Creating products and services that satisfy individual and community needs is impossible without raw materials. This study takes a novel approach by integrating the economic dynamics and raw material consumption indicators of the European Union (EU). The study uses different econometric methods to analyze the relationship between GDP (gross domestic product) and the EU’s raw material consumption (RMC) from 2014–2023. Among the results, the panel data analysis model shows that the resource productivity of the EU improved during the period under review, whereas the material intensity decreased significantly. These trends significantly contributed to the relative decoupling of material consumption from GDP in the last decade. The results of the K-means cluster analysis highlight the regional economic differences within the EU. According to the results of the correlation analysis, EU member countries differ significantly in the efficiency of raw material use. Nevertheless, five member countries are robustly vulnerable to large-scale raw material use. The divergence calculation results show that while some countries use raw materials extremely efficiently to produce GDP, others achieve low efficiency. This unique approach and the resulting findings provide a new perspective on the complex relationship between economic growth and raw material use in the EU.