The Gross Domestic Product (GDP) in European Union contracted 0.40 percent in the first quarter of 2021 over the previous quarter. source: EUROSTAT

GDP Growth Rate in European Union averaged 0.37 percent from 1995 until 2021, reaching an all time high of 11.70 percent in the third quarter of 2020 and a record low of -11.20 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 May of 2021.

GDP Growth Rate in European Union is expected to be 1.00 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 0.90 in 12 months time. In the long-term, the European Union GDP Growth Rate is projected to trend around 0.50 percent in 2022 and 0.40 percent in 2023, according to our econometric models.

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European Union GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.40 -0.50 11.70 -11.20 1995 - 2021 percent Quarterly
SA

European Union GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate -1.70 -4.60 4.50 -13.80 percent [+]
GDP 15592.80 15932.00 16236.80 503.70 USD Billion [+]
Gross Fixed Capital Formation 686.62 678.42 747.50 444.86 EUR Billion [+]
GDP Constant Prices 3166.25 3179.15 3332.14 2187.52 EUR Billion [+]
GDP Growth Rate -0.40 -0.50 11.70 -11.20 percent [+]
Gdp Growth Annualized -1.80 55.10 55.10 -37.90 percent [+]
GDP Per Capita 37104.00 36607.50 37104.00 10071.50 USD [+]
GDP Per Capita Ppp 44369.60 43711.30 44369.60 28596.70 USD [+]


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.