The European economy, comprising 41 economies, in 2021 is projected around US$23.6 trillion in nominal terms, $2.8 trillion more than 2020, calculated by taking figures from the IMF. The GDP of Europe is $1 tn more than the US's GDP, the largest economy in the world. Europe is the 3rd largest continental economy, accounting for 25.14% of the world GDP in nominal terms. Europe is the 2nd largest continental economy after Asia in ppp methods, accounting for 21.51% of global wealth.

The Western Europe region has the highest economy ($10.2 tn) on the continent. Eastern Europe had the largest economy in 1970, and now it is at the bottom. 43.45% of the European gdp distributed in Western Europe, 23.41% in Northern Europe, 18.25% in Southern Europe, and 14.90% in Eastern Europe. In ppp methods, Eastern Europe is the 2nd largest subregion by GDP.

As per the UN, Europe's share of the world economy was maximum (42.48%) in 1973, now it has declined to the current estimate of 24.75% percent in 2019. In constant 2015 prices, which gives a better idea about expansion over the years, the European economy has expanded from $7.31 tn in 1970 to $20.7 tn in 2019 or 2.84x.

The Highest increment in European wealth was seen in 2006 when it has grown by $631 bn approx at constant 2015 prices, while the highest reduction of $829 bn was in 2009. The figure moved in the downward direction in four years. At current prices, the maximum increment was in the year 2007 of $2,886 bn, while the biggest decline was in 2015 ($3,142 bn). The figure moved in the downward direction in thirteen years.

Grouping of continents and subregions are as per United Nations Statistics Division.

  • GDP
  • Share (%)

European subregions by gdp (IMF)

Subregion GDP (Nominal) (billions of $) Share (%) GDP (PPP) (billions of Int. $) Share (%)
20202021Net changeEuropeWorld 20202021Net changeEuropeWorld
Southern Europe3,821.9474,305.409483.46218.254.595,435.8635,805.551369.68819.004.09
Eastern Europe3,095.3843,515.397420.01314.903.757,814.6788,266.019451.34127.055.82
Northern Europe4,794.0715,524.094730.02323.415.895,205.6435,537.748332.10518.123.90
Western Europe9,085.26410,251.7611,166.49743.4510.9210,313.07010,947.757634.68735.837.71
Europe 20,796.666 23,596.661 2,799.995 25.14 28,769.254 30,557.075 1,787.821 21.52

European subregions by gdp (UN)

Subregion GDP (billions of $) Share (%) in Europe Share (%) in World
197020002019 197020002019197020002019
Southern Europe192.892,064.834,088.4913.9321.2818.895.646.144.68
Eastern Europe506.09658.933,354.8436.556.7915.5014.801.963.84
Northern Europe214.892,516.114,923.0415.5225.9422.746.297.485.63
Western Europe470.714,461.299,278.6234.0045.9942.8713.7713.2610.61
Europe 1,385 9,701 21,645 40.50 28.84 24.75

Estimates by UN

Year GDP (billions of $) Share (%)
CurrentConstant (2015)
19701,384.5807,310.85040.50
19711,529.5507,605.40040.65
19721,794.7607,943.48041.45
19732,237.9108,423.27042.48
19742,440.5408,653.56040.89
19752,800.6808,630.09041.96
19762,891.3209,027.52040.09
19773,237.0209,323.87039.86
19783,892.7009,650.77040.47
19794,588.42010,015.15041.45
19805,098.12010,201.97041.20
19814,631.98010,273.77036.69
19824,577.92010,431.27036.53
19834,520.56010,666.05035.18
19844,330.49010,965.40032.76
19854,420.83011,243.64032.57
19865,579.31011,533.64035.66
19876,585.23011,853.16037.20
19887,214.26012,349.85036.43
19897,341.01012,814.16035.46
19908,740.84012,993.45037.99
19918,987.02013,024.15037.21
19929,604.14012,923.65037.19
19938,782.22012,798.32033.39
19949,231.16012,988.91032.89
199510,642.79013,260.91034.18
199610,844.92013,478.20034.10
199710,258.98013,878.46032.40
199810,444.82014,249.50033.18
199910,341.02014,690.44031.64
20009,701.15015,299.44028.84
20019,877.60015,671.88029.52
200210,777.86015,901.65030.97
200313,105.83016,163.21033.57
200415,224.45016,636.23034.64
200516,120.63017,040.64033.85
200617,418.18017,671.75033.75
200720,303.85018,285.60034.89
200822,237.02018,456.80034.85
200919,576.85017,627.77032.34
201019,889.62018,047.08030.01
201122,012.35018,401.76029.87
201221,098.63018,413.45028.04
201321,987.62018,514.49028.41
201422,330.08018,830.01028.15
201519,188.07019,188.07025.59
201619,177.84019,537.81025.18
201720,395.51020,028.55025.16
201821,991.87020,439.45025.54
201921,645.00020,742.31024.75