b'1. Out of the EU, into the world1. The EUs decreasing share of world GDP: Is the European half-millennium over?The EUs share of global wealth is in long- term decline: more than 30% in 1980, it is now less than 25%, and in 2050 is projected to be just 15%. Adjusted for purchasing power parity, the EUs share of world GDP has already declined to just 16% in 2019.1This is despite the accession to the EU of Spain, Portugal and eleven central and eastern European countries,2some of which have sizeable economies. The following charts demonstrate the decline in the EUs share of world GDP. Table 65 The World Economyin 1980- percent of world output31 30.938.1 The EU is not only declining in its share of world GDP; it is also declining in its share of world trade. The EUs own statistics show its share of world trade to have shrunk since its formationwith both imports and exports in decline.3 151'