The Gross Domestic Product (GDP) in European Union expanded 0.30 percent in the third quarter of 2019 over the previous quarter. GDP Growth Rate in European Union averaged 0.44 percent from 1995 until 2019, reaching an all time high of 1.30 percent in the third quarter of 1999 and a record low of -2.80 percent in the first quarter of 2009.

GDP Growth Rate in European Union is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in European Union to stand at 0.30 in 12 months time. In the long-term, the European Union GDP Growth Rate is projected to trend around 0.40 percent in 2020, according to our econometric models.

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European Union GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.30 0.20 1.30 -2.80 1995 - 2019 percent Quarterly

European Union GDP Growth Rate
Since July 1, 2013, with the addition of Croatia, the EU has 28 Member States. Among them, 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.

European Union GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate 1.40 1.40 4.60 -5.50 percent [+]
GDP 18748.57 17344.92 19163.62 359.02 USD Billion [+]
Gross Fixed Capital Formation 804517.10 811939.60 811939.60 507341.10 EUR Million [+]
GDP Constant Prices 3688706.30 3677723.10 3688706.30 2404101.50 EUR Million [+]
GDP Growth Rate 0.30 0.20 1.30 -2.80 percent [+]
GDP Per Capita 37417.00 36757.10 37417.00 10071.50 USD [+]
GDP Per Capita Ppp 38076.00 37351.80 38076.00 24868.00 USD [+]