What is the GDP and Growth Rate of the EU?

The economy of the European Union generates a GDP based on PPP of over €12,256.48 billion ($16,523.78 in 2009) according to the IMF.<br\>

The EU's share of Gross world product (GWP) is stable at around one fifth [11]. GDP growth, though strong in the new member states, is being offset by sluggish growth in France, Italy and Portugal.

The twelve new member states of Central and Eastern Europe have enjoyed a higher average percentage growth rate than their Western European counterparts. Notably the Baltic states have achieved massive GDP growth, with Latvia topping 11%, close to China, the world leader at 9% on average for the past 25 years. Reasons for this massive growth include government commitments to stable monetary policy, export-oriented trade policies, low flat-tax rates and the utilisation of relatively cheap labour. For the last year (2008), Romania had the biggest GDP growth from all the states in EU.<br\>

The current map of EU growth is one of huge regional variation, with the larger economies suffering from stagnant growth and the new nations enjoying sustained, robust economic growth. Although EU27 GDP is on the increase, the percentage of Gross world product is decreasing due to the emergence of economic powers such as China, India and Brazil. In the medium to long term, the EU will be looking to increase GDP growth in the central European economies such as France, Germany and Italy and stabilise growth in the new Central and Eastern European states to ensure sustained economic prosperity.

Reference

Real GDP growth rate - Growth rate of GDP volume - percentage change on previous year
Gross domestic product at market prices - At current prices