EU's Share of The World Economy Has Nosedived - And Fallen Further Since These Figures.

The EU has shrunk as a percentage of the world economy, whichever way you look at it

Sometimes using a different measure makes a difference to your conclusion. For example, the UK economy has the fifth biggest nominal GDP in the world, but only the ninth biggest in PPP terms.

When measured in terms of Purchasing Power Parity, the EU has shrunk as a proportion of world GDP.