The Gross Domestic Product (GDP) in European Union was worth 19423.32 billion US dollars in 2024, according to official data from the World Bank. The GDP value of European Union represents 18.29 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 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.

The Gross Domestic Product (GDP) in European Union expanded 1.50 percent in the second 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.

Key information about European Union Nominal GDP

• European Union Nominal GDP reached 4,141.8 USD bn in Dec 2022, compared with 4,002.8 USD bn in the previous quarter.
• Nominal GDP in EU is updated quarterly, available from Mar 1999 to Dec 2022, with an average number of 3,579.7 USD bn.
• The data reached an all-time high of 4,357.5 USD bn in Jun 2008 and a record low of 1,739.3 USD bn in Dec 2000.

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 1.7 % YoY in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.2 % in Dec 2022.
• EU GDP Per Capita reached 38,451.0 USD in Dec 2021.
• Its Gross Savings Rate was measured at 26.0 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 24.3 % in Dec 2022.
• Public Consumption accounted for 22.2 % in Dec 2022.
• Private Consumption accounted for 51.8 % in Dec 2022.

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

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.

The Gross Domestic Product per capita in European Union was last recorded at 34859.60 US dollars in 2024. The GDP per Capita in European Union is equivalent to 276 percent of the world's average. This dataset provides the latest reported value for - European Union GDP Per Capita - 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 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.

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.

Key information about European Union External Debt: % of GDP

• European Union External Debt accounted for 111.1 % of the country's Nominal GDP in 2023, compared with the ratio of 118.2 % in the previous year.
• EU External Debt: % of Nominal GDP data is updated yearly, available from Dec 2008 to Dec 2023.
• The data reached an all-time high of 136.7 % in Dec 2015 and a record low of 111.1 % in Dec 2023.

CEIC calculates External Debt as % of Nominal GDP from quarterly External Debt and quarterly Nominal GDP. European Central Bank provides External Debt in EUR. Eurostat provides Nominal GDP in EUR. External Debt as % of Nominal GDP covers Euro Area 20. External Debt as % of Nominal GDP prior to 2013 covers Euro Area 19.


Related information about European Union External Debt: % of GDP

• In the latest reports of EU, Current Account recorded a surplus of 133.2 USD bn in Dec 2024.
• Foreign Direct Investment (FDI) increased by 4.8 USD bn in Nov 2024.
• EU Direct Investment Abroad expanded by 7.2 USD bn in Nov 2024.
• Its Foreign Portfolio Investment increased by 239.3 USD bn in Sep 2024.
• The country's External Debt reached 18,601,546.0 in Sep 2024.
• The country's Nominal GDP was reported at 4,430.4 USD bn in Mar 2023.

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 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.

Graph and download economic data for Gross Domestic Product for the European Union (NYGDPMKTPCDEUU) from 1960 to 2024 about EU, Europe, and GDP.

This statistic displays the nominal gross domestic product of selected European Union member countries as of 2015. The data shows that the GDP of the European Union exceeded **** billion U.S. dollars, a large contributor of that wealth came from the United Kingdom (UK). This statistic shows that without the UK the EU looses and approximate equivalent of * trillion US dollars, this is equal to **** percent of the EU's GDP.

This dataset provides information on the Real GDP per capita for 30 countries and regions across Europe, from 1995 to 2023. The dataset includes real GDP per capita data, which is adjusted for inflation (constant prices), allowing comparisons over time across different countries. This data is critical for economic analysis, providing insights into the economic performance and living standards in these countries and regions.

Countries included are:

• Austria (AT)
• Belgium (BE)
• Bulgaria (BG)
• Cyprus (CY)
• Czech Republic (CZ)
• Germany (DE)
• Denmark (DK)
• Euro Area (EA20) – The 20 countries using the euro
• Estonia (EE)
• Greece (EL)
• Spain (ES)
• European Union 27 (EU27_2020) – EU countries excluding the UK (post-Brexit)
• Finland (FI)
• France (FR)
• Croatia (HR)
• Hungary (HU)
• Ireland (IE)
• Italy (IT)
• Lithuania (LT)
• Luxembourg (LU)
• Latvia (LV)
• Malta (MT)
• Netherlands (NL)
• Poland (PL)
• Portugal (PT)
• Romania (RO)
• Sweden (SE)
• Slovenia (SI)
• Slovakia (SK)

Source:

• Eurostat API (via Python Eurostat library)

Time Period:

• 1995 - 2023

Year:

• The year of the data (1995 to 2023)

Usage:

• This dataset is suitable for economic research, data analysis, and forecasting. It can be used to study trends in economic growth, compare the performance of different European economies, and examine the effects of historical events on national GDP.

Key information about European Union Government Debt: % of GDP

• European Union Government debt accounted for 81.6 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 81.5 % in the previous quarter.
• EU government debt to GDP ratio data is updated quarterly, available from Mar 2000 to Sep 2024.
• The data reached an all-time high of 91.5 % in Mar 2021 and a record low of 62.4 % in Dec 2007.

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


Related information about European Union Government Debt: % of GDP

• In the latest reports, EU National Government Debt reached 16,136.9 USD bn in Sep 2024.
• The country's Nominal GDP reached 4,430.4 USD bn in Mar 2023.

Key information about European Union Private Consumption: % of GDP

• European Union Private Consumption accounted for 51.9 % of its Nominal GDP in Dec 2024, compared with a ratio of 53.2 % in the previous quarter.
• EU Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1995 to Dec 2024, with an average share of 55.2 %.
• The data reached an all-time high of 56.9 % in Mar 1997 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 1.0 % YoY in Mar 2023.
• Its Nominal GDP reached 4,430.4 USD bn 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.

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 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.

Full Year GDP Growth in European Union increased to 1 percent in 2024 from 0.40 percent in 2023. This dataset includes a chart with historical data for European Union Full Year GDP Growth.