11 Fastest Growing Cities in Europe

Which are the 11 fastest growing cities in Europe?

Unlike the United States which have technically overcome the economic recession that begun in 2008, as reflected on the list with the 10 fastest growing cities in The United States, Europe still struggles to even stabilize its economy. Nevertheless, amidst the financial crisis which has hit hard the so-called Old World, bright examples of European cities which thrive despite the financial impasse have started to emerge.

I attempted to use data from the World Bank and the Eurostat, yet unfortunately neither of the agencies hasn’t shared any data with the public since the fourth quarter of 2012. The latest data comes from a project funded by Deutsche Bank, called European Metromonitor. The site provides you with an interactive map and recent data for large European cities. In general, it is difficult to recover data about urban development for European cities due to the National character of the states and the centralized governments comparing to the Federal United States. In addition, the large immigration waves from the Middle-East push governments to withhold such information as Nationalism is on the rise in Europe and such indicators may be used by far-right parties in order to attract voters from the swing-vote pool.

Using cross-time data that combines Gross Value Add and employment growth rates, we now present you the 11 fastest growing cities in Europe! 

11. Moscow

Home for most billionaires in the world, Russia’s Capital city has avoided the crisis recording currently a 0.66% increase on its Gross Value Add index which from now on will call GVA. Moscow’s growth has not been stalled for 5 years so far. In addition and according to the World Bank, Moscow is expected to have an annual 1% constant increase of its population until 2030.

 

10. Budapest

With an amazing 3.26% employment growth considering the current economic situation in Europe, the capital city of Hungary stands out comparing to other metropolitan cities in the region. Moreover, Budapest records a steady growth of more than 5% in the sector of Tourism during the past 5 years.

 

9. Warsaw

The capital of Poland has been growing without interruption for 16 years, recording at the moment an impressive GVA figure of 3.4%.

 

8. Stavanger

Norway’s third largest urban zone in population enjoys an annual 2.6% GVA at the present time, and has been growing constantly since since 1996 with just 3 years of negative growth rates.

 

7. Toulouse

The 6th in size and population Metropolitan area in France is since 2014 the second city in GVA growth which has reached the figure of 1.08%.

 

6. Edinburgh

One of the most historical urban areas in the United Kingdom, Edinburgh, has known only 4 years of recession since 1996. At present time “Auld Reekie” records a GVA growth of 2.65%.

 

5. Zurich

Zurich-Switzerland is well-known for its chocolates, handmade watches, favorable banking system and now takes a place on our list for the 11 fastest growing cities in Europe since the picturesque city of the Alps records a 2.02% GVA growth, and an incredible constant growth since 1996 with just one year of recession, 2008.

 

4. Prague

Czech Republic’s capital is aside a top-touristic destination, a city with an employment rate that grows by 1.01% at the moment, while in addition its GVA rate stands at 2.81%.

 

3. Munich

The third largest metropolitan area in Germany stands out for its steadily increasing over the years employment rate which is high as 1.33% at present time, as well as its GVA figure that stands at 2.49% currently.

 

2. Istanbul

Not just Istanbul, but the whole Turkey is leading the way in development rates in Europe. Istanbul has started being monitored just recently by non-Turkish statistical agencies, and the early data shows an incredible boom in employment rate that currently stands at the amazing figure of 6.57%, with the “City of the cities” GVA figure standing at 2.50%.

 

1. London

With just one year of negative growth rate since 1996, and a GVA figure that stands at 3.41% currently, it will take a little more effort for the rest of the European cities to “dethrone” London, the center of all economic activities in the Western hemisphere.

Do you think that these cities will make it on the list with the 11 fastest growing cities in Europe also next year?