New Article:
According to data from the International Comparison Program (ICP) 2021, the European Union’s gross domestic product (GDP) accounted for 15.2% of the world GDP when measured in purchasing power standards (PPS). This placed the EU in third position in terms of global GDP share, behind China and the United States.
Among the 20 countries worldwide with a GDP share exceeding 1% in PPS, five were EU nations: Germany (3.4%), France (2.4%), Italy (1.9%), Spain (1.4%), and Poland (1.0%). Together, these countries contributed approximately 10.1% to the world GDP. The Global Office of the ICP at the World Bank published these results as part of its latest round of data collection, which is a global statistical partnership that compiles detailed expenditure values to estimate purchasing power parities (PPPs) for economies worldwide. Eurostat provided necessary data for 36 European countries in this process.
In terms of GDP per capita for the top 20 economies in the world in 2021, only six countries were above the EU average: the United States, Germany, Australia, Canada, France, and the United Kingdom. Despite having the largest economy in PPS terms, China’s GDP per capita was only 39% of the EU average. This indicates a significant disparity in wealth distribution among these economies, with a nine-fold difference between India at just 15% of the EU average and Germany at over twice that amount.
