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.

With a Gross Domestic Product of over 4.18 trillion Euros, the German economy was by far the largest in Europe in 2023. The similar-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 time 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.

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 2022, 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 15 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 28 and 16 billion Euros respectively.

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.

European Union gdp growth rate for 2023 was 0.45%, a 3.03% decline from 2022.

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

<li>European Union gdp growth rate for 2022 was <strong>3.48%</strong>, a <strong>2.53% decline</strong> from 2021.</li>
<li>European Union gdp growth rate for 2021 was <strong>6.01%</strong>, a <strong>11.66% increase</strong> from 2020.</li>
<li>European Union gdp growth rate for 2020 was <strong>-5.65%</strong>, a <strong>7.46% decline</strong> from 2019.</li>
</ul>Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP 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.

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.

The average for 2023 based on 44 countries was 44137.65 U.S. dollars. The highest value was in Monaco: 256580.52 U.S. dollars and the lowest value was in Ukraine: 5069.7 U.S. dollars. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

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.

Related information about European Union GDP Per Capita data

• 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 real gross domestic product (GDP) of Malta is estimated to have grown by 7.5 percent in 2023 and is projected to grow a further five 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 negative growth 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.

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 average for 2023 based on 44 countries was 612.58 billion U.S. dollars. The highest value was in Germany: 4525.7 billion U.S. dollars and the lowest value was in Andorra: 3.79 billion U.S. dollars. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

European Union GDP for 2023 was 18.591 trillion US dollars, a 9.39% increase from 2022.

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

<li>European Union GDP for 2022 was <strong>16.995 trillion US dollars</strong>, a <strong>2.86% decline</strong> from 2021.</li>
<li>European Union GDP for 2021 was <strong>17.497 trillion US dollars</strong>, a <strong>12.85% increase</strong> from 2020.</li>
<li>European Union GDP for 2020 was <strong>15.505 trillion US dollars</strong>, a <strong>1.92% 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.

The average for 2023 based on 27 countries was 0.66 percent. The highest value was in Germany: 4.32 percent and the lowest value was in Malta: 0.02 percent. The indicator is available from 1980 to 2023. Below is a chart for all countries where data are available.

The average for 2023 based on 44 countries was 0.59 percent. The highest value was in Germany: 4.32 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.

Key information about EU Public Consumption: % of GDP

• European Union Public Consumption accounted for 22.4 % of its Nominal GDP in Dec 2024, compared with a share of 21.0 % in the previous quarter.
• EU Public Consumption share of Nominal GDP ratio is updated quarterly, available from Mar 1995 to Dec 2024, with an average number of 20.7 %.
• The data reached an all-time high of 23.9 % in Jun 2020 and a record low of 19.1 % in Sep 2007.

CEIC calculates Government Consumption as % of Nominal GDP from quarterly Government Consumption Expenditure and quarterly Nominal GDP. Eurostat provides Government Consumption Expenditure in EUR and Nominal GDP in EUR. European Union stands for EU27 excluding UK.


Related information about EU Public Consumption: % of GDP

• In the latest reports, EU GDP expanded 1.0 % YoY in Mar 2023.
• EU Nominal GDP reached 4,430.4 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 6.5 % in Mar 2023.
• EU GDP Per Capita reached 38,468.8 USD in Dec 2021.
• Its Gross Savings Rate was measured at 25.7 % in Dec 2024.
• For Nominal GDP contributions, Investment accounted for 21.9 % in Dec 2024.
• Private Consumption accounted for 51.9 % in Dec 2024.

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.

The average for 2023 based on 43 countries was 50594 U.S. dollars. The highest value was in Luxembourg: 130491 U.S. dollars and the lowest value was in Moldova: 15855 U.S. dollars. The indicator is available from 1990 to 2023. Below is a chart for all countries where data are available.

The average for 2020 based on 20 countries was 2.59 percent. The highest value was in Croatia: 9.72 percent and the lowest value was in Romania: 0.64 percent. The indicator is available from 1995 to 2020. Below is a chart for all countries where data are available.