The European Union GDP expanded 0.5% in 2023, following a 3.4% rise in 2022. Full Year GDP Growth in European Union averaged 1.64 percent from 1996 until 2023, reaching an all time high of 6.00 percent in 2021 and a record low of -5.60 percent in 2020. source: EUROSTAT

Full Year GDP Growth in European Union is expected to reach 1.30 percent by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the European Union Full Year GDP Growth is projected to trend around 1.60 percent in 2025, according to our econometric models.

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European Union Full Year GDP Growth

Related Last Previous Unit Reference
GDP Annual Growth Rate 0.30 0.00 percent Dec 2023
GDP 16746.22 17315.52 USD Billion Dec 2022
Full Year GDP Growth 0.50 3.40 percent Dec 2023
GDP Growth Rate 0.10 -0.10 percent Dec 2023
GDP Growth Annualized -0.10 0.40 percent Sep 2023

European Union Full Year GDP Growth
Among EU Member States, the biggest economies are Germany, France, Italy and Spain. On the expenditure side, household consumption is the main component of GDP and accounts for 56 percent of its total use, followed by gross fixed capital formation (20 percent) and government expenditure (20 percent). Exports of goods and services account for 46 percent of GDP while imports account for 42 percent, adding 4 percent of total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
0.50 3.40 6.00 -5.60 1996 - 2023 percent Yearly