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 difference 2005-2021 |
|---|---|---|---|
| EU27 (from 2020) | 100 | 100 | 0.0 |
| Greece | 82.4 | 52.5 | -29.9 |
| Italy | 116.7 | 92.9 | -23.8 |
| Spain | 96.5 | 78.6 | -17.9 |
| France | 127 | 113.1 | -13.9 |
| Cyprus | 92.5 | 82.3 | -10.2 |
| Portugal | 68.6 | 64.3 | -4.3 |
| Netherlands | 153.4 | 150.6 | -2.8 |
| Finland | 142.7 | 140 | -2.7 |
| Denmark | 178.5 | 177.4 | -1.1 |
| Belgium | 134.5 | 133.6 | -0.9 |
| Austria | 140.4 | 139.9 | -0.5 |
| Sweden | 158.9 | 159.0 | 0.1 |
| Germany | 127.8 | 133.5 | 5.7 |
| Croatia | 38.8 | 45.4 | 6.6 |
| Hungary | 41 | 48.8 | 7.8 |
| Slovenia | 66.1 | 76.4 | 10.3 |
| Poland | 29.3 | 46.4 | 17.1 |
| Bulgaria | 14.1 | 31.9 | 17.8 |
| Czechia | 49 | 68.7 | 19.7 |
| Romania | 16.9 | 38.7 | 21.8 |
| Slovakia | 33.2 | 55.8 | 22.6 |
| Latvia | 28 | 55.2 | 27.2 |
| Malta | 58 | 89.1 | 31.1 |
| Lithuania | 28.7 | 61.7 | 33. |
| Estonia | 37.9 | 72.9 | 35. |
| Luxembourg | 295.5 | 347.8 | 52.3 |
| Ireland | 186 | 261.9 | 75.9 |
| Iceland | 208.4 | 179.3 | -29.1 |
| Norway | 245.1 | 236.2 | -8.9 |
| Switzerland | 204.2 | 239.8 | 35.6 |
Method and data
Data from Eurostat
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