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GDP per capita in the EU28 almost on pre-crisis level

Staff writer ▼ | December 11, 2015
The global financial crisis triggered a deep recession in 2008 and 2009, the deepest since the Great Recession of the early 1930s.
Brussels street
Eurozone   The EU does seem to be experiencing a lost decade
In 2009, the EU's GDP dropped by 4.4%, and in 2014 it barely exceeded the level of 2008.

In terms of economic growth, the EU does seem to be experiencing a lost decade, after having experienced an average annual GDP growth of 2.29% between 1990 and 2007 and 2.45% during the six years preceding the crisis (2001-2007).

According to Eurostat, GDP per capita in the EU28 was € 27,400 in 2014, which in real terms is 99% of the value in 2007, the year preceding the crisis.

The EU has done worse than other world regions. In 1990, the EU economy accounted for 25.5% of global GDP or 39.2% of the GDP of the world's big economic players (EU, Arab countries, China, India, Japan and USA).

25 years on, in 2014, the EU's share has fallen to 17% and 25.6% respectively. In 1990, the EU's GDP equalled 128% of US GDP; by 2014, it has decreased to 106%.

Many Eastern European countries have made progress and managed to continue their catching-up process. Poland shows the highest increase in its GDP per capita (1.22, or +22%), followed by Lithuania (1.142), Slovakia (1.134), Romania (1.131) and Bulgaria (1.122).

On the other hand, there are three countries where GDP per capita in 2014 is less than 90% of its level in 2007: it dropped by as much as 25% in Greece (0.748), 17% in Cyprus (0.83) and 12% in Italy (0.881).