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Hungary Adding Less Than 1% Share Of EU GDP

• 17 May 2018 6:56 AM
• Budapest Business Journal

In 2017, the combined gross domestic product (GDP) of the European Union amounted to some EUR 15.3 trillion at current prices. Over half of this was generated by three Member States: Germany, the United Kingdom, and France. Hungary, meanwhile, contributed 0.8%, show data from Eurostat, the EUʼs statistics office.

With GDP of almost EUR 3.3 tln last year, Germany reinforced its position as the leading EU economy, accounting for over a fifth (21.3%) of total EU GDP, according to figures released by Eurostat.

Although its share of the EUʼs GDP decreased by 0.9 of a percentage point between 2016 and 2017, the United Kingdom (15.2%) retained its second position, just ahead of France (14.9%). The top three were followed by Italy (11.2%), Spain (7.6%), and the Netherlands (4.8%).

At the opposite end of the scale, eleven Member States had a GDP of less than 1% of the EU total. These were: Malta, Cyprus, Estonia, Latvia, Lithuania, Slovenia, Croatia, Bulgaria, Luxembourg, Slovakia and Hungary, the latterʼs 0.8% share being the highest among them.

The 19 Member States which form the euro area had a combined GDP of nearly EUR 11.2 tln in 2017. The euro area thus accounted for 72.9% of the EU’s GDP. Germany (29.2%) and France (20.5%) together comprised half of the euro areaʼs GDP, while Italy (15.4%) and Spain (10.4%) made up a quarter.

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Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.

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