The European Union economy grew by 1.1 percent year-on-year in the fourth quarter of 2019, easing from a 1.4 percent expansion in the previous period, a second estimate showed. That was the weakest growth rate since the third quarter of 2013 ahead of Brexit. European Union GDP Annual Growth Rate - data, historical chart, and calendar of releases - was last updated on February of 2020 from its official source.

GDP Annual Growth Rate in European Union averaged 1.77 percent from 1996 until 2019, reaching an all time high of 4.60 percent in the second quarter of 2000 and a record low of -5.50 percent in the first quarter of 2009. This page 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.

GDP Annual Growth Rate in European Union is expected to be 1.20 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 European Union to stand at 1.30 in 12 months time. In the long-term, the European Union GDP Annual Growth Rate is projected to trend around 1.40 percent in 2021 and 1.60 percent in 2022, according to our econometric models.

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European Union GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.10 1.40 4.60 -5.50 1996 - 2019 percent Quarterly

European Union GDP Annual Growth Rate
Among EU Member States, the biggest economies are Germany (21 percent of total GDP); the United Kingdom (15 percent); France (15 percent); Italy (11 percent); and Spain (8 percent). 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.