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.

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.

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 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 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.

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.

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.

Key information about European Union GDP Per Capita

• European Union Gross Domestic Product (GDP) per Capita reached 38,454.191 USD in Dec 2021, compared with 34,402.825 USD in Dec 2020.
• EU GDP Per Capita data is updated yearly, available from Dec 1999 to Dec 2021, with an average number of 33,135.176 USD.
• The data reached an all-time high of 38,454.191 USD in Dec 2021 and a record low of 16,892.743 in Dec 2000.
• 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.

• In the latest reports, EU GDP expanded 1.264 % YoY in Mar 2023.
• EU Nominal GDP reached 4,140.452 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.144 % in Dec 2022.
• Gross Savings Rate of EU was measured at 25.835 % in Dec 2022.

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.

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

This dataset provides values for UNEMPLOYMENT RATE 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) (CLVMNACSCAB1GQEA19) from Q1 1995 to Q2 2025 about Euro Area, Europe, real, and GDP.

Exports: EU 27E: Extra EU: Raw Materials data was reported at 2.370 EUR bn in Feb 2025. This records an increase from the previous number of 2.026 EUR bn for Jan 2025. Exports: EU 27E: Extra EU: Raw Materials data is updated monthly, averaging 1.387 EUR bn from Jan 2002 (Median) to Feb 2025, with 278 observations. The data reached an all-time high of 2.943 EUR bn in Mar 2022 and a record low of 0.696 EUR bn in Aug 2003. Exports: EU 27E: Extra EU: Raw Materials data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.JA020: Eurostat: Trade Statistics: By SITC: European Union: European Countries Outside of EU.

Imports: EU 27E: Extra EU: Food, Drink & Tobacco data was reported at 4.136 EUR bn in Feb 2025. This records a decrease from the previous number of 4.254 EUR bn for Jan 2025. Imports: EU 27E: Extra EU: Food, Drink & Tobacco data is updated monthly, averaging 2.686 EUR bn from Jan 2002 (Median) to Feb 2025, with 278 observations. The data reached an all-time high of 5.038 EUR bn in Nov 2022 and a record low of 1.297 EUR bn in Jan 2004. Imports: EU 27E: Extra EU: Food, Drink & Tobacco data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.JA020: Eurostat: Trade Statistics: By SITC: European Union: European Countries Outside of EU.

Imports: EA 20: swda: Canada data was reported at 2.730 EUR bn in Feb 2025. This records an increase from the previous number of 2.221 EUR bn for Jan 2025. Imports: EA 20: swda: Canada data is updated monthly, averaging 1.267 EUR bn from Jan 2002 (Median) to Feb 2025, with 278 observations. The data reached an all-time high of 2.730 EUR bn in Feb 2025 and a record low of 0.701 EUR bn in Aug 2004. Imports: EA 20: swda: Canada data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.JA005: Eurostat: Trade Statistics: EA 20: by Countries.

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

In the 16 years leading up to the First World War, the growth of GDP per capita varied across Europe, from growth rates of just six percent in the Netherlands, to 37 percent in Denmark. Of the major powers, France and Germany experienced the largest growth in this period, at 32 percent growth each, while Britain's growth was roughly half of this. It is important to remember, that the GDP per capita, along with economic development and industrialization, varied across Europe in this time period. For these reasons, Central and Eastern Europe had a higher overall GDP per capita growth rate than Western Europe, although Western Europe was much more advanced due to where its economy was in 1897.

Exports: EU 27E: Extra EU: Goods, nes data was reported at 2.611 EUR bn in Feb 2025. This records a decrease from the previous number of 2.636 EUR bn for Jan 2025. Exports: EU 27E: Extra EU: Goods, nes data is updated monthly, averaging 1.466 EUR bn from Jan 2002 (Median) to Feb 2025, with 278 observations. The data reached an all-time high of 3.273 EUR bn in Nov 2024 and a record low of 0.619 EUR bn in Aug 2005. Exports: EU 27E: Extra EU: Goods, nes data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.JA020: Eurostat: Trade Statistics: By SITC: European Union: European Countries Outside of EU.

The volume index of GDP per capita in Purchasing Power Standards (PPS) is expressed in relation to the European Union average set to equal 100. An index value above 100 indicates that a country's GDP per capita is higher than the EU average, while a value below 100 signifies that it is lower. This index is often used to compare the economic well-being of populations. However, GDP includes certain components and transactions that are arguably less relevant to measuring a household's current material well-being. PPS is the technical term used by Eurostat to denote a common currency that eliminates the differences in price levels between countries allowing meaningful comparisons. PPS values are derived by dividing a country's economic aggregates in national currency by the respective PPPs. Data are primarily intended for cross-country comparisons rather than for comparisons over time.