EU and euro area tax-to-GDP ratio up in 2025
Published . Updated .
The overall tax-to-GDP ratio (the sum of taxes and net social contributions as a percentage of gross domestic product (GDP)) in the EU stood at 40.7% in 2025, up from 40.2% in 2024. In the euro area (EA20), the tax-to-GDP ratio also increased from 40.7% in 2024 to 41.3% in 2025.
Directly affected
- No company is named in this report.
Indirectly affected
- VGK Vanguard FTSE Europe ETF
Vanguard FTSE Europe ETF holds stocks listed in Europe, which this story is about (“eu”).
- FXE Invesco CurrencyShares Euro Trust-0.5% 5d
Invesco CurrencyShares Euro Trust follows the euro, whose moves this story covers.
- ASML ASML Holding N.V-5.7% 30d
ASML Holding N.V (special industry machinery) is one of the largest Europe-based companies traded in the US, so news about Europe (“eu”) reaches its shares.
- HSBC HSBC Holdings-9.3% 18d
HSBC Holdings (savings institution, federally chartered) is one of the largest Europe-based companies traded in the US, so news about Europe (“eu”) reaches its shares.
- SHEL Shell+0.1% 13d
Shell (crude petroleum and natural gas) is one of the largest Europe-based companies traded in the US, so news about Europe (“eu”) reaches its shares.
- NVS Novartis AG+1.3% 17d
Novartis AG (pharmaceutical preparations) is one of the largest Europe-based companies traded in the US, so news about Europe (“eu”) reaches its shares.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| VGK | -0.62% | -0.87% | base | +0.92% | after close | after close | after close |
| FXENo price data for this ticker | — | — | — | — | — | — | — |
| ASML | -6.17% | -4.45% | base | +0.69% | after close | after close | after close |
| HSBCNo price data for this ticker | — | — | — | — | — | — | — |
| SHELNo price data for this ticker | — | — | — | — | — | — | — |
| NVSNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Market Call
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EU and euro area tax-to-GDP ratio up in 2025 European Commission
Source: European Commission
Price since this story was published: Vanguard Intl Equity Index F (VGK)
| Company | When | Move | Status |
|---|---|---|---|
| Asml Holding (ASML) | that day | +0.69% | final price |
| Asml Holding (ASML) | three days earlier | -4.45% | final price |
| Asml Holding (ASML) | five days earlier | -6.17% | final price |
| Vanguard Intl Equity Index F (VGK) | that day | +0.92% | final price |
| Vanguard Intl Equity Index F (VGK) | three days earlier | -0.87% | final price |
| Vanguard Intl Equity Index F (VGK) | five days earlier | -0.62% | final price |
Congressional trades in the stocks in this story
- Rep. Michael T. McCaul bought Asml Holding (ASML) (held by a spouse), worth $50,001 - $100,000 on 7 Aug 2026. That is 83 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Kevin Hern sold Novartis Ag (NVS), worth $15,001 - $50,000 on 27 Aug 2026. That is 63 days before publication. Filed 25 Sep 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Vanguard Intl Equity Index F (VGK)
Companies carried with this story
- VGK Vanguard Intl Equity Index F
In “EU and euro area tax-to-GDP ratio up in 2025,” Vanguard Intl Equity Index F (VGK) is linked, with no stored direction, medium confidence. Reason on file: Vanguard FTSE Europe ETF holds stocks listed in Europe, which this story is about (“eu”)
- FXE Invesco CurrencyShares Euro Trust
For “EU and euro area tax-to-GDP ratio up in 2025,” Invesco CurrencyShares Euro Trust (FXE) is linked, with no stored direction, medium confidence. Reason on file: Invesco CurrencyShares Euro Trust follows the euro, whose moves this story covers
- ASML Asml Holding
In “EU and euro area tax-to-GDP ratio up in 2025,” Asml Holding (ASML) is linked, with no stored direction, medium confidence. Reason on file: ASML Holding N.V (special industry machinery) is one of the largest Europe-based companies traded in the US, so news about Europe (“eu”) reaches its shares
- HSBC Hsbc Holdings
Hsbc Holdings (HSBC) is linked, with no stored direction, medium confidence in the 29 Oct 2026 story “EU and euro area tax-to-GDP ratio up in 2025.” Reason on file: HSBC Holdings (savings institution, federally chartered) is one of the largest Europe-based companies traded in the US, so news about Europe (“eu”) reaches its shares
- SHEL Shell
For “EU and euro area tax-to-GDP ratio up in 2025,” Shell (SHEL) is linked, with no stored direction, medium confidence. Reason on file: Shell (crude petroleum and natural gas) is one of the largest Europe-based companies traded in the US, so news about Europe (“eu”) reaches its shares
- NVS Novartis Ag
For “EU and euro area tax-to-GDP ratio up in 2025,” Novartis Ag (NVS) is linked, with no stored direction, medium confidence. Reason on file: Novartis AG (pharmaceutical preparations) is one of the largest Europe-based companies traded in the US, so news about Europe (“eu”) reaches its shares
How “EU and euro area tax-to-GDP ratio up in 2025” reaches Vanguard Intl Equity Index F (VGK)
Vanguard Intl Equity Index F (VGK) is the company in “EU and euro area tax-to-GDP ratio up in 2025,” the 29 Oct 2026 this story story.
Vanguard Intl Equity Index F (VGK) is on the page because Vanguard FTSE Europe ETF holds stocks listed in Europe, which this story is about (“eu”)
Invesco CurrencyShares Euro Trust (FXE) is here too. Its reason reads: Invesco CurrencyShares Euro Trust follows the euro, whose moves this story covers
Price levels for Vanguard Intl Equity Index F (VGK)
ASML traded between 1576.60 and 1868.68 across 17 sessions. The latest close on file is 1590.17. FXE traded between 102.82 and 103.56 across 5 sessions. The latest close on file is 103.03. VGK traded between 88.67 and 89.06 across 1 sessions. The latest close on file is 88.94.
A simple score for Vanguard Intl Equity Index F (VGK)
46 out of 100
“EU and euro area tax-to-GDP ratio up in 2025” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.