EU’s Economic Contribution: 15.2% of Global GDP in 2021

In 2021, the EU represented 15.2% of global GDP, positioned third after China (18.9%) and the U.S. (15.5%). Key EU economies include Germany (3.4%) and France (2.4%). The ICP provides critical data for global GDP analysis using purchasing power standards (PPS).

In 2021, the European Union (EU) accounted for 15.2% of the global GDP when measured in purchasing power standards (PPS), as per data from the International Comparison Program (ICP). This positioned the EU as the third largest economy worldwide after China, which held 18.9%, and the United States, which recorded 15.5%. Among non-EU countries contributing over 1% to the global GDP were Germany (3.4%), France (2.4%), Italy (1.9%), Spain (1.4%), and Poland (1.0%), adding up to approximately 10.1% of the world GDP. The ICP, a collaborative effort to collect comparative price data, facilitated these findings, in partnership with Eurostat, which supplied vital data for 36 European nations. When analyzing GDP per capita, only six nations surpassed the EU average, namely the United States, Germany, Australia, Canada, France, and the UK. Despite its size, China’s GDP per capita was only 39% of the EU average. A significant disparity was noted in GDP per capita among the top twenty economies, ranging from 137% of the EU average for the U.S. to just 15% for India.

The International Comparison Program (ICP) plays a crucial role in providing insights into global economic standings by assessing purchasing power parities (PPPs) across countries. This statistical partnership enables more accurate comparisons of GDP by eliminating price level differences, thereby standardizing economic indicators. This detailed analysis reflects the economic influence of the EU on a global scale in 2021, through direct comparisons against leading economies.

In summary, the EU demonstrated significant economic strength in 2021, contributing 15.2% to the world GDP, behind only China and the United States. The findings highlight the economic contributions of individual EU nations and underline disparities in GDP per capita across major economies, with implications for understanding global economic dynamics.

Original Source: ec.europa.eu