5 Largest Economies in Europe

4. Russia

Total GDP of the country in 2022 (in billions): $2,133

Russia is still one of the largest economies in Europe, but that is likely to change in coming years after major sanctions imposed by Western countries after Russia’s invasion of Ukraine. According to the World Bank, Russia’s economy is likely to contract by 3% in 2023, though according to the Organization of Economically Developed Countries, it might fall even further at 5.5%. In 2022, Russia was one of the few global economies whose GDP contracted , between 2.2% to 3.9% depending on the source.