EU Gross domestic product

The GDP of the EU-27 grew by 16% from 2010 to 2022. Economic growth rates were reduced by the aftermath of the economic crisis that started in 2009, the COVID-19 pandemic in 2020/2021 as well as Russia's invasion of Ukraine.

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Changes in the EU's GDP affect waste generation. Higher GDP typically leads to increased consumption and waste, while economic downturns can reduce waste due to lower consumer spending and industrial activity. Overall, the EU’s GDP has followed a steady growth trend, aside from temporary declines after the 2009 financial crisis and during the COVID-19 pandemic. As waste generation is closely linked to economic growth, a growing economy tends to result in more waste — unless strong waste prevention policies are in place to decouple waste generation from GDP growth.

The Gross Domestic Product (GDP) of the EU-27 at market prices is a key indicator of economic growth and is closely linked to waste generation. It is also essential for tracking efforts to decouple economic growth from waste generation. GDP measures the total value of all goods and services produced, excluding the value of inputs used in production. Expressing GDP in purchasing power standards removes price differences between countries, while per capita figures allow for comparisons between economies of different sizes.

Definition

The Gross Domestic Product (GDP) of the EU-27 at market prices is the total monetary value of all goods and services produced within the EU-27 member states over a specific period, typically a year or quarter. It is calculated by summing the output of all sectors of the economy, such as agriculture, industry, and services, and subtracting the value of intermediate goods used in the production process. This metric is expressed at market prices, which means it reflects the prices at which goods and services are bought and sold, excluding taxes and including subsidies on products. GDP at market prices is often used to gauge the overall economic performance and growth of the region.. By using chain-linking with a 2010 reference year, this metric ensures that changes in GDP reflect real growth rather than price fluctuations. It allows for more accurate comparisons over time by maintaining the value of goods and services in constant terms.

Literature

Methodology

Eurostat compiles the Gross Domestic Product (GDP) of the EU-27 at market prices following the European System of Accounts 2010 (ESA 2010) methodology. This framework ensures consistency and comparability across EU member states. Detailed information on the national accounts methodology, including GDP calculation, can be found in Eurostat's "National accounts and GDP" article.

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For comprehensive insights into the methodologies used, Eurostat provides a "National Accounts Methodology" guide, which offers in-depth explanations of data collection and compilation processes.

Additionally, the "Eurostat-OECD Methodological Manual on Purchasing Power Parities" provides detailed information on the calculation of purchasing power parities, which are used to adjust GDP figures for price level differences between countries.

Metadata

Source: Eurostat

Unit: GDP at market prices [chain linked volumes (2010)], eur per capita

Geographical coverage: EU-27

Temporal coverage: 2010-2022

EU Gross domestic product

References and footnotes