Global Economic Powerhouses: European Union, China, and the United States Lead the Way in 2021

The EU accounted for 15.2% of the global GDP in 2021

The International Comparison Program (ICP) has revealed that in 2021, the European Union’s (EU) gross domestic product (GDP) accounted for 15.2% of the global GDP when measured in purchasing power standards (PPS). The largest economy in the world for the same year was China, comprising about 18.9% of the world GDP. Following China was the United States as the second-largest economy, representing 15.5% of the world GDP, while the EU was in third place with 15.2%.

According to recent data published by Eurostat and analyzed through ICP initiative, among the 20 countries worldwide with a GDP share exceeding 1% of the world GDP expressed in PPS, five were EU countries: Germany (3.4%), France (2.4%), Italy (1.9%), Spain (1.4%), and Poland (1.0%). Collectively, these EU countries contributed around 10.1% to the global GDP.

Examining GDP per capita for the top economies worldwide in 2021, only six countries exceeded the EU average: Australia, Canada, France, Germany, India and United Kingdom . Although China’s economy ranked highest in GDP in PPS terms, its GDP per capita was just 39% of the EU average . There was a significant nine-fold difference between highest and lowest

Leave a Reply