The EU single market generates a GDP of approximately 14.5 trillion euros.
EconomyEuropean Union
- Error detected
- The claimed GDP of approximately 14.5 trillion euros is substantially below the actual EU GDP for the most recent available year (2024), which was approximately 16.2 trillion euros at current market prices.
- Omissions
- The MEP did not specify the reference year for the GDP figure. The value of approximately 14.5 trillion euros corresponds to EU GDP around 2021, not to the most recent data available at the time of the speech.
- By May 2026, the most recent full-year Eurostat data available was for 2024, which showed EU nominal GDP at current market prices of approximately 16.2 trillion euros — roughly 11.7% higher than the claimed figure.
- The claim also mentions that the EU single market represents 18% of world GDP; this percentage may also be based on outdated data, as the EU's share of global GDP has been declining in recent years.