GDP annual growth rate in the EU 1996-2024

In 2022, gross domestic product in the European Union grew by 3.4 percent, as the economic recovery from the COVID-19 recession in 2020 continued, driven by fiscal stimulus and the releasing of pent-up demand from the pandemic period. The European Commission forecasts that the European economy will have grown by 0.8 percent in 2023, a significant slowing down of economic growth after the post-pandemic resuregence, but still avoiding the recession which many commentators warned the EU would slip into this year. Growth is forecasted to increase again in 2024, climbing to 1.4 percent in that year - a figure which is low by historic standards of the EU, excluding periods of economic crisis.