What is the EU share of the global GDP?
- Portugal Business News
- 5 days ago
- 2 min read
EU Economy news - What is the EU share of the global GDP in 2023? What is the GDP growth rate in the EU compared to the rest of the world?
The chart above shows the EU share of the global GDP as a percentage based on figures converted from Euros to USD for the period 2013–2023, according to the World Bank.
The EU’s share of the global GDP based on figures in USD peaked at 15.5% in 2019, before falling during 4 consecutive years to reach 14.7% in 2023, according to the World Bank report “World Development Indicators”.
In 2023, the world’s total economic output was 97.5 trillion euros. The EU share of the global GDP is calculated as a percentage share by converting the GDP in the EU from Euros to USD using market exchange rates in 2023.
1 - Which countries worldwide have the largest share of the global GDP in 2023?
1 – China's share of the global GDP was 18.8% in 2023
2 – The US share of the global GDP was 14.8% in 2023
3 – The EU share of the global GDP was 14.7% in 2023
4 – India's share of the global GDP was 7.9% in 2023
2 - Which EU countries have the largest share of the global GDP in 2023?
1 – Germany contributed at least 1.0% to the global GDP in 2023
2 – France contributed at least 1.0% to the global GDP in 2023
3 – Italy contributed at least 1.0% to the global GDP in 2023
4 – Spain contributed at least 1.0% to the global GDP in 2023
5 – Poland contributed at least 1.0% to the global GDP in 2023
3 - What is the GDP growth rate in the EU compared to the rest of the world?
The EU registered GDP growth each year from 2014 to 2019, followed by a sharp decline of 5.6% in 2020, and by a strong recovery of up to 6.3% in 2021. While both EU and global GDP growth rates returned to more typical levels in 2022 and 2023, the latest EU GDP growth rate of 0.4% is well below the global average of 2.7%, according to Eurostat and to the World Bank’s World Development Indicators.
Between 2013 and 2023, global GDP increased in real terms by 31.0%, while the EU’s GDP grew by 18.2%. Among EU countries individually, Ireland’s GDP also more than doubled over the same period.
4 - What are the main economic sectors in the EU?
1 – The services sector contributed to nearly three quarters of economic activity with 72.6% of gross value added in the EU in 2022
2 - Industry was the second largest economic activity with 20.1% of gross value added in the EU in 2022, according to the Eurostat 2025 edition.