The 21st century has been marked by economic challenges for many European countries, including the global financial crisis of 2007-2008, the COVID-19 pandemic, and Brexit. These events had a significant impact on the European Union’s economic growth.
The average GDP (gross domestic product) growth for the EU27 between 2005 and 2021 was about 20%, according to Eurostat. However, this growth wasn’t equal in all its member countries. 11 of the EU27 countries saw a decline and 16 of them grew. Sweden is the only country that saw no change during this period.
Greece and Italy declined the most. Their economies shrank by nearly 30% and 24% respectively. Iceland, which is part of the European economic area also shrank by nearly 30%.
Ireland grew by around 75%, the highest in the EU, followed by Luxembourg which saw a 50% growth during this period.
GDP aggregates of EU27 countries in 2005 and 2021
|Country||2005||2021||Percentage points |
|EU27 (from 2020)||100||100||0.0|
Method and data
Data from Eurostat
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