5 Largest Economies in Europe

2. United Kingdom

Total GDP of the country in 2022 (in billions): $3,198

The United Kingdom has faced the worst of the cost of living and energy crisis, as wages have failed to increase in line with the much higher cost of living. The UK is one of the few European countries expected to face a recession which it will likely only get out of towards the end of 2023. Political instability in 2022, which saw 3 Prime Ministers including the shortest reign in the nation’s history, has not helped confidence or improve economic sentiment.