With a Gross Domestic Product of over 4.3 trillion Euros, the German economy was by far the largest in Europe in 2024. 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 7.4 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.95 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 Gross Domestic Product (GDP) In the Euro Area was worth 16406.13 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Euro Area represents 14.74 percent of the world economy. This dataset provides the latest reported value for - Euro Area GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The economy of the European Union is set to grow by *** percent in 2026, 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 2026, 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 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 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 average for 2023 based on 45 countries was 0.57 percent. The highest value was in Germany: 4.29 percent and the lowest value was in Andorra: 0 percent. The indicator is available from 1980 to 2023. Below is a chart for all countries where data are available.

This dataset provides values for GDP PER CAPITA 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 Nominal GDP

• European Union Nominal GDP reached 5,301.1 USD bn in Jun 2025, compared with 4,874.3 USD bn in the previous quarter.
• Nominal GDP in EU is updated quarterly, available from Mar 1999 to Jun 2025, with an average number of 14.5 USD mn.
• The data reached an all-time high of 50.6 USD mn in Apr 2021 and a record low of -54.5 USD mn in Dec 2008.

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


Related information about European Union Nominal GDP

• In the latest reports, EU GDP expanded 1.6 % YoY in Sep 2025.
• Its GDP deflator (implicit price deflator) increased 2.7 % in Jun 2025.
• EU GDP Per Capita reached 41,541.4 USD in Dec 2023.
• Its Gross Savings Rate was measured at 26.0 % in Jun 2025.
• For Nominal GDP contributions, Investment accounted for 22.0 % in Jun 2025.
• Public Consumption accounted for 21.5 % in Jun 2025.
• Private Consumption accounted for 52.4 % in Jun 2025.

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 GDP Per Capita

• European Union Gross Domestic Product (GDP) per Capita reached 41,541.357 USD in Dec 2023, compared with 37,990.536 USD in Dec 2022.
• EU GDP Per Capita data is updated yearly, available from Dec 1999 to Dec 2023, with an average number of -1,867.414 USD.
• The data reached an all-time high of 5,783.686 USD in Sep 2024 and a record low of -6,119.467 in Dec 2019.
• CEIC calculates GDP per Capita from quarterly Nominal GDP and annual Population and converts it into USD. Eurostat provides Nominal GDP in EUR and Population. Federal Reserve Board average market exchange rate is used for currency conversions. European Union stands for EU27 excluding UK.

Related information about European Union GDP Per Capita data

• In the latest reports, EU GDP expanded 1.552 % YoY in Sep 2025.
• EU Nominal GDP reached 5,301.125 USD bn in Jun 2025.
• Its GDP deflator (implicit price deflator) increased 2.726 % in Jun 2025.
• Gross Savings Rate of EU was measured at 26.024 % in Jun 2025.

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.

The average for 2024 based on 42 countries was 678.01 billion U.S. dollars. The highest value was in Germany: 4659.93 billion U.S. dollars and the lowest value was in Andorra: 4.04 billion U.S. dollars. The indicator is available from 1960 to 2024. Below is a chart for all countries where data are available.

The dataset contains GDP growth data for 15+ European Countries, spanning from 1960 to 2023. The indicator name is GDP (current US$), and the corresponding indicator code is NY.GDP.MKTP.CD.

This dataset is made possible with Collaboration of @Batros Jamali

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.

Key information about EU Nominal GDP Growth

• European Union Nominal GDP Growth was reported at 4.408 % in Jun 2025.
• This records an increase from the previous number of 4.373 % for Mar 2025.
• EU Nominal GDP Growth data is updated quarterly, averaging 0.000 % from Mar 1996 to Jun 2025, with 118 observations.
• 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.

This dataset provides values for GDP FROM MANUFACTURING 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 per capita in European Union was last recorded at 54290.99 US dollars in 2024, when adjusted by purchasing power parity (PPP). The GDP per Capita, in European Union, when adjusted by Purchasing Power Parity is equivalent to 306 percent of the world's average. This dataset provides the latest reported value for - European Union GDP Per Capita Ppp - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about European Union Private Consumption: % of GDP

• European Union Private Consumption accounted for 52.4 % of its Nominal GDP in Jun 2025, compared with a ratio of 53.1 % in the previous quarter.
• EU Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1995 to Jun 2025, with an average share of 57.0 %.
• The data reached an all-time high of 57.0 % in Mar 2010 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 1.6 % YoY in Sep 2025.
• Its Nominal GDP reached 5,301.1 USD bn in Jun 2025.
• EU GDP Per Capita reached 41,541.4 USD in Dec 2023.
• Its Gross Savings Rate was measured at 26.0 % in Jun 2025.

Key information about EU GDP Deflator Growth

• European Union GDP deflator (implicit price deflator) increased 2.7 % in Jun 2025, compared with an increase of 2.6 % in the previous quarter.
• EU GDP Deflator Growth data is updated quarterly, available from Mar 1996 to Jun 2025, with an average rate of 1.6 %.
• The data reached an all-time high of 6.9 % in Mar 2023 and a record low of -0.6 % in Sep 2009.

CEIC calculates GDP Deflator Growth from quarterly GDP Deflator. Eurostat provides GDP Deflator at chain linked 2020 prices. European Union stands for EU27 excluding UK.


Related information about EU GDP Deflator Growth

• In the latest reports, European Union GDP expanded 1.6 % YoY in Sep 2025.
• Its Nominal GDP reached 5,301.1 USD bn in Jun 2025.
• EU GDP Per Capita reached 41,541.4 USD in Dec 2023.
• Its Gross Savings Rate was measured at 26.0 % in Jun 2025.

Graph and download economic data for Constant GDP per capita for the European Union (NYGDPPCAPKDEUU) from 1960 to 2024 about EU, Europe, per capita, and GDP.