 2009
• EU Foreign Exchange Reserves: % 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: Foreign Exchange Reserves: % of Nominal GDP: Quarterly

CEIC calculates quarterly Foreign Exchange Reserves as % of Nominal GDP from monthly Foreign Exchange Reserves and quarterly Nominal GDP. European Central Bank provides Foreign Exchange Reserves in EUR. Eurostat provides Nominal GDP in EUR. Foreign Exchange Reserves as % of Nominal GDP covers Euro Area 19 only.

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 dataset "tin00145" has been discontinued since 12/10/2023.

Euro Area GDP for 2023 was 15.781 trillion US dollars, a 9.19% increase from 2022.

<ul style='margin-top:20px;'>

<li>Euro Area GDP for 2022 was <strong>14.452 trillion US dollars</strong>, a <strong>3.12% decline</strong> from 2021.</li>
<li>Euro Area GDP for 2021 was <strong>14.918 trillion US dollars</strong>, a <strong>12.44% increase</strong> from 2020.</li>
<li>Euro Area GDP for 2020 was <strong>13.267 trillion US dollars</strong>, a <strong>2.36% decline</strong> from 2019.</li>
</ul>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.