European Union Economy - 2024

Real GDP (purchasing power parity)

$19.739 trillion (2021 est.)
$18.716 trillion (2020 est.)
$19.847 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.39% (2021 est.)
-5.68% (2020 est.)
1.81% (2019 est.)

Real GDP per capita

$44,100 (2021 est.)
$41,800 (2020 est.)
$44,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$17.11 trillion (2017 est.)

Inflation rate (consumer prices)

2.55% (2021 est.)
0.5% (2020 est.)
1.63% (2019 est.)

Credit ratings

Fitch rating: AAA (2010)

Moody's rating: Aaa (2014)

Standard & Poors rating: AA (2016)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.6% (2017 est.)

industry: 25.1% (2017 est.)

services: 70.9% (2017 est.)

GDP - composition, by end use

household consumption: 54.4% (2016 est.)

government consumption: 20.4% (2016 est.)

investment in fixed capital: 19.8% (2016 est.)

investment in inventories: 0.4% (2016 est.)

exports of goods and services: 43.9% (2016 est.)

imports of goods and services: -40.5% (2016 est.)

Agricultural products

wheat, barley, oilseeds, sugar beets, wine, grapes, dairy products, cattle, sheep, pigs, poultry, fish

Industries

among the world's largest and most technologically advanced regions, the EU industrial base includes: ferrous and non-ferrous metal production and processing, metal products, petroleum, coal, cement, chemicals, pharmaceuticals, aerospace, rail transportation equipment, passenger and commercial vehicles, construction equipment, industrial equipment, shipbuilding, electrical power equipment, machine tools and automated manufacturing systems, electronics and telecommunications equipment, fishing, food and beverages, furniture, paper, textiles

Industrial production growth rate

6.43% (2021 est.)

Labor force

217.042 million (2021 est.)

Unemployment rate

7.05% (2021 est.)
7.05% (2020 est.)
6.69% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 19.5% (2021 est.)

male: 18.9%

female: 20.4%

Population below poverty line

9.8% (2013 est.)

note: see individual country entries of member states

Gini Index coefficient - distribution of family income

30.8 (2016 est.)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 23.8% (2016 est.)

Remittances

0.78% of GDP (2021 est.)
0.79% of GDP (2020 est.)
0.81% of GDP (2019 est.)

Budget surplus (+) or deficit (-)

-3% (of GDP) (2014)

Public debt

86.8% of GDP (2014)
85.5% of GDP (2013)

Taxes and other revenues

19.41% (of GDP) (2020 est.)

Fiscal year

N/A

Current account balance

$404.9 billion (2017 est.)
$359.7 billion (2016 est.)

Exports

$8.705 trillion (2021 est.)
$7.175 trillion (2020 est.)
$7.765 trillion (2019 est.)

note: external exports, excluding intra-EU trade

Exports - partners

United States 18%, United Kingdom 13%, China 10%, Switzerland 7%, Russia 4% (2021)

Exports - commodities

cars and vehicle parts, packaged medicines, vaccines and cultures, refined petroleum, aircraft, integrated circuits, medical instruments, gas turbines (2021)

Imports

$8.037 trillion (2021 est.)
$6.6 trillion (2020 est.)
$7.18 trillion (2019 est.)

note: external imports, excluding intra-EU trade

Imports - partners

China 22%, United States 11%, United Kingdom 8%, Russia 7%, Switzerland 6% (2021)

Imports - commodities

crude petroleum, natural gas, refined petroleum, cars, broadcasting equipment, vaccines and cultures, computers (2021)

Reserves of foreign exchange and gold

$740.9 billion (31 December 2014 est.)
$746.9 billion (31 December 2013)

note: data are for the European Central Bank

Debt - external

$29.27 trillion (31 December 2016 est.)
$28.68 trillion (31 December 2015 est.)

Exchange rates

euros per US dollar -

Exchange rates:
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)