In this article we are going to list the 5 largest economies in Europe. For a detailed coverage of this topic and a more comprehensive list please take a look at the 20 largest economies in Europe.
5. Italy
Total GDP of the country in 2022 (in billions): $1,997
Higher domestic demand, especially related to housing, resulted in Italy’s economy growing by 3.9% in 2022, despite a downturn in the second half as energy prices increased significantly. The economy will pick up gradually in 2023 after a small contraction in 2022.
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.
3. France
Total GDP of the country in 2022 (in billions): $2,778
While France’s economy is largely diversified, some of the biggest industries in the country include technology, energy and tourism, with the latter’s importance signified by France being the most visited country in the world.
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.
1. Germany
Total GDP of the country in 2022 (in billions): $4,031
Easily topping the list of the 20 largest economies in Europe is Germany, which crossed $4 trillion in GDP in 2022. Germany’s economy is expected to improve further in the second half of 2023 as energy pressure on costs and prices will decrease while foreign demand is expected to improve. Despite Russia stopping gas delivery to the country, a gas shortage is extremely unlikely to occur as supplies from other sources have been arranged.
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