World Ranking · Data for Every Country
Largest Economies in Europe
Which European economies lead by nominal GDP in 2024?
Germany ranks first among the 46 European economies listed by nominal GDP in 2024, with $4.68 trillion, followed by the United Kingdom at $3.67 trillion. Together, these two economies account for a substantial share of the total, with Germany alone representing 28.2 times the median GDP of $166 billion. The table below presents the full ranking, covering 46 countries and territories across Europe. Nominal GDP values are expressed in USD billions unless otherwise indicated, and the reference year is 2024. The data reveal a steep hierarchy, from trillion-dollar economies to those with GDP below $10 billion. The following sections examine the top of the ranking, the concentration of output, and the caveats that accompany any single-year nominal comparison.
What is GDP (nominal)?
Gross domestic product (GDP) is the total value of all final goods and services produced inside a country in a year. It is the standard measure of the size of an economy.
How it is measured. Calculated as the sum of gross value added by all resident producers, plus product taxes and minus subsidies not already counted in output. Nominal GDP is expressed in current US dollars, converted from national currency at official exchange rates, so it moves with both real activity and currency swings.
How to read it. A higher figure means a larger economy, not a richer population. Compare with GDP per capita for living standards, and with PPP GDP when exchange rates distort the picture.
Source: World Bank WDI. See our methodology.
Largest Economies in Europe, 2024
| # | Country | GDP | GDP per Capita | GDP Growth |
|---|---|---|---|---|
| 1 | Germany | $4.68T | $56,095 | -0.50% |
| 2 | United Kingdom | $3.67T | $52,947 | 1.11% |
| 3 | France | $3.16T | $46,145 | 1.15% |
| 4 | Italy | $2.38T | $40,305 | 0.71% |
| 5 | Russia | $2.17T | $14,880 | 4.34% |
| 6 | Spain | $1.73T | $35,239 | 3.46% |
| 7 | Türkiye | $1.36T | $15,888 | 3.33% |
| 8 | Netherlands | $1.21T | $67,605 | 1.08% |
| 9 | Switzerland | $937.4B | $104,340 | 1.33% |
| 10 | Poland | $916.2B | $25,039 | 2.98% |
| 11 | Belgium | $667.9B | $56,418 | 1.04% |
| 12 | Ireland | $609.1B | $112,626 | 2.60% |
| 13 | Sweden | $603.7B | $57,069 | 0.82% |
| 14 | Austria | $529.4B | $57,738 | -0.82% |
| 15 | Norway | $483.6B | $86,686 | 2.10% |
| 16 | Denmark | $424.5B | $71,120 | 3.48% |
| 17 | Romania | $382.7B | $20,145 | 0.87% |
| 18 | Czechia | $347.0B | $31,779 | 1.23% |
| 19 | Portugal | $310.9B | $29,089 | 2.03% |
| 20 | Finland | $298.7B | $53,218 | 0.41% |
| 21 | Greece | $256.7B | $24,671 | 2.18% |
| 22 | Hungary | $222.9B | $23,282 | 0.54% |
| 23 | Ukraine | $190.7B | $5,554 | 2.91% |
| 24 | Slovakia | $141.3B | $26,060 | 2.00% |
| 25 | Bulgaria | $112.8B | $17,515 | 3.10% |
| 26 | Luxembourg | $93.3B | $138,269 | 0.36% |
| 27 | Croatia | $92.8B | $24,038 | 3.88% |
| 28 | Serbia | $89.6B | $13,612 | 3.91% |
| 29 | Lithuania | $84.9B | $29,381 | 2.75% |
| 30 | Belarus | $76.1B | $8,331 | 4.01% |
| 31 | Slovenia | $73.0B | $34,324 | 1.73% |
| 32 | Latvia | $43.6B | $23,326 | -0.24% |
| 33 | Estonia | $43.1B | $31,424 | -0.09% |
| 34 | Cyprus | $37.0B | $38,738 | 3.69% |
| 35 | Iceland | $33.3B | $86,352 | -0.97% |
| 36 | Bosnia and Herzegovina | $29.6B | $8,965 | 2.97% |
| 37 | Albania | $27.1B | $10,663 | 4.05% |
| 38 | Moldova | $18.2B | $7,544 | 0.10% |
| 39 | North Macedonia | $16.8B | $9,231 | 2.87% |
| 40 | Kosovo | $11.2B | $7,023 | 4.57% |
| 41 | Monaco | $11.1B | $288,001 | 8.51% |
| 42 | Liechtenstein | $8.5B | $210,704 | 1.50% |
| 43 | Montenegro | $8.3B | $13,261 | 3.16% |
| 44 | Faroe Islands | $4.1B | $74,120 | 0.84% |
| 45 | Andorra | $4.0B | $47,831 | 3.37% |
| 46 | San Marino | $2.1B | $60,811 | 0.70% |
Reference year 2024; 46 countries. Sources: World Bank WDI. Values are current-year figures as published; the European Union aggregate is excluded.
Download the full table as CSV. Cite this page: GDPIndex, “Largest Economies in Europe”, 2024, https://gdpindex.org/world/largest-economies-in-europe/.
Top of the Ranking
Top of the Ranking
The five largest European economies by nominal GDP in 2024 are Germany, the United Kingdom, France, Italy and the Russian Federation. Germany leads at USD 4.68 trillion, ahead of the United Kingdom at USD 3.67 trillion and France at USD 3.16 trillion. Italy records USD 2.38 trillion and the Russian Federation USD 2.17 trillion. The median economy on the 46-country list stands at USD 166.0 billion, so Germany's output is 28.2 times that median figure. The top five together account for 56.2 per cent of the listed total.
Nominal output and output per head diverge across the leading group. Germany records GDP per capita of USD 56,095.32 and the United Kingdom USD 52,947.28, while France stands at USD 46,145.19 and Italy at USD 40,304.68. The Russian Federation, fifth by total output, records USD 14,880.17 per capita, the lowest of the five. Real GDP growth also separates them. The Russian Federation expanded 4.34 per cent, France 1.15 per cent, the United Kingdom 1.11 per cent and Italy 0.71 per cent, while Germany contracted 0.5 per cent.
The gap to the remainder of the list is substantial. The top ten economies account for 77.7 per cent of the listed total, leaving 36 countries to share the balance. Sixth-placed Spain, at USD 1.73 trillion, sits USD 440 billion below the Russian Federation. The Netherlands, eighth at USD 1.21 trillion, is less than a third of Germany's USD 4.68 trillion. Switzerland, ninth at USD 937.4 billion, and Poland, tenth at USD 916.2 billion, both fall below USD 1 trillion.
- Germany: USD 4.68 trillion, GDP per capita USD 56,095.32, growth -0.5 per cent.
- United Kingdom: USD 3.67 trillion, GDP per capita USD 52,947.28, growth 1.11 per cent.
- France: USD 3.16 trillion, GDP per capita USD 46,145.19, growth 1.15 per cent.
- Italy: USD 2.38 trillion, GDP per capita USD 40,304.68, growth 0.71 per cent.
- Russian Federation: USD 2.17 trillion, GDP per capita USD 14,880.17, growth 4.34 per cent.
Concentration and Spread
Concentration and Spread
Nominal output across the 46 European economies listed is heavily concentrated at the top. The five largest countries account for 56.2 per cent of the listed total, and the top ten account for 77.7 per cent. Germany alone records USD 4.68 trillion, which is 28.2 times the median primary value of USD 166.0 billion. The United Kingdom follows at USD 3.67 trillion and France at USD 3.16 trillion, so three economies together exceed the combined output of the remaining 43.
The distribution thins quickly below the leading group. Italy records USD 2.38 trillion and the Russian Federation USD 2.17 trillion, after which values fall to USD 1.73 trillion for Spain and USD 1.36 trillion for Türkiye. The Netherlands, at USD 1.21 trillion, is the last economy above USD 1 trillion. By contrast, the median of USD 166.0 billion sits far below every top-ten entry, and the gap between Germany's USD 4.68 trillion and the median is wider than the median itself by a factor of 28.2.
At the lower end, the smallest listed economies operate on a different scale entirely. San Marino records USD 2.1 billion and Andorra USD 4.0 billion, while the Faroe Islands record USD 4.1 billion. Montenegro, at USD 8.3 billion, and Liechtenstein, at USD 8.5 billion, complete the bottom five. Germany's USD 4.68 trillion is therefore more than 2,000 times San Marino's USD 2.1 billion, a spread that reflects both population size and the structure of domestic output.
Per-capita figures show a separate pattern from aggregate size. Liechtenstein records USD 210,704.45 and Ireland USD 112,625.67, both above Switzerland's USD 104,339.68, despite far smaller total output. Norway, at USD 86,686.26, and the Netherlands, at USD 67,605.33, also exceed Germany's USD 56,095.32. Aggregate rank and per-capita rank diverge because the largest economies combine high total output with populations in the tens of millions.
Caveats and Alternative Measures
Caveats and Alternative Measures
Nominal GDP measures the dollar value of final output at current prices. It omits purchasing power parity, the informal economy, unpaid household work and natural capital depletion. The list covers 46 countries, with a median nominal GDP of USD 166.0 billion. Germany's USD 4.68 trillion is 28.2 times that median. The top five economies hold 56.2 per cent of the listed total, and the top ten hold 77.7 per cent. Those shares reflect concentration in a handful of large states.
GDP per capita reorders the same data. Switzerland ranks ninth by nominal GDP at USD 937.4 billion, yet its GDP per capita of USD 104,339.68 exceeds Germany's USD 56,095.32 and France's USD 46,145.19. Ireland ranks twelfth at USD 609.1 billion, with GDP per capita of USD 112,625.67, the highest among the top fifteen. Norway ranks fifteenth at USD 483.6 billion but records USD 86,686.26 per capita. Türkiye ranks seventh at USD 1.36 trillion, yet its USD 15,887.58 per capita sits below Poland's USD 25,038.52.
Small States and Growth
Smaller jurisdictions show how scale distorts rankings. Liechtenstein records USD 8.5 billion in nominal GDP but USD 210,704.45 per capita, the highest figure in the brief. San Marino, at USD 2.1 billion, has USD 60,811.34 per capita, above Italy's USD 40,304.68. Among the bottom five, Montenegro's USD 8.3 billion pairs with USD 13,261.40 per capita, while the Faroe Islands at USD 4.1 billion record USD 74,119.66 per capita.
Real GDP growth adds a further dimension that nominal levels do not capture. The Russian Federation ranks fifth at USD 2.17 trillion and grew 4.34 per cent, the fastest rate in the top fifteen. Spain ranks sixth at USD 1.73 trillion with 3.46 per cent growth. Germany ranks first at USD 4.68 trillion but contracted 0.5 per cent, and Austria ranks fourteenth at USD 529.4 billion with a 0.82 per cent contraction. Nominal size and current momentum diverge.
- Nominal GDP: current-price dollar output, unadjusted for price levels.
- GDP per capita: divides output by population; favours small, high-value economies.
- Real GDP growth: volume change, separate from nominal level.
- PPP: adjusts for cost-of-living differences, not shown in this brief.
Frequently asked questions
Which is the largest economy in Europe by nominal GDP in 2024?
Germany is the largest European economy by nominal GDP in 2024, at USD 4.68 trillion. This is 28.2 times the median GDP of the 46 European economies listed, which stands at USD 166 billion. Germany's output exceeds that of the second-largest economy, the United Kingdom, by approximately USD 1.01 trillion. However, Germany recorded a real GDP contraction of 0.5% in 2024, the only negative growth rate among the top five. Its GDP per capita is USD 56,095.32.
What are the top five largest economies in Europe?
The top five largest European economies by nominal GDP in 2024 are Germany (USD 4.68 trillion), the United Kingdom (USD 3.67 trillion), France (USD 3.16 trillion), Italy (USD 2.38 trillion), and the Russian Federation (USD 2.17 trillion). Together, these five countries account for 56.2% of the total GDP of the 46 European economies listed. The Russian Federation has the lowest GDP per capita among them at USD 14,880.17, but the highest real GDP growth at 4.34%. Germany, by contrast, contracted by 0.5%.
Which European country has the highest GDP per capita?
Among the 46 European economies listed, Liechtenstein has the highest nominal GDP per capita in 2024 at USD 210,704.45, despite having a total GDP of only USD 8.5 billion. Ireland ranks second at USD 112,625.67, followed by Switzerland at USD 104,339.68. Liechtenstein's GDP per capita is 14.2 times that of the Russian Federation (USD 14,880.17), the lowest among the top five economies. The median GDP per capita for the full list is not provided, but the range spans from USD 13,261.40 in Montenegro to USD 210,704.45 in Liechtenstein.
Which European economies grew fastest in 2024?
The Russian Federation recorded the highest real GDP growth among the top 15 European economies in 2024 at 4.34%, followed by Spain at 3.46% and Türkiye at 3.33%. In contrast, two of the largest economies contracted: Germany by 0.5% and Austria by 0.82%. Among smaller economies, Andorra grew by 3.37% and Montenegro by 3.16%. The median growth rate for the 46 listed countries is not given, but the range extends from -0.82% in Austria to 4.34% in the Russian Federation. The United Kingdom and France grew by 1.11% and 1.15% respectively.
How concentrated is Europe's GDP among the largest economies?
Europe's nominal GDP is highly concentrated. The top five economies by nominal GDP account for 56.2% of the total GDP of the 46 listed countries, while the top ten account for 77.7%. Germany alone represents 28.2 times the median GDP of USD 166 billion. The smallest economies, such as San Marino (USD 2.1 billion) and Andorra (USD 4.0 billion), contribute a negligible share. This concentration persists despite varied growth rates: the Russian Federation grew 4.34% in 2024, while Germany contracted 0.5%. The median GDP of USD 166 billion is less than 4% of Germany's output.