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.

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 4.3 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.

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 1.60 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.

Key information about European Union Private Consumption: % of GDP

• European Union Private Consumption accounted for 52.4 % of its Nominal GDP in Jun 2025, compared with a ratio of 53.1 % in the previous quarter.
• EU Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1995 to Jun 2025, with an average share of 57.0 %.
• The data reached an all-time high of 57.0 % in Mar 2010 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 1.6 % YoY in Sep 2025.
• Its Nominal GDP reached 5,301.1 USD bn in Jun 2025.
• EU GDP Per Capita reached 41,541.4 USD in Dec 2023.
• Its Gross Savings Rate was measured at 26.0 % in Jun 2025.

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.

Key information about European Union Nominal GDP

• European Union Nominal GDP reached 5,301.1 USD bn in Jun 2025, compared with 4,874.3 USD bn in the previous quarter.
• Nominal GDP in EU is updated quarterly, available from Mar 1999 to Jun 2025, with an average number of 14.5 USD mn.
• The data reached an all-time high of 50.6 USD mn in Apr 2021 and a record low of -54.5 USD mn in Dec 2008.

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 1.6 % YoY in Sep 2025.
• Its GDP deflator (implicit price deflator) increased 2.7 % in Jun 2025.
• EU GDP Per Capita reached 41,541.4 USD in Dec 2023.
• Its Gross Savings Rate was measured at 26.0 % in Jun 2025.
• For Nominal GDP contributions, Investment accounted for 22.0 % in Jun 2025.
• Public Consumption accounted for 21.5 % in Jun 2025.
• Private Consumption accounted for 52.4 % in Jun 2025.

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.

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.

The indicator is part of the EU Sustainable Development Goals (SDG) indicator set. It is used to monitor progress towards SDG 8 on decent work and economic growth; which is embedded in the European Commission’s Priorities under the European Green Deal, Economy that works for people. SDG 8 recognises the importance of sustained economic growth and high levels of economic productivity for the creation of well-paid quality jobs and the achievement of global prosperity. That said, it envisions inclusive and sustainable economic growth, which leaves no one behind and does not harm the environment.

Indicator can be considered as identical to global SDG indicator 8.1.1 "Annual growth rate of real GDP per capita". Furthermore, it is part of the impact indicators for Strategic plan 2020-2024 referring to the 6 Commission priorities.

The EU supports growth, job creation and competitiveness through funding instrumentssuch as the European Fund for Strategic Investments, the European Social Fund and its successor, the European Social Fund Plus, the European Structural and Investment Funds, Horizon 2020, the Programme for Employment and Social Innovation (EaSI), the Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME), the Emergency Support Instrument, the Connecting Europe Facility and the Creative Europe Programme (CAP).

The indicator is calculated as the ratio of real GDP to the average population of a specific year. GDP measures the value of total final output of goods and services produced by an economy within a certain period of time. It includes goods and services that have markets (or which could have markets) and products which are produced by general government and non-profit institutions.

It is a measure of economic activity and is commonly used as a proxy for the development in a country’s material living standards. However, it is not a complete measure of economic welfare. For example, GDP does not include most unpaid household work. Neither does GDP take account of negative effects of economic activity, like environmental degradation.

Real GDP per capita is calculated as the ratio of real GDP to the average population of a specific year and is based on rounded figures.

All EU MS

Comparability across all EU Member States respectively other presented countries is ensured by the application of the legal framework represented by ESA 2010 and SNA 2008. Comparability of GDP for EU countries is regularly monitored in the context of the work of the Gross National Income (GNI) Committee. In addition, international harmonisation of techniques and, to some extent, compilation tools is ensured by the work of the national accounts working groups (Eurostat, OECD, UN).

Comparability across countries of the population figures is ensured by application of the same concept (ESA 2010) across countries.

Key information about EU Nominal GDP Growth

• European Union Nominal GDP Growth was reported at 4.408 % in Jun 2025.
• This records an increase from the previous number of 4.373 % for Mar 2025.
• EU Nominal GDP Growth data is updated quarterly, averaging 0.000 % from Mar 1996 to Jun 2025, with 118 observations.
• EU Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. Eurostat provides Nominal GDP in EUR. European Union stands for EU27 excluding UK.

Graph and download economic data for Constant GDP per capita for the European Union (NYGDPPCAPKDEUU) from 1960 to 2024 about EU, Europe, per capita, and GDP.

The average for 2024 based on 42 countries was 678.01 billion U.S. dollars. The highest value was in Germany: 4659.93 billion U.S. dollars and the lowest value was in Andorra: 4.04 billion U.S. dollars. The indicator is available from 1960 to 2024. Below is a chart for all countries where data are available.

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.

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.

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

European Union Gross Domestic Product (GDP), recent 30 years (traceable to Jun 30,1995), unit is Billion EUR, latest value is 0.1, updated at Jun 30,2025

Graph and download economic data for Central government debt, total (% of GDP) for the European Union (GCDODTOTLGDZSEUU) from 1991 to 2015 about EU, Europe, debt, government, and GDP.