This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages)
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Find sources: "Economy of Europe" – news · newspapers · books · scholar · JSTOR(January 2017) (Learn how and when to remove this message)
This article needs to be updated. Please help update this article to reflect recent events or newly available information.(January 2020)
(Learn how and when to remove this message)
Economy of Europe
The London Metropolitan Area has the largest gross domestic product in Europe[1]
Statistics
Population
748 million[2][3] (2021)
GDP
$24.22 trillion (nominal; 2023 est)[4]
$35.56 trillion (PPP; 2023 est)[5]
GDP rank
2nd (nominal; 2023)
2nd (PPP; 2023)
GDP growth
0.3% (2023 est.)[6]
GDP per capita
$34,510 (nominal; 2023 est)[7]
$50,670 (PPP; 2023 est)[8]
GDP per capita rank
3rd (nominal; 2023)
3rd (PPP; 2023)
Inflation (CPI)
6.9% (2023 est.)[9]
Millionaires (US$)
16.7 million (2022)[10]
Public finances
Government debt
75.4% of GDP (2023 est.)[11]
Most numbers are from the International Monetary Fund. IMF Europe Datasets
All values, unless otherwise stated, are in US dollars.
World economy
Africa
Asia
Europe
North America
South America
Oceania
v
t
e
The economy of Europe comprises about 748 million people in 50 countries. The formation of the European Union (EU) and in 1999 the introduction of a unified currency, the Euro, brought participating European countries closer through the convenience of a shared currency.[12] The European Union is a unique global organisation, an entity forming one of the largest economies in the world. The European Union also “regulates” the global market by the single market. The difference in wealth across Europe can be seen roughly in the former Cold War divide, with some countries breaching the divide (Greece, Portugal, Slovenia, the Czech Republic, Lithuania, Latvia and Estonia).[13] Whilst most European states have a GDP per capita higher than the world's average and are very highly developed, some European economies, despite their position over the world's average in the Human Development Index, are relatively poor. Europe has total banking assets of more than $50 trillion and its Global assets under management has more than $20 trillion.[14][15]
Throughout this article "Europe" and derivatives of the word are taken to include selected states whose territory is only partly in Europe, such as Turkey, Azerbaijan and Georgia, and states that are geographically in Asia, bordering Europe and culturally adherent to the continent, such as Armenia and Cyprus.[16]
Europe's largest national economies by nominal GDP over US$1.0 trillion are:[17]
Germany ($4.43 trillion),
United Kingdom ($3.33 trillion),
France ($3.05 trillion),
Italy ($2.19 trillion),
Russia ($1.86 trillion),
Spain ($1.58 trillion)
Netherlands ($1.09 trillion)
Of the top 500 largest corporations measured by revenue (Fortune Global 500 in 2010), 184 have their headquarters in Europe. 161 are located in the EU, 15 in Switzerland, 6 in Russia, 1 in Turkey, 1 in Norway.[18]
As noted in 2010 by the Spanish sociologist Manuel Castells, the average standard of living in Western Europe is very high: "The bulk of the population in Western Europe still enjoys the highest living standards in the world, and in the world's history."[19]
^Dimitropoulou, Alexandra (20 August 2023). "The world's wealthiest 300 cities, 2023". CEOWORLD magazine. Retrieved 23 October 2023.
^"World Population Prospects 2022". United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
^"World Population Prospects 2022: Demographic indicators by region, subregion and country, annually for 1950-2100" (XSLX) ("Total Population, as of 1 July (thousands)"). United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
^"GDP (Nominal), current prices". International Monetary Fund. Retrieved 5 November 2022.
^"GDP (PPP), current prices". International Monetary Fund. Retrieved 5 November 2022.
^International Monetary Fund (2022). "Real GDP growth". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
^International Monetary Fund (2022). "Nominal GDP per capita". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
^International Monetary Fund (2022). "GDP PPP per capita". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
^International Monetary Fund (2022). "Inflation rate, average consumer prices". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
^Shorrocks, Anthony; Davies, James; Lluberas, Rodrigo (2022). Global Wealth Databook 2022(PDF). Credit Suisse Research Institute.
^International Monetary Fund (2022). "General government gross debt". IMF Data Mapper. International Monetary Fund. Retrieved 5 November 2022.
^"The euro: the birth of a new currency". European Central Bank. 21 May 1999. Retrieved 12 February 2023.
^"The ABC of EU law". op.europa.eu. Retrieved 12 February 2023.
^"• Europe: bank assets | Statista".
^"• Assets under management in Europe 2020 | Statista".
^Desai, Seiju (1 September 2005). "Turkey in the European Union: A Security Perspective – Risk or Opportunity?". Defence Studies. 5 (3): 366–393. doi:10.1080/14702430500492807. ISSN 1470-2436. S2CID 154726691.
^"World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. 10 October 2023. Retrieved 14 October 2023.
^"Global 500 2010: Countries – Australia". Fortune. Retrieved 8 July 2010. Number of companies data taken from the "Pick a country" box.
^Castells, Manuel (26 January 2010). End of Millennium. John Wiley & Sons. ISBN 9781444323443.
The economyofEurope comprises about 748 million people in 50 countries. The formation of the European Union (EU) and in 1999 the introduction of a unified...
The economyof the European Union is the joint economyof the member states of the European Union (EU). It is the second largest economy in the world in...
Religion in Europe Islam in Europe Christianity in Europe Hinduism in Europe World Heritage Sites European dances Fauna ofEuropeEconomyofEurope Wind power...
The economyof France is a highly developed social market economy with notable state participation in strategic sectors. It is the world's seventh-largest...
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain...
The economyof Norway is a highly developed mixed economy with state-ownership in strategic areas. Although sensitive to global business cycles, the economy...
The economyof Finland is a highly industrialised, mixed economy with a per capita output similar to that of western Europeaneconomies such as France...
The economyof Austria is a highly developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP (gross...
the "Green Heart ofEurope", its pastoral land coexists with a highly industrialized and export-intensive area. Luxembourg's economy is quite similar...
The economyof Croatia is a developed social market economy. It is one of the largest economies in Southeast Europe by nominal gross domestic product...
The economyof Moldova is an emerging upper-middle income economy, with a high Human Development Index. Moldova is a landlocked Eastern European country...
The economyof Latvia is an open economy in Europe and is part of the European Single Market. Latvia is a member of the World Trade Organization (WTO)...
The economyof Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an...
895 and 1,184 companies respectively. Department of Finance and Economy (Monaco) EconomyofEurope "World Bank Country and Lending Groups". datahelpdesk...
Estonia is a member of the European Union and eurozone. The economy is heavily influenced by developments in the Finnish and Swedish economies. Historically...
a rate of 1.95583 leva for 1 euro. The lev is the strongest and most stable currency in Eastern Europe. The strongest sectors in the economy are energy...
world's 55th largest economy, at $430.125 billion per annum. As of 2023, Greece is the sixteenth largest economy in the European Union and eleventh largest...
The economyof Poland is an industrialised, mixed economy with a developed market that serves as the sixth-largest in the European Union by nominal GDP...
World Bank and an innovation-driven economy by the World Economic Forum. It is a member of the European Union and of the eurozone, having formally adopted...
The world economy or global economy is the economyof all humans in the world, referring to the global economic system, which includes all economic activities...
The economyof Hungary is a high-income mixed economy, ranked as the 9th most complex economy according to the Economic Complexity Index. Hungary is a...
The economyof Spain is a highly developed social market economy. It’s the world's 15th largest by nominal GDP and the sixth-largest in Europe. Spain is...
The economyof Belgium is a highly developed, high-income, mixed economy. Belgium's economy has capitalised on the country's central geographic location...
The economyof Italy is a highly developed social market economy. It is the third-largest national economy in the European Union, the second-largest manufacturing...
The economyof Germany is a highly developed social market economy. It has the largest national economy in Europe, the third-largest by nominal GDP in...
The economyof Lithuania is the largest economy among the three Baltic states. Lithuania is a member of the European Union and belongs to the group of very...
The European Commissioner for Economy is a member of the European Commission. The current Economy Commissioner is Paolo Gentiloni. From 2014 to 2019 the...
The economyof Cyprus is a high-income economy as classified by the World Bank, and was included by the International Monetary Fund in its list of advanced...
The economyof Russia has gradually transformed from a planned economy into a mixed market-oriented economy. It has enormous natural resources, particularly...
The European interwar economy (the period between the First and Second World War, also known as the interbellum) began when the countries in Western Europe...
Global Information
