Euro area - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Euro area was 41.66 as of 2020. Its highest value over the past 50 years was 44.73 in 2019, while its lowest value was 19.29 in 1971.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1970 19.53
1971 19.29
1972 19.35
1973 20.57
1974 24.60
1975 22.31
1976 24.19
1977 24.07
1978 23.04
1979 24.78
1980 26.86
1981 27.74
1982 27.31
1983 26.56
1984 27.72
1985 27.88
1986 24.05
1987 23.98
1988 24.51
1989 25.96
1990 25.46
1991 25.33
1992 24.73
1993 23.50
1994 24.78
1995 26.23
1996 26.36
1997 28.27
1998 29.15
1999 30.05
2000 34.35
2001 33.67
2002 32.06
2003 31.63
2004 32.96
2005 34.90
2006 37.26
2007 38.16
2008 38.85
2009 33.45
2010 37.60
2011 40.39
2012 40.75
2013 40.35
2014 40.65
2015 41.55
2016 41.12
2017 42.85
2018 44.00
2019 44.73
2020 41.66

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts