The article considers post-2009 economic growth and deflation in the European Union. The author analyzes the concept of deflation and its substance as a category. He gives his vision of a place the deflation concept occupies in the modern theory of economic growth. The author focuses on the estimates of key macroeconomic indicators, including Harmonised Index of Consumer Prices, GDP, investments, labor productivity, published by Eurostat, International Monetary Fund and other international organizations for analyzing historical growth and deflation in the EU. Special attention is paid to inflation expectations and European Central Bank asset purchase programme. The conclusion is drawn that the EU economy follows a path of modest growth and low inflation despite post-crises fears about negative inflation trends and deflationary pressures. In the author’s opinion, the current outlook for deflation is not necessarily a threat to growth.