Name: European Union Full Year GDP Growth
Creator: TRADING ECONOMICS
License: https://creativecommons.org/licenses/by/4.0/

Full Year GDP Growth in European Union decreased to 0.40 percent in 2023 from 3.40 percent in 2022. Full Year GDP Growth in European Union averaged 1.64 percent from 1996 until 2023, reaching an all time high of 6.00 percent in 2021 and a record low of -5.60 percent in 2020. source: EUROSTAT

Full Year GDP Growth in European Union is expected to reach 0.90 percent by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the European Union Full Year GDP Growth is projected to trend around 1.70 percent in 2025 and 1.80 percent in 2026, according to our econometric models.

Related	Last	Previous	Unit	Reference
Full Year GDP Growth	0.40	3.40	percent	Dec 2023
GDP	18349.39	16761.50	USD Billion	Dec 2023
GDP Annual Growth Rate	1.00	0.80	percent	Sep 2024
GDP Constant Prices	3537062.00	3523679.70	EUR Billion	Sep 2024
GDP Growth Annualized	1.40	1.00	percent	Sep 2024
GDP Growth Rate	0.40	0.20	percent	Sep 2024
Gross Fixed Capital Formation	734070.10	727036.10	EUR Billion	Sep 2024

European Union Full Year GDP Growth

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.