With a Gross Domestic Product of over 4.18 trillion Euros, the German economy was by far the largest in Europe in 2023. The similar-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 5.7 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.1 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 time 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.

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.

The European Union is comprised of 27 member states who share the European Single Market, a common trade area which ensures the free movement of goods, services, capital, and people. As of 2022, the largest economies in the EU were Germany, France, Italy, Spain, and the Netherlands, with these countries making up the vast majority of the EU's almost 15 trillion Euro GDP. The relatively small island member states of Cyprus and Malta come in at the bottom of the list, with GDPs of around 28 and 16 billion Euros respectively.

This statistic compares European countries' gross domestic product (GDP) at current market prices in 2022. Germany had the highest GDP this year, nearly 4.2 trillion euros. France and Italy followed Germany.

Since 1980, Europe's largest economies have consistently been France, Germany, Italy, Spain, and the United Kingdom, although the former Soviet Union's economy was the largest in the 1980s, and Russia's economy has been larger than Spain's since 2010. Since Soviet dissolution, Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year. Italy's economy was of a relatively similar size to that of the UK and France until the mid 2000s when it started to diverge, resulting in a difference of approximately 800 billion U.S dollars by 2018. Russia's economy had overtaken both Italy and Spain's in 2012, but has fallen since 2014 due to the drop in international oil prices and the economic sanctions imposed for its annexation of Crimea - economic growth is expected to be comparatively low in Russia in the coming years due to the economic fallout of its invasion of Ukraine in 2022.

The average for 2023 based on 44 countries was 44137.65 U.S. dollars. The highest value was in Monaco: 256580.52 U.S. dollars and the lowest value was in Ukraine: 5069.7 U.S. dollars. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

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.

Germany had Europe's largest economy in 2018, with a Gross Domestic Product of approximately 3.38 trillion Euros. The United Kingdom and France had Europe's second and third largest economies in Europe, with the UK's GDP worth 2.39 trillion and France 2.35 trillion.

This dataset provides values for GDP GROWTH RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

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.

The real gross domestic product (GDP) of Malta is estimated to have grown by 7.5 percent in 2023 and is projected to grow a further five percent in 2024, which are the highest growth rates across all European countries for each year. In comparison, Estonia, Austria, Finland, and Ireland all had negative growth rates in 2023.

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The economy of the European Union is set to grow by 1.5 percent in 2025, according to forecasts by the European Commission. This marks a significant slowdown compared to previous years, when the EU member states grew quickly in the aftermath of the COVID pandemic. Malta is the country which is forecasted to grow the most in 2025, with an annual growth rate of 4.3 percent. Many of Europe's largest economies, on the other hand, are set to experiencing slow growth or stagnation, with Germany, France, and Italy growing below two percent.

This dataset provides values for GDP PER CAPITA reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The gross domestic product of the United Kingdom was around 2.56 trillion British pounds, an increase when compared to the previous year, when UK GDP amounted to about 2.54 trillion pounds. The significant drop in GDP visible in 2020 was due to the COVID-19 pandemic, with the smaller declines in 2008 and 2009 because of the global financial crisis of the late 2000s. Low growth problem in the UK Despite growing by 0.9 percent in 2024, and 0.4 percent in 2023 the UK economy is not that much larger than it was before the COVID-19 pandemic. Since recovering from a huge fall in GDP in the second quarter of 2020, the UK economy has alternated between periods of contraction and low growth, with the UK even in a recession at the end of 2023. While economic growth picked up somewhat in 2024, GDP per capita is lower than it was in 2022, following two years of negative growth. How big is the UK economy in relation to the rest of the world? As of 2024, the UK had the sixth-largest economy in the world, behind the United States, China, Japan, Germany, and India. Among European nations, this meant that the UK currently has the second-largest economy in Europe, although the economy of France, Europe's third-largest economy, is of a similar size. The UK's global economic ranking will likely fall in the coming years, however, with the UK's share of global GDP expected to fall from 2.16 percent in 2025 to 2.02 percent by 2029.  

This dataset provides values for GOVERNMENT SPENDING TO GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The city of Paris in France had an estimated gross domestic product of 757.6 billion Euros in 2021, the most of any European city. Paris was followed by the spanish capital, Madrid, which had a GDP of 237.5 billion Euros, and the Irish capital, Dublin at 230 billion Euros. Milan, in the prosperous north of Italy, had a GDP of 228.4 billion Euros, 65 billion euros larger than the Italian capital Rome, and was the largest non-capital city in terms of GDP in Europe. The engine of Europe Among European countries, Germany had by far the largest economy, with a gross domestic product of over 4.18 trillion Euros. The United Kingdom or France have been Europe's second largest economy since the 1980s, depending on the year, with forecasts suggesting France will overtake the UK going into the 2020s. Germany however, has been the biggest European economy for some time, with five cities (Munich, Berlin, Hamburg, Stuttgart and Frankfurt) among the 15 largest European cities by GDP. Europe's largest cities In 2023, Moscow was the largest european city, with a population of nearly 12.7 million. Paris was the largest city in western Europe, with a population of over 11 million, while London was Europe's third-largest city at 9.6 million inhabitants.

GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.

This data package includes the underlying data and files to replicate the calculations, charts, and tables presented in COVID-19 credit support programs in Europe’s five largest economies, PIIE Working Paper 21-6.

If you use the data, please cite as: Anderson, Julia, Francesco Papadia, and Nicolas Véron. (2021). COVID-19 credit support programs in Europe’s five largest economies. PIIE Working Paper 21-6. Peterson Institute for International Economics.

Gross domestic product (GDP) per capita is a measure of economic production, which takes the entire output of a national economy during a year and divides it by the population of that country. In the European Union, Luxembourg, Ireland, Denmark, the Netherlands, and Austria come out on top as the countries which produced the most per capita in 2023. Europe's richest countries benefit from multinational companies Many criticisms have been made of using GDP per capita as away to judge a country's economic wealth in recent years, as global capital flows have come to distort the statistics and to give a warped impression of different countries' wealth. This is most notably the case for Ireland and for Luxembourg, which while certainly high-income countries, have experienced dramatic booms in their GDP over the past two decades due to the accounting practices of the large multinational corporations which have their European headquarters in these member states, such as Facebook and Apple in Dublin, and Amazon in Luxembourg. Will the poorest countries converge towards the EU average? At the bottom of the list, two of the most recent member states of the EU, Romania and Bulgaria, come last in terms of GDP per capita. Whether these countries will be able to capitalize on their relatively low-wages to spur economic growth and experience the convergence towards the older member states of the union shown by countries such as Estonia, Czechia, and Lithuania, remains a pressing issue for these poorer member states.