In 2019, the gross domestic product (GDP) of the European Union (EU) stood at around €13 900 billion at current prices. In real terms, the EU’s GDP in 2019 was 17% higher than its level one decade earlier.
However, due to restrictions implemented across the world in 2020 to slow down the rapid spread of COVID-19, GDP is now falling sharply (see latest press release).
Almost a quarter of the EU’s GDP (24.7%) was generated by Germany, followed by France (17.4%) and Italy (12.8%), ahead of Spain (8.9%) and the Netherlands (5.8%).
At the opposite end of the scale, ten EU Member States contributed less than 1% of the EU’s total GDP: Malta (which had the lowest share of EU GDP at 0.1%), Estonia, Cyprus and Latvia (all 0.2%), Lithuania and Slovenia (both 0.3%), Bulgaria and Croatia (both 0.4%), Luxembourg (0.5%) and Slovakia (0.7%).
The 19 EU Member States that comprise the euro area had a combined GDP of €11 900 billion and accounted for 85.5% of the EU’s GDP in 2019.
Source dataset: nama_10_gdp
Note: The European Union (EU) includes 27 EU Member States. The United Kingdom left the European Union on 31 January 2020. Further information is published here.
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