The European Commission revised upwards its Eurozone GDP forecasts for 2021 and 2022, saying activity in the first quarter of the year exceeded expectations and the improved health situation prompted a swifter easing of pandemic control restrictions in the second quarter. The Eurozone is seen expanding by 4.8 percent this year and 4.5 percent in 2022, compared with May estimates of 4.3 percent and 4.4 percent, respectively. The Commission also said that real GDP is projected to return to its pre-crisis level in the last quarter of 2021, one quarter earlier than expected, but warned that it is essential to maintain policy support as long as needed as uncertainty and risks surrounding the growth outlook remain high. Inflation, which has been below the ECB target for years, should accelerate to 1.9 percent in 2021 and slow down to 1.4 percent in 2022. source: EUROSTAT

GDP Annual Growth Rate in the Euro Area averaged 1.34 percent from 1995 until 2021, reaching an all time high of 5 percent in the first quarter of 1995 and a record low of -14.60 percent in the second quarter of 2020. This page provides - Euro Area GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area GDP Annual Growth Rate - values, historical data and charts - was last updated on July of 2021.

GDP Annual Growth Rate in Euro Area is expected to be 12.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Euro Area to stand at 6.20 in 12 months time. In the long-term, the Euro Area GDP Annual Growth Rate is projected to trend around 2.20 percent in 2022 and 2.00 percent in 2023, according to our econometric models.

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Euro Area GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.30 -4.70 5.00 -14.60 1995 - 2021 percent Quarterly

Euro Area GDP Annual Growth Rate
The Euro Area is the second largest economy in the world. Of the 19 member states it includes, the biggest are: Germany (29 percent of total GDP), France (20 percent), Italy (15 percent) and Spain (10 percent). On the expenditure side, household consumption is the main component of GDP and accounts for 54 percent of its total use, followed by gross fixed capital formation (21 percent) and government expenditure (20 percent). Exports of goods and services account for 47 percent of GDP while imports account for 43 percent, adding 4 percent of total GDP.