Economy of Europe

Economy of Europe – Statistics & Facts
Published by D. Clark, Jan 26, 2022
In 2020, the combined gross domestic product (GDP) of the European Union was just over 13.3 trillion euros. Europe’s share of global GDP in this year was just under 15 percent, with this share expected to fall to 13.99 percent by 2026. Europe’s declining share of the worldwide economy is a long-term trend and related to European economies growing at a slower pace than in other parts of the world, such as in Asia, and in particular, China. With a GDP of over 3.3 trillion euros, Germany has the largest economy in Europe, with France and the United Kingdom have the second and third-largest economies, respectively. None of these three country’s economies grew at all in 2020, however, with almost all European nations seeing negative growth rates in 2020 due to the Coronavirus pandemic. Nevertheless, growth is expected to return in 2021 according to GDP forecasts, with an average growth rate across the European Union of 4.2 percent anticipated.

Gross domestic product (GDP) of Europe’s largest economies 1980-2026
Published by Aaron O’Neill, Jan 4, 2022
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.