Real GDP Per Capita Union Europe

The indicator is part of the EU Sustainable Development Goals (SDG) indicator set. It is used to monitor progress towards SDG 8 on decent work and economic growth; which is embedded in the European Commission’s Priorities under the European Green Deal, Economy that works for people. SDG 8 recognises the importance of sustained economic growth and high levels of economic productivity for the creation of well-paid quality jobs and the achievement of global prosperity. That said, it envisions inclusive and sustainable economic growth, which leaves no one behind and does not harm the environment.

Indicator can be considered as identical to global SDG indicator 8.1.1 "Annual growth rate of real GDP per capita". Furthermore, it is part of the impact indicators for Strategic plan 2020-2024 referring to the 6 Commission priorities.

The EU supports growth, job creation and competitiveness through funding instrumentssuch as the European Fund for Strategic Investments, the European Social Fund and its successor, the European Social Fund Plus, the European Structural and Investment Funds, Horizon 2020, the Programme for Employment and Social Innovation (EaSI), the Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME), the Emergency Support Instrument, the Connecting Europe Facility and the Creative Europe Programme (CAP).

The indicator is calculated as the ratio of real GDP to the average population of a specific year. GDP measures the value of total final output of goods and services produced by an economy within a certain period of time. It includes goods and services that have markets (or which could have markets) and products which are produced by general government and non-profit institutions.

It is a measure of economic activity and is commonly used as a proxy for the development in a country’s material living standards. However, it is not a complete measure of economic welfare. For example, GDP does not include most unpaid household work. Neither does GDP take account of negative effects of economic activity, like environmental degradation.

Real GDP per capita is calculated as the ratio of real GDP to the average population of a specific year and is based on rounded figures.

All EU MS

Comparability across all EU Member States respectively other presented countries is ensured by the application of the legal framework represented by ESA 2010 and SNA 2008. Comparability of GDP for EU countries is regularly monitored in the context of the work of the Gross National Income (GNI) Committee. In addition, international harmonisation of techniques and, to some extent, compilation tools is ensured by the work of the national accounts working groups (Eurostat, OECD, UN).

Comparability across countries of the population figures is ensured by application of the same concept (ESA 2010) across countries.