National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product - Total for the European Union
EU28NAEXCP01STSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,165,619,754,733.10
Year-over-Year Change
11.01%
Date Range
1/1/1995 - 10/1/2019
Summary
This economic trend measures the total gross domestic product (GDP) of the European Union, providing a high-level indicator of the EU's economic performance and size.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
GDP is the primary measure of a country or region's economic activity, representing the total value of all goods and services produced. The EU28 GDP trend is a key statistic for analysts and policymakers tracking the overall health and growth of the European economy.
Methodology
The data is calculated by Eurostat based on national accounts data from EU member states.
Historical Context
This GDP figure is closely watched by the European Central Bank and other institutions for insights into EU economic policy and decision-making.
Key Facts
- The EU's GDP totaled over $17 trillion in 2021.
- Germany is the largest economy in the EU, accounting for about 25% of total GDP.
- The EU's GDP grew by 5.4% in 2021 after contracting 5.9% in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) of the European Union, providing a high-level indicator of the size and overall economic performance of the EU.
Q: Why is this trend relevant for users or analysts?
A: The EU28 GDP figure is a key statistic tracked by economists, policymakers, and market participants to gauge the health and growth of the European economy.
Q: How is this data collected or calculated?
A: The data is calculated by Eurostat based on national accounts data provided by the EU member states.
Q: How is this trend used in economic policy?
A: The EU's GDP figure is closely monitored by the European Central Bank and other institutions to inform economic policy decisions and track the overall performance of the European economy.
Q: Are there update delays or limitations?
A: The data is published quarterly by Eurostat with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
Related Trends
Harmonized Index of Consumer Prices: Motor Cycles for European Union (27 Countries from 2020)
CPA712EU272020M086NEST
Active Population: Aged 55-64: All Persons for the European Union
LFAC55TTEUA647N
Employment Rate: Aged 25-54: Males for the European Union
LREM25MAEUQ156S
Harmonized Index of Consumer Prices: Information Processing Equipment for European Union (28 Countries)
CP0913EU28M086NEST
Harmonized Index of Consumer Prices: Fully Administered Prices for Euro Area (19 Countries)
APFULLEZ19M086NEST
Harmonized Index of Consumer Prices: Restaurants, Cafes and the Like for European Union (28 Countries)
CP1111EU28M086NEST
Citation
U.S. Federal Reserve, National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product - Total for the European Union (EU28NAEXCP01STSAQ), retrieved from FRED.