Across the United States, the United Kingdom, Germany, and the European Union, gross domestic products (GDP) decreased in 2020 as a result of the COVID-19 pandemic. However, by 2021, growth rates were positive in all four areas again. The United Kingdom, Germany, and the European Union all experiencing slow economic growth in 2023 amid high inflation, with Germany even seeing an economic recession. GDP and its components GDP refers to the total market value of all goods and services that are produced within a country per year. It is composed of government spending, consumption, business investments and net exports. It is an important indicator to measure the economic strength of a country. Economists rely on a variety of factors when predicting future performance of the GDP. Inflation rate is one of the economic indicators providing insight into the future behavior of households, which make up a significant proportion of GDP. Projections are based on the past performance of such information. Future considerations Some factors can be more easily predicted than others. For example, projections of the annual inflation rate of the United States are easy to come by. However, the intensity and impact of something like Brexit is difficult to predict. Moreover, the occurrence and impact of events such as the COVID-19 pandemic and Russia's war in Ukraine is difficult to foresee. Hence, actual GDP growth may be higher or lower than the original estimates.

European Union gdp growth rate for 2023 was 0.43%, a 3.07% decline from 2022.

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

<li>European Union gdp growth rate for 2022 was <strong>3.50%</strong>, a <strong>2.86% decline</strong> from 2021.</li>
<li>European Union gdp growth rate for 2021 was <strong>6.36%</strong>, a <strong>11.93% increase</strong> from 2020.</li>
<li>European Union gdp growth rate for 2020 was <strong>-5.58%</strong>, a <strong>7.45% 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.

The Gross Domestic Product (GDP) in European Union was worth 18590.72 billion US dollars in 2023, according to official data from the World Bank. The GDP value of European Union represents 17.63 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 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.

European Union GDP Deflator: EA data was reported at 111.101 2010=100 in Dec 2018. This records an increase from the previous number of 109.320 2010=100 for Sep 2018. European Union GDP Deflator: EA data is updated quarterly, averaging 95.651 2010=100 from Mar 1995 (Median) to Dec 2018, with 96 observations. The data reached an all-time high of 111.101 2010=100 in Dec 2018 and a record low of 76.929 2010=100 in Mar 1995. European Union GDP Deflator: EA data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.A014: ESA 2010: Eurostat: GDP: Deflator: Current Price.

European Union GDP Deflator: EU 28 data was reported at 110.628 2010=100 in Dec 2018. This records an increase from the previous number of 109.217 2010=100 for Sep 2018. European Union GDP Deflator: EU 28 data is updated quarterly, averaging 97.517 2010=100 from Mar 1995 (Median) to Dec 2018, with 96 observations. The data reached an all-time high of 110.628 2010=100 in Dec 2018 and a record low of 75.159 2010=100 in Mar 1995. European Union GDP Deflator: EU 28 data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.A014: ESA 2010: Eurostat: GDP: Deflator: Current Price.

Historical chart and dataset showing European Union GDP by year from 1960 to 2023.

Graph and download economic data for Real Gross Domestic Product (Euro/ECU Series) for European Union (28 Countries) (CLVMEURNSAB1GQEU28) from Q1 1995 to Q4 2019 about EU, Europe, real, and GDP.

Graph and download economic data for Real Gross Domestic Product for European Union (27 Countries from 2020) (CLVMNACNSAB1GQEU272020) from Q1 1995 to Q1 2025 about EU, Europe, real, and GDP.

European Union GDP Deflator: EU 27 excl UK data was reported at 106.491 2015=100 in Dec 2019. This records an increase from the previous number of 104.620 2015=100 for Sep 2019. European Union GDP Deflator: EU 27 excl UK data is updated quarterly, averaging 90.639 2015=100 from Mar 1995 (Median) to Dec 2019, with 100 observations. The data reached an all-time high of 106.491 2015=100 in Dec 2019 and a record low of 70.902 2015=100 in Mar 1995. European Union GDP Deflator: 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.A018: ESA 2010: Eurostat: GDP: Deflator: Current Price: 2015=100.

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.

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.

European Union GDP Per Capita: EU 28 data was reported at 30,900.000 EUR in 2018. This records an increase from the previous number of 30,000.000 EUR for 2017. European Union GDP Per Capita: EU 28 data is updated yearly, averaging 24,600.000 EUR from Dec 1995 (Median) to 2018, with 24 observations. The data reached an all-time high of 30,900.000 EUR in 2018 and a record low of 15,200.000 EUR in 1995. European Union GDP Per Capita: EU 28 data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.A013: ESA 2010: Eurostat: GDP: GDP per Capita.

European Union GDP: CL 2010p: swda: EA data was reported at 2,652.138 EUR bn in Dec 2018. This records an increase from the previous number of 2,646.325 EUR bn for Sep 2018. European Union GDP: CL 2010p: swda: EA data is updated quarterly, averaging 2,321.545 EUR bn from Mar 1995 (Median) to Dec 2018, with 96 observations. The data reached an all-time high of 2,652.138 EUR bn in Dec 2018 and a record low of 1,768.344 EUR bn in Mar 1995. European Union GDP: CL 2010p: swda: EA data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.A004: ESA 2010: Eurostat: GDP: By Expenditure: Chain Linked 2010 Price: Seasonally & Working Days Adjusted.

European Union GDP: EU 27E: DD: FCE: General Government data was reported at 781.413 EUR bn in Dec 2019. This records an increase from the previous number of 694.966 EUR bn for Sep 2019. European Union GDP: EU 27E: DD: FCE: General Government data is updated quarterly, averaging 529.717 EUR bn from Mar 1995 (Median) to Dec 2019, with 100 observations. The data reached an all-time high of 781.413 EUR bn in Dec 2019 and a record low of 301.564 EUR bn in Mar 1995. European Union GDP: 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.A001: ESA 2010: Eurostat: GDP: By Expenditure: Current Price.

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: EU 28: Taxes on Production & Imports Less Subsidies data was reported at 492.732 EUR bn in Dec 2018. This records an increase from the previous number of 470.197 EUR bn for Sep 2018. European Union GDP: EU 28: Taxes on Production & Imports Less Subsidies data is updated quarterly, averaging 349.510 EUR bn from Mar 1995 (Median) to Dec 2018, with 96 observations. The data reached an all-time high of 492.732 EUR bn in Dec 2018 and a record low of 184.051 EUR bn in Mar 1995. European Union GDP: EU 28: Taxes on Production & Imports Less Subsidies data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.A011: ESA 2010: Eurostat: GDP: By Income: Current Price.

European Union GDP: EU 27E: Exports: Goods data was reported at 1,246.206 EUR bn in Dec 2019. This records an increase from the previous number of 1,207.974 EUR bn for Sep 2019. European Union GDP: EU 27E: Exports: Goods data is updated quarterly, averaging 760.635 EUR bn from Mar 1995 (Median) to Dec 2019, with 100 observations. The data reached an all-time high of 1,246.206 EUR bn in Dec 2019 and a record low of 335.100 EUR bn in Sep 1995. European Union GDP: EU 27E: Exports: Goods 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: CL 2010p: swda: EA: Imports data was reported at 1,198.321 EUR bn in Dec 2018. This records an increase from the previous number of 1,191.959 EUR bn for Sep 2018. European Union GDP: CL 2010p: swda: EA: Imports data is updated quarterly, averaging 816.727 EUR bn from Mar 1995 (Median) to Dec 2018, with 96 observations. The data reached an all-time high of 1,198.321 EUR bn in Dec 2018 and a record low of 403.354 EUR bn in Mar 1995. European Union GDP: CL 2010p: swda: EA: Imports data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.A004: ESA 2010: Eurostat: GDP: By Expenditure: Chain Linked 2010 Price: Seasonally & Working Days Adjusted.

European Union GDP: CL 2010p: EA: DD: FCE: General Government data was reported at 562.867 EUR bn in Dec 2018. This records an increase from the previous number of 532.337 EUR bn for Sep 2018. European Union GDP: CL 2010p: EA: DD: FCE: General Government data is updated quarterly, averaging 469.535 EUR bn from Mar 1995 (Median) to Dec 2018, with 96 observations. The data reached an all-time high of 562.867 EUR bn in Dec 2018 and a record low of 364.860 EUR bn in Mar 1995. European Union GDP: CL 2010p: EA: 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.A003: ESA 2010: Eurostat: GDP: By Expenditure: Chain Linked 2010 Price.