Source | International Monetary Fund World Economic Outlook (April-2024) |
Date | 23 Apr 2024 |
Germany is the largest economy in Europe, followed by United Kingdom, France, Italy, and Russia. These five together hold a 59% share of the European economy. Total ten European economies represent almost 78.75% share. San Marino is the smallest economy in Europe.
Seven economies of Europe would have gdp above $1 trillion, and 24 would have an economy of above $100 billion. Four European economies are in the list of top ten largest economies globally, and Nineteen economies are within the top 50 world gdp ranking.
Out of 42 economies, gdp (nominal) of 40 economies would increase, and two economies would decrease in 2024 compared to 2023. With $151 bn, United Kingdom will be the top contributor, followed by Germany ($134 bn) and France ($98 bn). Czech Republic and Belarus are top decliners.
In ppp data, the five largest economies of Europe are Germany, Russia, United Kingdom, France, and Italy. Eight economies would have gdp above Int. $1 trillion in 2024 and 29 would have an economy of above Int. $100 billion. Romania will move ahead to Switzerland. Four European economies are in the top ten list, and sixteen economies are within the top 50 world gdp ranking.
None of the European economies would see a decrease in 2024 compared to 2023. Russia (Int. $293 bn), Germany (Int. $142 bn), France (Int. $123 bn), United Kingdom (Int. 113 bn), and Spain (Int. $105 bn) would be the top gainers.
Thirty nine economies have higher GDP on a PPP basis, and three have higher on a nominal basis. Belarus has highest ppp to nominal ratio above 3, while Switzerland have lowest figure of 0.87.
Code | Country/Economy | GDP (billions of $) | Share (%) | Rank | ||||
---|---|---|---|---|---|---|---|---|
2023 | 2024 | Change | Europe | World | Europe | World | ||
ALB | Albania | 22.743 | 25.431 | 2.688 | 0.0962 | 0.0232 | 35 | 116 |
AND | Andorra | 3.726 | 3.897 | 0.171 | 0.0147 | 0.00356 | 41 | 165 |
AUT | Austria | 519.710 | 540.887 | 21.177 | 2.05 | 0.494 | 13 | 28 |
BLR | Belarus | 71.805 | 69.048 | -2.757 | 0.261 | 0.0630 | 30 | 88 |
BEL | Belgium | 630.110 | 655.192 | 25.082 | 2.48 | 0.598 | 10 | 23 |
BIH | Bosnia and Herzegovina | 27.216 | 29.078 | 1.862 | 0.110 | 0.0265 | 34 | 112 |
BGR | Bulgaria | 101.611 | 107.933 | 6.322 | 0.408 | 0.0985 | 24 | 68 |
HRV | Croatia | 82.044 | 88.076 | 6.032 | 0.333 | 0.0804 | 26 | 75 |
CZE | Czech Republic | 332.025 | 325.880 | -6.145 | 1.23 | 0.298 | 17 | 46 |
DNK | Denmark | 405.199 | 409.989 | 4.790 | 1.55 | 0.374 | 15 | 38 |
EST | Estonia | 40.757 | 43.486 | 2.729 | 0.164 | 0.0397 | 32 | 102 |
FIN | Finland | 300.499 | 308.055 | 7.556 | 1.16 | 0.281 | 18 | 47 |
FRA | France | 3,031.778 | 3,130.014 | 98.236 | 11.8 | 2.86 | 3 | 7 |
DEU | Germany | 4,457.366 | 4,591.100 | 133.734 | 17.4 | 4.19 | 1 | 3 |
GRC | Greece | 238.275 | 250.276 | 12.001 | 0.946 | 0.229 | 20 | 55 |
HUN | Hungary | 212.610 | 223.413 | 10.803 | 0.845 | 0.204 | 21 | 57 |
ISL | Iceland | 31.020 | 33.338 | 2.318 | 0.126 | 0.0304 | 33 | 108 |
IRL | Ireland | 545.787 | 564.020 | 18.233 | 2.13 | 0.515 | 12 | 26 |
ITA | Italy | 2,255.503 | 2,328.028 | 72.525 | 8.80 | 2.13 | 4 | 9 |
UVK | Kosovo | 10.477 | 11.318 | 0.841 | 0.0428 | 0.0103 | 39 | 149 |
LVA | Latvia | 43.598 | 45.466 | 1.868 | 0.172 | 0.0415 | 31 | 99 |
LTU | Lithuania | 77.926 | 81.170 | 3.244 | 0.307 | 0.0741 | 28 | 81 |
LUX | Luxembourg | 85.780 | 88.556 | 2.776 | 0.335 | 0.0809 | 25 | 74 |
MKD | North Macedonia | 14.769 | 15.873 | 1.104 | 0.0600 | 0.0145 | 38 | 138 |
MLT | Malta | 20.963 | 22.737 | 1.774 | 0.0860 | 0.0208 | 36 | 120 |
MDA | Moldova | 17.052 | 18.356 | 1.304 | 0.0694 | 0.0168 | 37 | 133 |
MNE | Montenegro | 7.406 | 8.011 | 0.605 | 0.0303 | 0.00731 | 40 | 154 |
NLD | Netherlands | 1,117.101 | 1,142.513 | 25.412 | 4.32 | 1.04 | 7 | 17 |
NOR | Norway | 485.513 | 526.951 | 41.438 | 1.99 | 0.481 | 14 | 31 |
POL | Poland | 808.435 | 844.623 | 36.188 | 3.19 | 0.771 | 9 | 21 |
PRT | Portugal | 287.421 | 298.949 | 11.528 | 1.13 | 0.273 | 19 | 48 |
ROU | Romania | 345.894 | 369.971 | 24.077 | 1.40 | 0.338 | 16 | 43 |
RUS | Russia | 1,997.030 | 2,056.844 | 59.814 | 7.78 | 1.88 | 5 | 11 |
SMR | San Marino | 1.954 | 2.034 | 0.080 | 0.00769 | 0.00186 | 42 | 178 |
SRB | Serbia | 75.187 | 81.873 | 6.686 | 0.310 | 0.0747 | 27 | 80 |
SVK | Slovak Republic | 132.122 | 140.808 | 8.686 | 0.532 | 0.129 | 23 | 62 |
SVN | Slovenia | 68.236 | 72.101 | 3.865 | 0.273 | 0.0658 | 29 | 86 |
ESP | Spain | 1,581.151 | 1,647.114 | 65.963 | 6.23 | 1.50 | 6 | 15 |
SWE | Sweden | 593.268 | 623.048 | 29.780 | 2.36 | 0.569 | 11 | 24 |
CHE | Switzerland | 885.141 | 938.458 | 53.317 | 3.55 | 0.857 | 8 | 20 |
UKR | Ukraine | 177.198 | 188.943 | 11.745 | 0.714 | 0.173 | 22 | 59 |
GBR | United Kingdom | 3,344.744 | 3,495.261 | 150.517 | 13.2 | 3.19 | 2 | 6 |
Europe | 25,488.150 | 26,448.119 | 959.969 | 24.15 |
Code | Country/Economy | GDP (billions of Int. $) | Share (%) | Rank | PPP/Nom | ||||
---|---|---|---|---|---|---|---|---|---|
2023 | 2024 | Change | Europe | World | Europe | World | |||
ALB | Albania | 55.695 | 58.795 | 3.100 | 0.154 | 0.0317 | 34 | 121 | 2.312 |
AND | Andorra | 5.756 | 6.001 | 0.245 | 0.0157 | 0.00323 | 41 | 170 | 1.540 |
AUT | Austria | 616.738 | 634.362 | 17.624 | 1.66 | 0.342 | 14 | 43 | 1.173 |
BLR | Belarus | 223.763 | 234.661 | 10.898 | 0.613 | 0.126 | 24 | 72 | 3.399 |
BEL | Belgium | 775.275 | 803.166 | 27.891 | 2.10 | 0.433 | 11 | 37 | 1.226 |
BIH | Bosnia and Herzegovina | 67.879 | 71.254 | 3.375 | 0.186 | 0.0384 | 32 | 110 | 2.450 |
BGR | Bulgaria | 217.751 | 229.107 | 11.356 | 0.599 | 0.123 | 25 | 73 | 2.123 |
HRV | Croatia | 166.157 | 175.269 | 9.112 | 0.458 | 0.0944 | 27 | 82 | 1.990 |
CZE | Czech Republic | 535.448 | 551.958 | 16.510 | 1.44 | 0.297 | 15 | 48 | 1.694 |
DNK | Denmark | 441.728 | 462.019 | 20.291 | 1.21 | 0.249 | 18 | 52 | 1.127 |
EST | Estonia | 60.466 | 61.598 | 1.132 | 0.161 | 0.0332 | 33 | 118 | 1.417 |
FIN | Finland | 330.640 | 340.043 | 9.403 | 0.888 | 0.183 | 22 | 60 | 1.104 |
FRA | France | 3,865.251 | 3,987.911 | 122.660 | 10.4 | 2.15 | 4 | 10 | 1.274 |
DEU | Germany | 5,544.290 | 5,686.531 | 142.241 | 14.9 | 3.06 | 1 | 5 | 1.239 |
GRC | Greece | 411.608 | 430.125 | 18.517 | 1.12 | 0.232 | 21 | 56 | 1.719 |
HUN | Hungary | 418.245 | 437.767 | 19.522 | 1.14 | 0.236 | 20 | 54 | 1.959 |
ISL | Iceland | 27.907 | 29.077 | 1.170 | 0.0760 | 0.0157 | 39 | 150 | 0.872 |
IRL | Ireland | 685.244 | 712.056 | 26.812 | 1.86 | 0.383 | 13 | 41 | 1.262 |
ITA | Italy | 3,245.273 | 3,347.103 | 101.830 | 8.74 | 1.80 | 5 | 13 | 1.438 |
UVK | Kosovo | 27.957 | 29.719 | 1.762 | 0.0776 | 0.0160 | 38 | 148 | 2.626 |
LVA | Latvia | 75.325 | 78.421 | 3.096 | 0.205 | 0.0422 | 31 | 108 | 1.725 |
LTU | Lithuania | 138.128 | 144.585 | 6.457 | 0.378 | 0.0779 | 28 | 89 | 1.781 |
LUX | Luxembourg | 93.425 | 96.886 | 3.461 | 0.253 | 0.0522 | 30 | 100 | 1.094 |
MKD | North Macedonia | 43.645 | 45.905 | 2.260 | 0.120 | 0.0247 | 35 | 134 | 2.892 |
MLT | Malta | 34.274 | 36.870 | 2.596 | 0.0963 | 0.0199 | 37 | 142 | 1.622 |
MDA | Moldova | 41.762 | 43.882 | 2.120 | 0.115 | 0.0236 | 36 | 137 | 2.391 |
MNE | Montenegro | 17.706 | 18.812 | 1.106 | 0.0491 | 0.0101 | 40 | 154 | 2.348 |
NLD | Netherlands | 1,289.591 | 1,329.039 | 39.448 | 3.47 | 0.716 | 8 | 29 | 1.163 |
NOR | Norway | 443.482 | 461.107 | 17.625 | 1.20 | 0.248 | 19 | 53 | 0.875 |
POL | Poland | 1,705.796 | 1,800.540 | 94.744 | 4.70 | 0.970 | 7 | 20 | 2.132 |
PRT | Portugal | 466.226 | 485.742 | 19.516 | 1.27 | 0.262 | 17 | 51 | 1.625 |
ROU | Romania | 777.184 | 817.986 | 40.802 | 2.14 | 0.441 | 9 | 35 | 2.211 |
RUS | Russia | 5,180.143 | 5,472.880 | 292.737 | 14.3 | 2.95 | 2 | 6 | 2.661 |
SMR | San Marino | 2.871 | 2.978 | 0.107 | 0.00778 | 0.00160 | 42 | 179 | 1.464 |
SRB | Serbia | 174.606 | 185.014 | 10.408 | 0.483 | 0.0996 | 26 | 80 | 2.260 |
SVK | Slovak Republic | 228.935 | 239.326 | 10.391 | 0.625 | 0.129 | 23 | 71 | 1.700 |
SVN | Slovenia | 108.081 | 112.913 | 4.832 | 0.295 | 0.0608 | 29 | 97 | 1.566 |
ESP | Spain | 2,411.368 | 2,516.376 | 105.008 | 6.57 | 1.36 | 6 | 15 | 1.528 |
SWE | Sweden | 717.516 | 736.398 | 18.882 | 1.92 | 0.397 | 12 | 40 | 1.182 |
CHE | Switzerland | 786.680 | 816.456 | 29.776 | 2.13 | 0.440 | 10 | 36 | 0.870 |
UKR | Ukraine | 488.164 | 515.947 | 27.783 | 1.35 | 0.278 | 16 | 50 | 2.731 |
GBR | United Kingdom | 3,916.531 | 4,029.438 | 112.907 | 10.5 | 2.17 | 3 | 9 | 1.153 |
Europe | 36,864.510 | 38,276.023 | 1,411.513 | 20.61 | 1.447 |