The Gross Domestic Product (GDP) in European Union expanded 1.20 percent in the first quarter of 2023 over the same quarter of the previous year. source: EUROSTAT

GDP Annual Growth Rate in European Union averaged 1.66 percent from 1996 until 2023, reaching an all time high of 13.80 percent in the second quarter of 2021 and a record low of -13.40 percent in the second quarter of 2020. 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. European Union GDP Annual Growth Rate - values, historical data and charts - was last updated on June of 2023.

GDP Annual Growth Rate in European Union is expected to be 0.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the European Union GDP Annual Growth Rate is projected to trend around 1.50 percent in 2024 and 1.80 percent in 2025, according to our econometric models.

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European Union GDP Annual Growth Rate

Related Last Previous Unit Reference
GDP Annual Growth Rate 1.20 1.70 percent Mar 2023
Gross Fixed Capital Formation 744.31 766.07 EUR Billion Dec 2022
Full Year GDP Growth 3.50 5.40 percent Dec 2022
GDP Growth Annualized 1.00 -0.50 percent Mar 2023
GDP Growth Rate 0.20 -0.10 percent Mar 2023
GDP Constant Prices 3443.00 3433.51 EUR Billion Mar 2023

European Union GDP Annual Growth Rate
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
1.20 1.70 13.80 -13.40 1996 - 2023 percent Quarterly