The statistic shows the gross domestic product (GDP) in the European Union from 2003 to 2014. GDP is the total value of all goods and services produced in a country within a year. It is an important indicator of the economic strength of a country. In 2012, the GDP in the EU amounted to around 13.4 trillion euros.
The financial crisis and its aftermath
The European Union is a union made up of 28 states located within and around Europe, including several of the world’s largest economies. Since its inception in 1993, the European Union has displayed the benefits of uniting several countries together, however have also showed possible consequences. The majority of European countries felt the aftermath of the 2008 global financial crisis and furthermore the Eurozone crisis, which has had a severe and continuous effect on the general European economy.
Additionally, due to the close association between all the countries, several banks around different European countries were forced to shut down. A generally lower standard of life in the EU, particularly around 2009 during the prime of both economical disasters, led to doubt and uncertainty about the future of many European families and consumers. However, as the economic situation all around the world slowly improved, so did the outlook on the future for most consumers. Struggles around Europe resulted in a larger need to stimulate the economy, which was only possible by borrowing and spending more money. As a result, national debt soared. It was also necessary for more economically successful countries to help finance countries that were deep in the crisis, such as Greece.