Comparing United States and European Union by Economy
Source | World Bank : Nominal, PPP, Nominal per capita, PPP per capita |
International Monetary Fund: EU, US | |
Date | 29 Aug 2024 |
The United States and the European Union are the two largest economies globally in nominal terms. As of 2024, both together share 43.6% and 29.67% of the entire global GDP in nominal and PPP terms, respectively.
As per projections by the IMF for 2024, with $28,781 bn, the United States is leading by $9,803 bn, or 1.52 times of the EU ($18,978 bn) on an exchange rate basis. On a purchasing power parity basis, the margin is less as the United States is ahead by Int. $ 2,473 or 1.09 times of the EU (Int. $26,308 bn). According to estimates by the World Bank from 1960 to 2023, the US has had a higher GDP for 51 years, and the European Union has had a higher GDP for 13 years. 2011 was the latest year when the European Union had a higher GDP than the United States. The ratio between these two was highest at 1.90x in 1960, in favor of the US. With 1.16x of the US's GDP in 1980, the ratio was highest in favor of the EU. In PPP terms, the EU has been closely following the US since 1994.
As of 2024, the United States is almost double richer than the EU, and even in ppp, its figure is 45% higher than that of the European Union. The US had a greater GDP per capita than the EU since 1960.
The US is projected to grow around 2% in the upcoming years, and the EU might be well short of the 2% mark. The European Union attained a maximum GDP growth rate of 7.03% in 1969 and a minimum of -5.65% in 2020. During the period 1960-2023, the European Union grew by more than 5% in nine years. The United States reached an all-time high of 7.24% in 1984 and a record low of -2.58% in 2009. The United States grew by more than 5% during ten years. GDP growth rate was negative in seven years for the US. The European Union showed negative growth in six years.
- GDP
- GDP per capita
- GDP growth
Year | Nominal GDP (billions $) | PPP GDP (billions Int. $) | Nominal GDP capita ($) | PPP GDP capita (Int. $) | Growth (%) | |||||
---|---|---|---|---|---|---|---|---|---|---|
US | EU | US | EU | US | EU | US | EU | US | EU | |
2023 | 27,357.83 | 18,347.354 | 27,357.83 | 25,411.410 | 81,632 | 41,129 | 81,632 | 56,964 | 2.531 | 0.555 |
2024 | 28,781.08 | 18,977.627 | 28,781.08 | 26,308.203 | 85,373 | 42,443 | 85,373 | 58,838 | 2.725 | 1.099 |
2025 | 29,839.68 | 19,680.208 | 29,839.68 | 27,242.883 | 87,978 | 43,947 | 87,978 | 60,835 | 1.881 | 1.764 |
2026 | 31,018.77 | 20,396.702 | 31,018.77 | 28,235.553 | 90,903 | 45,493 | 90,903 | 62,977 | 2.028 | 1.734 |
2027 | 32,274.46 | 21,091.679 | 32,274.46 | 29,230.729 | 94,012 | 46,993 | 94,012 | 65,127 | 2.120 | 1.613 |
2028 | 33,582.24 | 21,800.295 | 33,582.24 | 30,255.923 | 97,231 | 48,529 | 97,231 | 67,352 | 2.122 | 1.593 |
2029 | 34,950.01 | 22,495.567 | 34,950.01 | 31,308.159 | 100,580 | 50,041 | 100,580 | 69,645 | 2.122 | 1.544 |
Year | Nominal GDP (billions $) | PPP GDP (billions Int. $) | Nominal GDP capita ($) | PPP GDP capita (Int. $) | Growth (%) | |||||
---|---|---|---|---|---|---|---|---|---|---|
US | EU | US | EU | US | EU | US | EU | US | EU | |
1960 | 541.99 | 285.07 | - | - | 3,000 | 799 | - | - | - | - |
1961 | 561.94 | 316.87 | - | - | 3,059 | 880 | - | - | 2.300 | 5.755 |
1962 | 603.64 | 350.22 | - | - | 3,236 | 965 | - | - | 6.100 | 5.695 |
1963 | 637.06 | 384.82 | - | - | 3,366 | 1,051 | - | - | 4.400 | 4.808 |
1964 | 684.15 | 426.86 | - | - | 3,565 | 1,156 | - | - | 5.800 | 6.011 |
1965 | 741.91 | 467.08 | - | - | 3,818 | 1,254 | - | - | 6.400 | 5.249 |
1966 | 813.03 | 505.70 | - | - | 4,136 | 1,347 | - | - | 6.500 | 4.294 |
1967 | 859.62 | 538.50 | - | - | 4,326 | 1,423 | - | - | 2.500 | 3.572 |
1968 | 940.23 | 578.00 | - | - | 4,685 | 1,516 | - | - | 4.800 | 5.564 |
1969 | 1,017.44 | 645.04 | - | - | 5,020 | 1,680 | - | - | 3.100 | 7.025 |
1970 | 1,073.30 | 729.23 | - | - | 5,234 | 1,889 | - | - | 0.217 | 5.508 |
1971 | 1,164.85 | 824.29 | - | - | 5,609 | 2,123 | - | - | 3.293 | 3.661 |
1972 | 1,279.11 | 994.40 | - | - | 6,094 | 2,544 | - | - | 5.256 | 4.774 |
1973 | 1,425.38 | 1,286.73 | - | - | 6,726 | 3,271 | - | - | 5.646 | 6.019 |
1974 | 1,545.24 | 1,456.74 | - | - | 7,226 | 3,681 | - | - | -0.541 | 3.126 |
1975 | 1,684.90 | 1,696.43 | - | - | 7,801 | 4,261 | - | - | -0.206 | -0.586 |
1976 | 1,873.41 | 1,777.20 | - | - | 8,592 | 4,441 | - | - | 5.388 | 4.877 |
1977 | 2,081.83 | 2,012.78 | - | - | 9,453 | 5,005 | - | - | 4.624 | 2.929 |
1978 | 2,351.60 | 2,451.55 | - | - | 10,565 | 6,067 | - | - | 5.535 | 3.066 |
1979 | 2,627.33 | 2,962.56 | - | - | 11,674 | 7,299 | - | - | 3.166 | 3.858 |
1980 | 2,857.31 | 3,314.88 | - | - | 12,575 | 8,129 | - | - | -0.257 | 2.052 |
1981 | 3,207.04 | 2,893.85 | - | - | 13,976 | 7,067 | - | - | 2.538 | 0.540 |
1982 | 3,343.79 | 2,792.07 | - | - | 14,434 | 6,795 | - | - | -1.803 | 0.837 |
1983 | 3,634.04 | 2,714.74 | - | - | 15,544 | 6,590 | - | - | 4.584 | 1.440 |
1984 | 4,037.61 | 2,615.74 | - | - | 17,121 | 6,335 | - | - | 7.236 | 2.498 |
1985 | 4,338.98 | 2,690.01 | - | - | 18,237 | 6,500 | - | - | 4.170 | 2.321 |
1986 | 4,579.63 | 3,755.83 | - | - | 19,071 | 9,050 | - | - | 3.463 | 2.573 |
1987 | 4,855.22 | 4,642.29 | - | - | 20,039 | 11,154 | - | - | 3.455 | 2.539 |
1988 | 5,236.44 | 5,096.31 | - | - | 21,417 | 12,206 | - | - | 4.177 | 4.111 |
1989 | 5,641.58 | 5,205.66 | - | - | 22,857 | 12,426 | - | - | 3.672 | 3.881 |
1990 | 5,963.14 | 6,509.87 | 5,963.14 | 6,297.77 | 23,889 | 15,488 | 23,889 | 14,984 | 1.886 | 3.305 |
1991 | 6,158.13 | 6,733.63 | 6,158.13 | 6,564.67 | 24,342 | 15,966 | 24,342 | 15,565 | -0.108 | 1.419 |
1992 | 6,520.33 | 7,392.19 | 6,520.33 | 6,757.64 | 25,419 | 17,477 | 25,419 | 15,977 | 3.522 | 0.888 |
1993 | 6,858.56 | 6,751.22 | 6,858.56 | 6,875.39 | 26,387 | 15,910 | 26,387 | 16,202 | 2.752 | -0.642 |
1994 | 7,287.24 | 7,155.50 | 7,287.24 | 7,208.35 | 27,695 | 16,820 | 27,695 | 16,945 | 4.029 | 2.639 |
1995 | 7,639.75 | 8,296.09 | 7,639.75 | 7,564.24 | 28,691 | 19,465 | 28,691 | 17,748 | 2.684 | 2.679 |
1996 | 8,073.12 | 8,431.59 | 8,073.12 | 7,831.65 | 29,968 | 19,750 | 29,968 | 18,345 | 3.773 | 1.881 |
1997 | 8,577.55 | 7,733.84 | 8,577.55 | 8,151.57 | 31,459 | 18,089 | 31,459 | 19,066 | 4.447 | 2.653 |
1998 | 9,062.82 | 7,969.88 | 9,062.82 | 8,549.14 | 32,854 | 18,616 | 32,854 | 19,969 | 4.483 | 3.011 |
1999 | 9,631.17 | 7,925.84 | 9,631.17 | 8,896.45 | 34,515 | 18,483 | 34,515 | 20,746 | 4.788 | 2.949 |
2000 | 10,251.00 | 7,276.39 | 10,251.00 | 9,478.01 | 36,330 | 16,948 | 36,330 | 22,076 | 4.078 | 3.901 |
2001 | 10,581.90 | 7,393.61 | 10,581.90 | 9,962.61 | 37,134 | 17,198 | 37,134 | 23,174 | 0.956 | 2.176 |
2002 | 10,929.10 | 8,083.52 | 10,929.10 | 10,427.50 | 37,998 | 18,760 | 37,998 | 24,199 | 1.700 | 1.111 |
2003 | 11,456.50 | 9,932.13 | 11,456.50 | 10,684.30 | 39,490 | 22,968 | 39,490 | 24,707 | 2.796 | 0.908 |
2004 | 12,217.20 | 11,418.90 | 12,217.20 | 11,226.60 | 41,725 | 26,307 | 41,725 | 25,864 | 3.848 | 2.593 |
2005 | 13,039.20 | 11,910.10 | 13,039.20 | 11,680.20 | 44,123 | 27,342 | 44,123 | 26,814 | 3.484 | 1.925 |
2006 | 13,815.60 | 12,712.60 | 13,815.60 | 12,728.00 | 46,302 | 29,090 | 46,302 | 29,125 | 2.785 | 3.494 |
2007 | 14,474.20 | 14,727.50 | 14,474.20 | 13,610.40 | 48,050 | 33,587 | 48,050 | 31,040 | 2.004 | 3.156 |
2008 | 14,769.90 | 16,295.40 | 14,769.90 | 14,293.30 | 48,570 | 37,044 | 48,570 | 32,493 | 0.114 | 0.641 |
2009 | 14,478.10 | 14,762.80 | 14,478.10 | 14,028.50 | 47,195 | 33,481 | 47,195 | 31,815 | -2.577 | -4.349 |
2010 | 15,049.00 | 14,556.10 | 15,049.00 | 14,510.60 | 48,651 | 32,966 | 48,651 | 32,863 | 2.695 | 2.225 |
2011 | 15,599.70 | 15,765.20 | 15,599.70 | 15,204.50 | 50,066 | 35,767 | 50,066 | 34,495 | 1.564 | 1.901 |
2012 | 16,254.00 | 14,641.60 | 16,254.00 | 15,434.50 | 51,784 | 33,169 | 51,784 | 34,966 | 2.289 | -0.702 |
2013 | 16,880.70 | 15,294.90 | 16,880.70 | 15,958.80 | 53,410 | 34,565 | 53,410 | 36,065 | 2.118 | -0.083 |
2014 | 17,608.10 | 15,651.40 | 17,608.10 | 16,442.40 | 55,304 | 35,283 | 55,304 | 37,066 | 2.524 | 1.601 |
2015 | 18,295.00 | 13,553.90 | 18,295.00 | 16,993.30 | 57,040 | 30,488 | 57,040 | 38,224 | 2.946 | 2.309 |
2016 | 18,804.90 | 13,888.80 | 18,804.90 | 18,066.70 | 58,207 | 31,175 | 58,207 | 40,552 | 1.819 | 1.972 |
2017 | 19,612.10 | 14,765.90 | 19,612.10 | 19,038.50 | 60,322 | 33,091 | 60,322 | 42,667 | 2.458 | 2.845 |
2018 | 20,656.50 | 15,981.40 | 20,656.50 | 19,960.50 | 63,201 | 35,753 | 63,201 | 44,654 | 2.967 | 2.067 |
2019 | 21,521.40 | 15,694.10 | 21,521.40 | 21,560.80 | 65,548 | 35,081 | 65,548 | 48,195 | 2.467 | 1.805 |
2020 | 21,323.00 | 15,381.40 | 21,323.00 | 21,089.20 | 64,317 | 34,357 | 64,317 | 47,106 | -2.213 | -5.653 |
2021 | 23,594.00 | 17,315.10 | 23,594.00 | 23,216.10 | 71,056 | 38,721 | 71,056 | 51,917 | 5.800 | 6.009 |
2022 | 25,744.10 | 16,761.50 | 25,744.10 | 25,652.00 | 77,247 | 37,467 | 77,247 | 57,339 | 1.935 | 3.479 |
2023 | 27,360.90 | 18,349.40 | 27,360.90 | 27,125.20 | 81,695 | 40,824 | 81,695 | 60,348 | 2.543 | 0.451 |