GDP of European countries 2021 (2023)

FAQs

Which country has the highest GDP in Europe 2021? ›

In 2021, Luxembourg recorded the highest level of GDP per capita in the EU followed by Ireland, Denmark and the Netherlands. Bulgaria had the lowest level of GDP per capita in the EU in 2021, followed by Greece, Slovakia and Croatia.

The European economy, comprising 42 economies, in 2021 is projected around US$23.4 trillion in nominal terms, $2.6 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.

It is the third largest economy in the world in nominal terms, after the United States and China, and the third one in purchasing power parity (PPP) terms, after China and the United States.

By almost any economic statistic we can find, Americans tend to enjoy higher material standards of living than their European counterparts. But when it comes to quality-of-life measures that aren't included in GDP, Europe tends to come out ahead.

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.

Which country has the strongest economy in Europe 2022? ›

Germany is Europe's largest economy.

With a GDP of 23.32 trillion dollars, the USA is by far the world's largest economy in this ranking for 2021. It is followed by China in second place with a GDP of 17.73 trillion dollars.

In terms of size the two are almost even, with Europe only slightly bigger than the US (10.2 million sq km vs 9.8 million sq km) but this includes large parts of Russia. The EU, which many people think of as Europe, has a population of 510 million people, in an area half the size of the US (4.3 million sq km).

Since then the EU has become an economic and political force to reckon with. Its combined gross domestic product (GDP) stood at $16.6 trillion in 2022, after the U.S. ($26 trillion) and China ($19 trillion.)

Credit Suisse found China's median wealth outpaced Europe's in its 2021 Global Wealth Report. The average Chinese citizen has a wealth of $26,752, around $60 more than the average European. Chinese wealth has surged in the past two decades, with median wealth per adult growing more than eight-fold.

Its $2.97 trillion economy is on par with Britain, which has a GDP of $2.81 trillion. The UK needed 14.5 million workers — 75 percent more than California used — to produce the same economic output.

The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP.

Could the US fit in Europe? ›

It's easy to forget how large the United States is for one country, especially when you compare it to a continent like Europe that's made up of so many smaller countries. According to a neat overlay map posted to Reddit by user martinswfan, you can fit 30 European countries into the continental US.

Key Takeaways. Overall, Europe has a lower cost of living due to lower healthcare expenses, a weakening euro currency, and low inflation. Europeans, however, tend to pay more of their income to taxes, and average wages tend to be lower than in America.

Switzerland was the country with the highest rate of millionaires worldwide in 2021, with 16.4percent of the adult population owning assets worth more than one million U.S. dollars. Luxembourg followed right behind with 16.2 percent of the population being millionaires, with Iceland in third.

In the business world, it is well known that Germany has a strong economy and worldwide trading reputation, but why is this? The German economy's competitiveness and worldwide networking can be attributed to its elevated level of innovation and strong export orientation.

Economic freedom, overall index (0-100), 2022 - Country rankings: The average for 2022 based on 41 countries was 70 index points. The highest value was in Switzerland: 84 index points and the lowest value was in Belarus: 53 index points.

Cluj-Napoca: Europe's fastest growing city making strides in automation.

As of 2021, the United States and China would occupy the first two places in both methods' gdp ranking. The US and China's margin is coming down in nominal ranking as China's gdp growth rate of 2021 (8.02%) is higher than the US's 5.97%. On a nominal basis, the US is ahead of China by $6 trillion in 2021.

What are the top 5 strongest economy in Europe? ›

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.

The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP. Monaco is the richest country in the world when measured by GDP per capita.

The European Union's fastest-growing economy in 2021 was Ireland, with the country's gross domestic product growing by 13.5 percent that year, according to the most recent forecast in 2022. Croatia's economy was expected to have grown by 10.2 percent, with the economy of Malta growing the third-fastest at 9.4 percent.

The United States is a highly developed mixed-market economy. It is the world's largest economy by nominal GDP, and the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022.

If California were a sovereign nation (2022), it would rank in terms of nominal GDP as the world's fifth largest economy, behind Germany and ahead of India. Additionally, California's Silicon Valley is home to some of the world's most valuable technology companies, including Apple, Alphabet, and Nvidia.

The best example can be taken from Hong Kong (it is a one of the debt free countries), whose economy has the least debt to GDP ratio. It is an almost debt free country. It has a well-regulated financial system and large foreign reserves. Its per capita GDP is the highest in the world, around £ 32,000.

Which country has the best economy? ›

With a GDP of 23.32 trillion dollars, the USA is by far the world's largest economy in this ranking for 2021. It is followed by China in second place with a GDP of 17.73 trillion dollars. Canada is also quite far ahead in the international comparison and occupies the ninth place in this ranking.

India is set to be the world's fastest growing major economy in the year ahead, as a post-pandemic retail boom and recent bank balance-sheet repairs lure new investment.

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The US saw growth of 0.8%, after two quarters of declines. Compared to the pre-pandemic level, UK GDP in Q3 2022 was 0.8% lower. This compares with Eurozone GDP being 2.2% higher than its pre-pandemic level, while US GDP was 4.4% higher. For 2021 as a whole, UK GDP growth was 7.6%.