Name: European Union Full Year GDP Growth
Creator: TRADING ECONOMICS
License: https://creativecommons.org/licenses/by/4.0/

The economy of the European Union expanded by a record 5.3 percent in 2021, following a 5.9% contraction in 2020 which was the biggest decline ever, due to the COVID-19 crisis. source: EUROSTAT

Full Year GDP Growth in European Union averaged 1.58 percent from 1996 until 2021, reaching an all time high of 5.30 percent in 2021 and a record low of -5.90 percent in 2020. This page includes a chart with historical data for European Union Full Year GDP Growth. European Union Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on January of 2023.

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Related	Last	Previous	Unit	Reference
GDP Annual Growth Rate	2.50	4.40	percent	Sep 2022
GDP	17177.42	15369.44	USD Billion	Dec 2021
GDP Growth Annualized	1.40	2.90	percent	Sep 2022
GDP Growth Rate	0.30	0.70	percent	Sep 2022

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.