May 30, 2024
According to the International Comparison Program (ICP), the GDP of the European Union (EU) in 2021 accounted for 15.2% of the global GDP in terms of purchasing power standards (PPS).
With roughly 18.9% of the global GDP in 2021, China had the biggest economy in the world. United States accounted for 15.5% of the global GDP, making it the second largest. Third place went to the EU, with 15.2%.
Five EU nations made up the group of 20 countries with a share greater than 1% of the global GDP, measured in PPS: Germany (3.4%), France (2.4%), Italy (1.9%), Spain (1.4%), and Poland (1.0%). Together, they made up around 10.1% of the World GDP.
In terms of GDP per capita, only six of the 20 largest economies in the world in 2021—the United States, Germany, Australia, Canada, France, and the United Kingdom — were higher than the EU average. The GDP per capita of China was only 39% of the EU average, despite the country having the largest GDP in PPS.
Among the 20 biggest economies in the world, the difference in GDP per capita between the highest and lowest was nine times greater (with the US at 137% of the EU average and India at 15%).
(Source: Eurostat)
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