GDP growth forecast: Western Europe, U.S., U.K. and Germany 2010-2023

Gross domestic product (GDP) growth rates for the United States, United Kingdom, Germany, and Western Europe were 2.27, 1.79, 2.51, and 2.80 percent, respectively. These respective rates were projected to be 1.39, 1.65, 1.21, and 1.74 percent in 2023. Recent history shows the effect of the Eurozone Crisis and Brexit on GDP growth, but the projections by design do not include such shocks.

GDP and its components

GDP refers to the total market value of all goods and services that are produced within a country per year. It is composed of government spending, consumption, business investments and net exports. It is an important indicator to measure the economic strength of a country. Economists rely on a variety of factors when predicting future performance of GDP. Inflation rate is one of the economic indicators providing insight into the future behavior of households, which make up a significant proportion of GDP. Projections are based on the past performance of such information.

Future considerations

Some factors can be more easily predicted than others. For example, projections of the annual inflation rate of the United States are easy to come by. However, the intensity and impact of something like Brexit is difficult to predict. Similarly, the timing and severity of the next recession is unknown.

Annual gross domestic product (GDP) growth projections for the U.S., U.K., Germany and Western Europe from 2010 to 2023

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Sources

Release date

April 2019

Region

Europe, United States

Survey time period

2010 to 2017

Supplementary notes

* Estimate.
** Growth projections for Western Europe include: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.

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Statistics on "Economic Outlook Germany"

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