Montenegro achieved the highest gross domestic product (GDP) growth in the Western Balkans in 2023, at 6.4 percent compared to the previous year. Furthermore, Kosovo and Serbia were predicted the most significant increase in GDP for the following year, at 3.8 percent.
Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.
Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
This dataset provides values for GDP PER CAPITA PPP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.
Serbia recorded the highest government revenue as a share of GDP in the Western Balkan region in 2024, at **** percent. Bosnia and Herzegovina ranked second, with the government's revenue accounting for ***** percent of the GDP.
Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
All data are expressed as a percentage, except for GDP per capita, net wages, total population, life expectancy, expected years of education, average years of schooling, life and non-life premium, total premium, bank deposits, financial assets and deposits of insurance companies, which are expressed in absolute terms.
Source of data:
Data on Life and Non-life premium, Total (gross) premium, Premium reserve data, Financial assets and Deposits of insurance companies are collected from the official reports of insurance supervision agencies: Insurance Supervision Agency in Montenegro (http://www.ano.me/en/), Croatian Financial Services Supervisory Agency (https://www.hanfa.hr/en/), National Bank of Serbia (https://www.nbs.rs/internet/english/, Insurance Supervision Agency of North Macedonia (http://aso.mk/en/?lang=en) and Financial Supervisory Authority in Albania (https://amf.gov.al/).
The economic indicators for the observed Western Balkan countries (GDP per capita, unemployment rate, inflation rate, net earnings and average effective deposit interest rate) are taken from the website Eurostat (https://ec.europa.eu/eurostat) and Statista (https://www.statista.com/)
All demographic indicators, except for the expected and average years of schooling and education index, were collected from the Eurostat and UNDP database (https://ec.europa.eu/eurostat/data/database; http://hdr.undp.org/en/countries/profiles/ ).
Data on expected and average school years were taken from the UNESCO Institute for Statistics (http://uis.unesco.org) , while the education index was obtained as a result of a calculation based on a formula published on the UNDP website (http://hdr.undp.org/en/content/education-index).
Data on bond yield were collected from the website of European Commission (https://ec.europa.eu/), i.e. from EC reports - EU Candidate Countries’ & Potential Candidates’ Economic Quarterly (CCEQ), except two data for Serbia (2006 and 2007) which were estimated by Makima extrapolation.
Bank deposits data are taken from the official reports of banks' regulatory institutions: Central bank of Montenegro (https://www.cbcg.me/en), National bank of Serbia (https://www.nbs.rs/en/indeks/), Croatian National bank (https://www.hnb.hr/en/home), National bank of the Republic of North Macedonia (https://www.nbrm.mk/pocetna-en.nspx); Bank of Albania (https://www.bankofalbania.org/home/)
Description of columns:
f1-GDPper capita; f2- Unemployment (%); f3-Inflation rate (%); f4- Net Wages €; f5- Deposit rate (%); f6- Population; f7- Female (%); f8- Population <15 (%); f9- Population 15-64 (%); f10- Dep old (%); f11- Dep young (%); f12- Urban population (%); f13-Life exp. (years); f14- Preschool enroll rate (%); f15- Elem school enroll rate (%); f16-High school enroll rate (%); f17- University enroll rate (%); f18- Expected years of schooling; f19- Avg. years of schooling; f20- Education Index (%); f21- Fertility rate (number of children to a woman); f22- Birth rate (per 1000 inhabitants); f23- Health costs (% GDP); f24-premium reserve per GDP,
i1- life premium €; i2- non-life premium €; i3- total premium €; i4- bond yield (%); i5a- bank deposits ( national currency); i5b- bank deposits €; i6a-financial assets in insurance (national currency); i6b- financial assets in insurance €; i7a- deposits of insurers (national currency); i7b –deposit of insurers €
With a Gross Domestic Product of over 4.3 trillion Euros, the German economy was by far the largest in Europe in 2024. The similarly sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 7.4 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.95 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.
The fastest growing economy in Europe in 2024 was Malta. The small Mediterranean country's gross domestic product grew at five percent in 2024, beating out Montenegro which had a growth rate of almost four percent and the Russian Federation which had a rate of 3.6 percent in the same year. Estonia was the country with the largest negative growth in 2024, as the Baltic country's economy shrank by 0.88 percent compared with 2023, largely as a result of the country's exposure to the economic effects of Russia's invasion of Ukraine and the subsequent economic sanctions placed on Russia. Germany, Europe's largest economy, experience economic stagnation with a growth of 0.1 percent. Overall, the EU (which contains 27 European countries) registered a growth rate of one percent and the Eurozone (which contains 20) grew by 0.8 percent.
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Montenegro achieved the highest gross domestic product (GDP) growth in the Western Balkans in 2023, at 6.4 percent compared to the previous year. Furthermore, Kosovo and Serbia were predicted the most significant increase in GDP for the following year, at 3.8 percent.