The Eurozone annual economic growth was revised higher to 14.3 percent in the second quarter of 2021 from a preliminary estimate of 13.6 percent, ending a five-quarter period of contraction. It was the fastest pace of expansion on record, reflecting a low base year triggered by the pandemic and a recovery in activity and demand following the reopening of the economy. source: EUROSTAT

GDP Annual Growth Rate in the Euro Area averaged 1.47 percent from 1995 until 2021, reaching an all time high of 14.30 percent in the second quarter of 2021 and a record low of -14.50 percent in the second quarter of 2020. This page provides - Euro Area GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area GDP Annual Growth Rate - values, historical data and charts - was last updated on October of 2021.

GDP Annual Growth Rate in Euro Area is expected to be 4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area GDP Annual Growth Rate is projected to trend around 2.20 percent in 2022 and 2.00 percent in 2023, according to our econometric models.

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Euro Area GDP Annual Growth Rate

Euro Area Last Unit Reference Previous Highest Lowest
GDP Growth Rate 2.20 percent Jun/21 -0.30 12.60 -11.70
GDP Annual Growth Rate 14.30 percent Jun/21 -1.20 14.30 -14.50
GDP Constant Prices 2777.14 EUR Billion Jun/21 2716.60 2849.75 1879.01
Gross Fixed Capital Formation 595.52 EUR Billion Jun/21 588.80 657.39 399.90
Gdp Growth Annualized 9.20 percent Jun/21 -1.10 60.90 -39.10

Euro Area GDP Annual Growth Rate
The Euro Area is the second largest economy in the world. Of the 19 member states it includes, the biggest are: Germany (29 percent of total GDP), France (20 percent), Italy (15 percent) and Spain (10 percent). On the expenditure side, household consumption is the main component of GDP and accounts for 54 percent of its total use, followed by gross fixed capital formation (21 percent) and government expenditure (20 percent). Exports of goods and services account for 47 percent of GDP while imports account for 43 percent, adding 4 percent of total GDP.