The statistic shows the growth of the real gross domestic product (GDP) in the European Union and the Euro area from 2020 to 2024, with projections up until 2030. 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 2024, the GDP in the European Union increased by about 1.12 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 2024 the gross domestic product of the European Union amounted to approximately 17.9 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 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 Gross Domestic Product (GDP) in European Union expanded 1.60 percent in the third 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.

Graph and download economic data for Real Gross Domestic Product for European Union (28 Countries) (CLVMNACSCAB1GQEU28) from Q1 1995 to Q4 2019 about EU, Europe, real, and GDP.

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.

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.

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.

• 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.

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.

Graph and download economic data for Real Gross Domestic Product (Euro/ECU Series) for Euro Area (19 Countries) (CLVMEURSCAB1GQEA19) from Q1 1995 to Q3 2025 about Euro Area, Europe, real, and GDP.

European Union GDP: EU 27E: Domestic Demand (DD) data was reported at 3,520.036 EUR bn in Dec 2019. This records an increase from the previous number of 3,306.964 EUR bn for Sep 2019. European Union GDP: EU 27E: Domestic Demand (DD) data is updated quarterly, averaging 2,577.086 EUR bn from Mar 1995 (Median) to Dec 2019, with 100 observations. The data reached an all-time high of 3,520.036 EUR bn in Dec 2019 and a record low of 1,494.435 EUR bn in Mar 1995. European Union GDP: EU 27E: Domestic Demand (DD) data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.A001: ESA 2010: Eurostat: GDP: By Expenditure: Current Price.

In 2023, the total contribution of travel and tourism to the gross domestic product (GDP) in Europe nearly equaled the figure from 2019, recovering from the impact of the COVID-19 pandemic. Overall, the total contribution of these industries to Europe's GDP amounted to roughly **** trillion euros in 2023. As predicted, this figure was expected to reach an estimated *** trillion euros in 2024.

European Union GDP Per Capita: EU 27 excl UK data was reported at 31,090.000 EUR in 2019. This records an increase from the previous number of 30,160.000 EUR for 2018. European Union GDP Per Capita: EU 27 excl UK data is updated yearly, averaging 24,050.000 EUR from Dec 1995 (Median) to 2019, with 25 observations. The data reached an all-time high of 31,090.000 EUR in 2019 and a record low of 14,900.000 EUR in 1995. European Union GDP Per Capita: EU 27 excl UK data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.A017: ESA 2010: Eurostat: GDP: GDP per Capita.

Investment as percent of GDP in Euro area, June, 2025 The most recent value is 21.31 percent as of Q2 2025, an increase compared to the previous value of 20.89 percent. Historically, the average for Euro area from Q1 1995 to Q2 2025 is 21.25 percent. The minimum of 18.36 percent was recorded in Q1 2015, while the maximum of 23.65 percent was reached in Q4 2019. | TheGlobalEconomy.com

European Union GDP: EU 27E: Imports data was reported at 1,634.118 EUR bn in Dec 2019. This records an increase from the previous number of 1,549.024 EUR bn for Sep 2019. European Union GDP: EU 27E: Imports data is updated quarterly, averaging 962.501 EUR bn from Mar 1995 (Median) to Dec 2019, with 100 observations. The data reached an all-time high of 1,634.118 EUR bn in Dec 2019 and a record low of 409.999 EUR bn in Sep 1995. European Union GDP: EU 27E: Imports data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.A001: ESA 2010: Eurostat: GDP: By Expenditure: Current Price.

European Union GDP: swda: EU 27E: DD: FCE: General Government data was reported at 727.311 EUR bn in Dec 2019. This records an increase from the previous number of 720.956 EUR bn for Sep 2019. European Union GDP: swda: EU 27E: DD: FCE: General Government data is updated quarterly, averaging 529.173 EUR bn from Mar 1995 (Median) to Dec 2019, with 100 observations. The data reached an all-time high of 727.311 EUR bn in Dec 2019 and a record low of 313.232 EUR bn in Mar 1995. European Union GDP: swda: EU 27E: DD: FCE: General Government data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.A002: ESA 2010: Eurostat: GDP: By Expenditure: Current Price: Seasonally & Working Days Adjusted.

Germany GDP Nowcast: swda: YoY: Contribution: Consumer Survey: Consumer Confidence Indicator (CI): sa: Euro Area 20 data was reported at 2.340 % in 01 Dec 2025. This records a decrease from the previous number of 3.292 % for 24 Nov 2025. Germany GDP Nowcast: swda: YoY: Contribution: Consumer Survey: Consumer Confidence Indicator (CI): sa: Euro Area 20 data is updated weekly, averaging 4.428 % from Jan 2019 (Median) to 01 Dec 2025, with 361 observations. The data reached an all-time high of 6.349 % in 28 Mar 2022 and a record low of 1.782 % in 09 Jun 2025. Germany GDP Nowcast: swda: YoY: Contribution: Consumer Survey: Consumer Confidence Indicator (CI): sa: Euro Area 20 data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Germany – Table DE.CEIC.NC: CEIC Nowcast: Gross Domestic Product (GDP).

Implicit deflators are calculated by dividing an aggregate measured in current prices by the same aggregate measured in constant prices. Implicit deflators are named after the aggregate used (Gross Domestic Product in this case). The deflator is calculated from seasonally and calendar adjusted GDP values and rescaled so that 2010 = 100. The ESA 2010 (European System of Accounts) regulation may be referred to for more specific explanations on methodology.

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.

This statistic shows the share of the European Union in the global gross domestic product based on purchasing-power-parity from 2020 to 2030. In 2024, the share of the European Union in the global gross domestic product based on purchasing-power-parity amounted to an estimated 14.33 percent. The EU GDP amounted to 19.41 trillion euros in 2024.