While accounting for slightly less than 6% of the world population, the European Union generated 18.6% of the world GDP in 2018. This represented the second-largest share after the United States, 24.0% and ahead of China 15.9%.
This data was published by Eurostat, the Statistical Office of the European, in its latest edition of the publication ‘The EU in the world’ which provides a portrait of the European Union (EU), considered as a single entity, in comparison with the 16 non-EU Group of 20 countries (G20).
According to the data published compared to ten years before, the share of the EU in world GDP fell from 25.6% in 2008 to 18.6% in 2018, while the share of China rose significantly from 7.2% in 2008 to 15.9% in 2018, moving ahead of Japan from 7.9% in 2008 and 5.8% in 2018).
Statistics show that India’s share of world GDP also increased greatly, such that it moved from the 9th largest G20 economy in 2008, 2.0% of world GDP, to the sixth largest by 2018, 3.2%, just behind the United Kingdom with 3.3%.
Together, G20 members accounted for 86.2% of global GDP in 2018.
Eurostat explained that it should be noted that these relative shares are based on current price series in euro terms, reflecting market exchange rates.
The publication ‘The EU in the world’ covers three general topics: people and society, economy and business and environment and natural resources
The G20 brings together the world major advanced and emerging economies and includes the EU, three EU Member States; Germany, France and Italy and 16 countries from the rest of the world; Argentina, Australia, Brazil, Canada, China, India, Indonesia, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States.