The European Union economy contracted 0.1 percent in the final quarter of 2022, after a revised 0.4 percent expansion in the previous three-month period. It was the first period of contraction since the fourth quarter of 2020, as demand and activity were hit by high inflation and rising borrowing costs, as well as supply chain bottlenecks. source: EUROSTAT

GDP Growth Rate in European Union averaged 0.42 percent from 1995 until 2022, reaching an all time high of 11.50 percent in the third quarter of 2020 and a record low of -11.10 percent in the second quarter of 2020. This page provides the latest reported value for - European Union GDP 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 Growth Rate - values, historical data and charts - was last updated on March of 2023.

GDP Growth Rate in European Union is expected to be -0.20 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 Growth Rate is projected to trend around 0.30 percent in 2024 and 0.40 percent in 2025, according to our econometric models.

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European Union GDP Growth Rate

Related Last Previous Unit Reference
GDP Annual Growth Rate 1.70 2.60 percent Dec 2022
Gross Fixed Capital Formation 744.59 766.17 EUR Billion Dec 2022
Full Year GDP Growth 3.50 5.40 percent Dec 2022
GDP Growth Annualized -0.40 1.50 percent Dec 2022
GDP Growth Rate -0.10 0.40 percent Dec 2022
GDP Constant Prices 3433.51 3437.20 EUR Billion Dec 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
-0.10 0.40 11.50 -11.10 1995 - 2022 percent Quarterly