Comparing United States and European Union by Economy

The United States and 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 IMF for 2024, with $28,781 bn United States is leading by $9,803 bn or 1.52 times of the EU ($18,978 bn) on an exchange rate basis. On purchasing power parity basis, the margin is less as the United States ahead by Int. $ 2,473 or 1.09 times of the EU (Int. $26,308 bn). According to estimates by World Bank from 1970 to 2022, the US has higher gdp for 41 years, and European Union has higher gdp for 12 years. 2011 was the latest year when European Union had higher gdp than the United States. The ratio between these two was highest 1.62x in 1985 in favor of the US. With 1.15x of the US's gdp in 1980, the ratio was highest in favor of the EU. In ppp terms, the EU had been closely following the US since 1994.

As of 2024, the United States is almost double reicher than the EU and even in ppp, its figure is 45% higher than that of the European Union. The US had greater gdp per capita than the EU for data available since 1970.

The US is projected to ggrow around of 2% for upcoming years and Eu might be well short of 2% mark. European Union attains a maximum gdp growth rate of 6.01% in 1973 and a minimum of -5.67% in 2020. During the period 1970 to 2022, European Union grew by more than 5% only twice. The United States reached an all-time high of 7.24% in 1984 and a record low of -2.77% in 2020. The United States grew by more than 5% during ten years. GDP growth rate was negative in eight years for the US. European Union showed negative growth in six years.

• GDP
• GDP per capita
• GDP growth

Projections by IMF

Estimates by World Bank