Gross Domestic Product by Expenditure in Constant Prices: Less: Imports of Goods and Services for the European Union
Chained 2000 National Currency Units, Annual, Not Seasonally Adjusted
NAEXKP07EUA652S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,324,216,933,311.00
Year-over-Year Change
36.45%
Date Range
1/1/1995 - 1/1/2019
Summary
The 'Chained 2000 National Currency Units, Annual, Not Seasonally Adjusted' economic trend measures the real Gross Domestic Product (GDP) of the European Union. It is a key indicator of overall economic performance and growth.
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
This trend represents the inflation-adjusted total value of all goods and services produced within the European Union in a given year. It is a widely-used metric for tracking the economy's health and evaluating the effectiveness of economic policies.
Methodology
The data is calculated by the U.S. Federal Reserve using information from national accounts and input-output tables.
Historical Context
Policymakers and economists closely monitor this trend to assess the EU's macroeconomic conditions and make informed decisions.
Key Facts
- The EU's GDP reached over $17 trillion in 2020.
- Real GDP growth in the EU averaged 1.6% annually from 2010-2019.
- The COVID-19 pandemic caused a 5.9% contraction in EU GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real Gross Domestic Product (GDP) of the European Union, which represents the total value of all goods and services produced within the EU in a given year.
Q: Why is this trend relevant for users or analysts?
A: The EU's GDP is a crucial indicator of the region's overall economic performance and growth, making it highly relevant for policymakers, economists, and market analysts when evaluating the health of the European economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Federal Reserve using information from national accounts and input-output tables.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to assess the EU's macroeconomic conditions and make informed decisions about fiscal, monetary, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is published annually with a delay of several months, so there may be a lag in reflecting the most recent economic developments.
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Citation
U.S. Federal Reserve, Chained 2000 National Currency Units, Annual, Not Seasonally Adjusted (NAEXKP07EUA652S), retrieved from FRED.