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.