Gross domestic product of the European Union 2021

This statistic shows gross domestic product (GDP) of the European Union from 2009 to 2021 in billion international dollars. In 2019, the EU's GDP amounted to about 19.66 trillion international dollars.

Brexit and the economy of the European Union

The European Union is still recovering from the crisis in 2008, but it is by no means making an impressive comeback and 2016 has not started out on the right foot either. Total GDP of the European Union staggered in 2012 and even moreso in 2015. Recent events are also bound to reduce consumer confidence and drag down growth.

The year began with the economic slowdown in China and has continued on with the United Kingdom’s decision to leave the European Union. The long term effects this decision is expected to have have an overall negative effect on GDP growth within the European Union. However, the effects will likely hit the UK and Ireland more so. By 2030, it is expected that the GDP growth of the European Union will be negative at around minus 0.36 percent. Even considering an optimistic scenario, GDP of the UK is expected to decrease by 2.72 percent by 2030, as well - a pessimistic forecast even reducing GDP growth to a 7.7 percent decrease. Yet, it is still too early to tell how Brexit will play out in reality, but it will almost certainly impact current future projections of GDP growth in the European Union and the Euro Area.

European Union: Gross domestic product (GDP) from 2009 to 2021

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Source

Release date

April 2020

Region

Europe, EU

Survey time period

2009 to 2021

Supplementary notes

According to the source, due to the high level of uncertainty in current global economic conditions, the IMF projections for these indicators are provided only through 2021.

All figures have been estimated.

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Statistics on "European Union"

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