In 2017, the European Union recorded a GDP growth of 2.5%. This figure was higher than that of 2016 (2%). However, it is particularly the eurozone that saw its growth accelerate, reaching its highest level in a decade in 2017 (2.4%).
Among the 28 member states, 15 recorded a growth of more than 3% in real GDP (measured “in volume,” meaning at constant prices) in 2017. The growth champion was Ireland, with a GDP increase of 7.8% compared to the previous year (which is 2.7 points more than in 2016), closely followed by Romania (6.9%). Above 4%, we also find Malta (6.4%), Slovenia (5%), Estonia (4.9%), Poland (4.6%), Latvia (4.5%), and the Czech Republic (4.3%).
Further down the list, Hungary (4%), Cyprus (3.9%), Lithuania (3.8%), Bulgaria and Iceland (3.6%), Slovakia (3.4%), Spain (3.1%), and Austria (3%) enjoyed a growth rate equal to or above 3%.
Among the countries that recorded a growth of more than 2%, we find the Netherlands and Croatia (2.9% each), Portugal (2.7%), Finland (2.6%), Denmark, Luxembourg, Sweden (2.3% each), and Germany and France (2.2% each).
Finally, the growth rate stood around 1.5% for four countries: Belgium and the United Kingdom (1.7%), Italy (1.5%), and Greece (1.4%). Notably, Greece’s performance is highlighted, as it had been in recession since 2008, with its growth still at -0.2% in 2016.
