Euro Area GDP

Euro Area GDP

Euro Area GDP

Economic Growth in Euro Area

The Euro area's GDP growth from 2013 to 2022 was modest and uneven across member states. The region experienced gradual recovery post-Eurozone crisis, but growth remained constrained by structural weaknesses, unfavorable demographics and political uncertainties. The COVID-19 pandemic led to a significant contraction in 2020. Recovery in 2021-2022 was robust but uneven, reflecting disparities in fiscal capacity and economic structures among member countries.

The Euro Area economy recorded an average real GDP growth rate of 1.4% in the decade to 2022, below the 1.8% average for Major Economies. In 2022, real GDP growth was 3.4%. For more GDP information, visit our dedicated page.

Euro Area GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Euro Area from 2014 to 2023.
Source: EUROSTAT.

Euro Area GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 1.8 1.6 -6.2 5.9 3.5
GDP (EUR bn) 11,653 12,043 11,517 12,475 13,507
Economic Growth (Nominal GDP, ann. var. %) 3.4 3.3 -4.4 8.3 8.3

Economy returns to growth in Q1

The economy expanded 0.3% in seasonally adjusted quarter-on-quarter terms in Q1 2024. This followed Q4 2023’s 0.1% dip and beat market expectations of a 0.2% increase. Compared with Q1 2023, seasonally adjusted GDP increased by 0.4% year on year in Q1, following 0.1% growth in the previous quarter.

The quarterly increase reflected broad-based expansions in the Eurozone’s largest economies. Germany’s GDP rose 0.2% over the previous quarter in Q4, as did the French economy. Moreover, Italy’s economy expanded 0.3%, while Spanish GDP grew 0.7%.

This year, GDP is likely to expand at a soft pace. The industrial sector should rebound thanks to improved external demand. The disbursement of EU funds should support activity, however. Higher-than-expected debt-servicing costs for highly indebted Mediterranean governments due to increased financial and geopolitical instability pose a downside risk to the outlook.

Commenting on the outlook, Bert Colijn, senior Eurozone economist at ING, stated: “After today’s encouraging GDP data for 1Q, the continued modest recovery is putting the eurozone on track for a better-than-expected growth rate for 2024. With inflation remaining relatively benign at the moment and unemployment at record lows, the economic environment in the eurozone is looking up.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects European GDP projections for the next ten years from a panel of 76 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for European GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our European GDP projections.

Want to get access to the full dataset of European GDP forecasts? Send an email to info@focus-economics.com.

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