Rich and Poor Europe: Ranking of European Countries
The European economy is the second-largest in the world. It covers 50 countries as well as a market with a population of 740 million. Thanks to the European Union in 1999 and a single currency for all European countries, European business and communications improved.
But you can still notice that the economies of the former Iron Curtain and Western European countries are different. This is the criterion by which the richest and poorest countries in Europe are divided. So, in 2010, the indicator of the nominal GDP of the European Union was equal to 19.920 dollars. This is more than 30% of the global economy. During this time, in the countries of the European continent, the GDP grew from 75% to 80% that is an average of $ 20 trillion.
At the moment, the economy of the European Union can be called the most developed in the world. Rich countries in Europe have significantly higher GDP per capita than the world average.
The most developed in the European region are considered industries related to banking, tourism, services, manufacturing, investment, and agriculture. This part of the globe owns 33 trillion dollars. So, this, in turn, is more than a third of all the resources of our planet. Also, in Europe, there are the headquarters for 184 of the 500 largest companies in the world in terms of revenue.
In 2010, after overcoming the consequences of the global financial crisis, the standard of living of the population of Western Europe was considered one of the highest in the world. So, what is the richest country in Europe? What is the poorest European country? Read the list of the richest and poorest countries in Europe.
Austria is considered one of the most developed and rich countries in Europe. Thanks to its highly industrialized economy, the level of GDP per capita is one of the most consistently high. Economic decisions are significantly influenced by unions and a free market economy. Along with industry, another important development sector for Austria is international tourism. Well, Austria belongs to rich countries in Europe.
But the service sector continues to be one of the main pillars of the economy and the Austrian GDP. Austrian Vienna can be called the gateway to the East, as well as a center of finance and consulting.
The economy of Austria in figures:
• Global GDP rank ‒ 4th position
• GDP per capita in the world ‒ 16th position
• Level of GDP in the European Union ‒ 1st position
• European rank of GDP per capita ‒ 17th position
The largest German economy ranks first in Europe and fourth in the world. Germany can be described as a country with a social market economy. Moreover, the country has a stable stock of capital and labor with the highest level of qualification. The value of goods exported by Germany ranks third in the list of world exports. Germany is considered one of the richest countries in Europe.
Moreover, Germany is one of the first for the absence of unemployment and really lowest prices. Automobile production is at the top of the most innovative and competitive in the world. In the world ranking, Germany is fourth.
28 out of the 500 largest world-famous companies have their headquarters in the heart of Germany ‒ Mercedes Benz, Volkswagen, Adidas, Deutsche Bank, Porsche, etc. Do you want more evidence that Germany is a rich country in Europe?
Here’s a brief summary of Germany’s development indicators:
• Global GDP rank – 4th position
• GDP per capita in the world – 16th position
• Level of GDP in the European Union – 1st position
• European rank of GDP per capita – 17th position
The Spanish economy ranks 5th among the countries of the European Union and 14th in the ranking of world economies. Now the country is experiencing difficulties due to the high unemployment rate among the younger generation. This level reached 35% according to 2018 data. Among EU countries, this level of unemployment is the maximum. Not good news… The key problem of the Spanish economy is an informal and weak education system, along with more developed countries ‒ the United States or England.
One of the titans of the Spanish economy is Iberdrola ‒ a company specializing in electricity production and distribution; Telefonica ‒ a telephone company which development was as rapid as the growth of GDP in Spain since 1997; Inditex ‒ the world leader in the clothing retail sector; engineering company CAF, which produces rail trains, trains for subways, trams, and high-speed trains.
The level of development of Spain:
• Global GDP rank ‒ 13th position
• GDP per capita in the world – 31st position
• Level of GDP in the European Union – 6th position
• European rank of GDP per capita – 31st position
Italy is the third-largest economy in the European Union and the eighth in the world ranking of countries. Italy is one of the most industrialized countries. The country definitely has something to be fucking proud of on the world stage! The level of innovation and the creative industry are at the forefront. Italy represents the fashion and design industry, as well as the assembly of high-class cars, food, and one of the largest oil industries.
Italy’s economy focuses on the export and production of luxury goods. Do not underestimate the role of the great automotive industry of Italy ‒ it keeps 8.5% of the national GDP, about 500 thousand Italians work here. Does it feel great to live in rich countries in Europe?
The most famous and highly developed automobile companies in Italy are Maserati, Ferrari, Lamborghini and the seventh in the ranking of the most top automakers in the world is Fiat Chrysler. As a founding member of the European Union, Italy has its own fiscal policy set by the European Central Bank.
The Italian economy:
• Global GDP ranking – 8th position
• GDP per capita in the world – 25th position
• Level of GDP in the European Union – 4th position
• European rank of GDP per capita – 26th position
Portugal is a highly developed country with a stable income indicator. Porto and Lisbon are the main centers for the development of industry and business in Portugal. The country belongs to one of the founding members of the European Union, so, it can use the euro as a currency, not Escudo.
For many years in a row, Portugal moved towards the economy of high technology, exports, and private investment. The main sectors of the development of the Portuguese economy are agriculture and mining.
So, an average Portuguese citizen earns about 910 euros per month with a minimum monthly salary of 580 euros. Among the countries of Western Europe, Portugal has one of the lowest rates of GDP per capita despite the 19th position in the ranking of quality of life.
Portugal in economic terms:
• Global GDP ranking – 47th position
• GDP per capita in the world – 36th position
• Level of GDP in the European Union – 18th position
• European rank of GDP per capita – 36th position
United Kingdom of Great Britain
Great Britain takes the honorable fifth position in the ranking of rich countries in Europe by world economies and the second immediately after Germany among the economies of European countries.
Like New York, London is considered to be the heart and one of the largest financial centers in the world. The capital services sector accounts for about 80% of Britain’s GDP.
One of the key industries in the UK is tourism. The country ranks sixth in the world by tourist activity. Equally important is the car manufacturing sector. Among the top and world-famous brands Rolls Royce and Jaguar ‒ luxury car and jet engine manufacturers.
The country’s third-largest aerospace industry worldwide has an annual turnover of £ 30 billion. Another powerful source of profit in Britain is space production. The role of agriculture is also important, it satisfies 60% of all needs in the country.
Here’s what you need to know about the development of the British economy:
• Global GDP rank – 5th position
• GDP per capita in the world – 20th position
• Level of GDP in the European Union – 2nd position
• European rank of GDP per capita – 22nd position
Switzerland is the richest country in the world in terms of GDP per capita. Switzerland is called the country with the most competitive economy.
One of the most significant economic zones in the world is the Greater Zurich area in Switzerland. For the largest and most popular corporations UBS AG, Glencore, Tetra Pak, Nestle, Credit Suisse, and Novartis, Zurich has become a kind of home. Now you know what is the richest country in Europe!
Besides the reliability of its banks, Switzerland leads one of the key industrial production sectors. The service sector in Switzerland is represented by tourism, banking, insurance.
Here are the strengths of the Swiss economy:
• Global GDP rank – 20th position
• GDP per capita in the world – 2nd position
• Level of GDP in the European Union – 8th position
• European rank of GDP per capita – 2nd position
The French economy is the tenth-largest in the world ranking. It belongs to the G7 group, which includes seven of the most industrially progressing countries in the world.
In 2016, France reached 7th place in the list of the largest exporting countries in the world. Banking, insurance and financial services are the most important pillars of the French economy. The most recognizable corporations in the world are BNP Paribas, one of the largest banks in the world, as well as AXA, a popular insurance company.
The economic policy of France is determined by the European Union. The country uses the euro as a national currency. In France, tourism is actively developed, it’s one of the top destinations for tourists.
The level of development of France:
• Global GDP rank – 6th position
• GDP per capita in the world – 19th position
• Level of GDP in the European Union – 3rd position
• European rank of GDP per capita – 24th position
Denmark ranks 16th in the world in terms of GDP per capita. This is a high-income state and rich country in Europe. According to the World Economic Forum, the Danish economy is ranked among the top 10 most competitive economies in the world!
In the 19th century, the Kingdom of Denmark had an exclusively agricultural development vector. At the moment, Denmark owns a strong and ever-growing services sector and production base.
In 2017, 75% of the country’s GDP belonged to the business sector. Moreover, the share of agriculture was no more than 2%. The main Danish industries include transport equipment, machinery, medical instruments, food processing, pharmaceuticals, construction, and wind turbines.
Despite the fact that Denmark complies with the economic and monetary policy of the European Union, here you see not the euros, but Danish kroner. Resembling a mixed economy, Denmark shows strong concern and patronage of the working class. This skillfully combines with free-market capitalism and a welfare philosophy. Such a combination creates a sustainable economy. Now the Danish labor market has become one of the freest on the European continent. The poverty level in the country is one of the lowest compared to other rich countries in Europe.
The welfare of Denmark:
• Global GDP rank – 36th position
• GDP per capita in the world – 9th position
• Level of GDP in the European Union – 14th position
• European rank of GDP per capita – 9th position
Norway is the second richest country on the planet and second in the list after Luxembourg in terms of per capita GDP in Europe. The Kingdom of Norway also has one of the highest living standards in the world, so it’s one of the richest countries in Europe. The country ranks fourth in the index of the best quality of life according to the Organization for Economic Cooperation and Development. Oh, I’d love to live here in this rich country in Europe…
Most of Norway’s income comes from oil and other natural resources. The country owns a controlling stake in major industries and sectors of the economy – telecommunications, hydropower, banking, and aluminum production.
Norway continues to participate in the agreement on the European Economic Area, although it is not a member of the European Union.
The most important data about Norway:
• Global GDP rank – 28th position
• GDP per capita in the world – 3rd position
• Level of GDP in the European Union – 11th position
• European rank of GDP per capita – 3rd position
In terms of per capita production, Finland is close to rich countries in Europe as Belgium, Germany, and Great Britain. Finland possesses valuable natural resources – reserves of wood, fresh water, iron, nickel, gold, copper, chromium.
The source of all GDP income is the capital of Helsinki. The Finnish economy has a close relationship with the European one. About 60% of all goods are exported to Europe.
The country is also considered one of the main suppliers of wood products in the European Union and has a voluminous private sector. About 1.8 million people work in this area. At the same time, the majority of Finns work in the service sector. Almost one million Finnish citizens are currently unemployed or have temporary difficulty earning money.
Here’s what you need to know about the Finnish economy:
• Global GDP rank – 2nd position
• GDP per capita in the world – 14th position
• Level of GDP in the European Union – 15th position
• European rank of GDP per capita – 15th position
Sweden has one of the highest living standards and is on the list of the richest countries in Europe and in the world! The country ranks 16th in the world in terms of GDP per capita.
50% of the country’s exports and production are the engineering industry. The Swedish economy focuses on high-tech production, as well as export, business, and public services, which continue to develop.
Swedish large organizations in the business sector and manufacturing industry are known worldwide. These are Electrolux, Scania, Ericsson, and Volvo. Sweden is considered one of the most competitive and richest countries in the world.
The Swedish krona continues to be in use since the authorities refused the euro in a referendum of the European Union.
Here is a summary of the Swedish economy:
• Global GDP rank – 22nd position
• GDP per capita in the world – 25th position
• Level of GDP in the European Union – 9th position
• European rank of GDP per capita – 11th position
Ireland is a highly developed country with a leading economy and the 6th largest GDP per capita in the world. The country’s gross domestic product is determined by high technology, financial services and the development of the noosphere.
The country has still been experiencing the consequences of a financial crisis in 2008. The economy has been stagnating. A significant impact on the Irish economy is exerted by foreign companies with foreign owners. The employment of the population is about 23%. Such companies pay the lion’s share, namely 4/5 of all taxes.
Data on the Republic of Ireland worth noting:
• Global GDP rank – 31st position
• GDP per capita in the world – 4th position
• Level of GDP in the European Union – 17th position
• European rank of GDP per capita – 5th position
The Netherlands is the fifth rich country in Europe with the most competitive economy in the world! In the ranking of world economies, the Netherlands is 17th largest. The country ranks 10th in GDP per capita.
The economy rests on major areas – trade, services, tourism, electrical goods, the chemical industry, metallurgy, and mechanical engineering. This is the center of concentration of all the largest world companies – KLM, Royal Dutch Shell, Unilever, Heineken, etc.
This is 13 of the 157 countries by the summary of the world’s freest economies according to the index of economic freedom. The Netherlands is a founding member of the European Union. So, the euro is used as the national currency.
The Netherlands looks like one of the richest countries in Europe to live here! This is what makes Amsterdam and Rotterdam not only cool places to hang out but the most important strategic sites in Europe and cities of the rich country in Europe.
Here’s what you need to know about the economy of the Netherlands:
• Global GDP rank – 17th position
• GDP per capita in the world – 12th position
• Level of GDP in the European Union – 7th position
• European rank of GDP per capita – 13th position
Belgium is the country that was the first in the world to make the industrial revolution. In Brussels, trade routes and agreements were developed due to the great location of the country right in the center of Europe and workers coming from different countries.
About 80% of all trade processes in Belgium involve the participation of other European countries. About two-thirds of total GDP belongs to the trade sector. Since the state is highly industrialized, the service sector owns approximately 75% of the gross domestic product. At the same time, agriculture is almost not developing.
But the country has public debt, which is approximately 105% of GDP. From 2000 to 2008, Belgium managed to stabilize the situation and balance its national budget. Since 2002, the country began to actively introduce the euro as a national currency. However, after the crisis in 2008, unemployment and negative growth in finances began to spread in Belgium. Belgium’s GDP is still leveling after the financial crisis. Even rich countries in Europe go through challenging times…
The economy of Belgium:
• Global GDP rank – 23rd position
• GDP per capita in the world – 17th position
• Level of GDP in the European Union – 12th position
• European rank of GDP per capita – 18th position
Iceland is subject to private fluctuations in the economy. But, despite the instability, the country’s GDP indicators from 2017 increased from 12.3 billion to 24 billion US dollars. That rapid increase in living standards and incomes in the country is associated with a significant jump in the tourism industry. Thanks to tourism the country has leveled off the situation from the consequences of the financial crisis in 2008.
Icelandic GDP is 50 thousand US dollars based on purchasing power parity of 350 thousand people. Government spending is considered the lowest among all countries in Northern Europe. The main source through which a country receives electricity is hydropower.
Most of the revenue in the country comes from the service sector. It occupies about 71% of total GDP. More than 20% of the gross domestic product is due to the industry, 6% – agriculture.
Since 2018, the economic growth of Iceland has begun to slow down gradually. Its main area – tourism, allows the country to continue to stay afloat and not lose its rating. Of course, it’s not one of the poorest countries in Europe but not so rich as we could think.
Here are some things to consider when talking about the economy of Iceland:
• Global GDP rank – 108th position
• GDP per capita in the world – 5th position
• Level of GDP in the European Union – 35th position
• European rank of GDP per capita – 5th position
Romania surprises with its rapid development. At the moment, you can see a boom in its economic growth! The state is considered one of the main among the Central European countries in terms of foreign direct investment.
That is how Bucharest has become one of the main financial centers of the EU. The Romanian state also achieved considerable results in the growth of mobile technologies, hardware research, and digital security.
The slowdown in the Romanian economy began in 2018. But now the economy remains stable and even follows the trend of further growth. Currently, the Romanian economy is 48% filled with business services, almost 30% with industry, and 23% with agriculture.
Here are the facts about Romania you need to consider:
• Global GDP rank – 46th position
• GDP per capita in the world – 57th position
• Level of GDP in the European Union – 19th position
• European rank of GDP per capita – 54th position
The rapid development of Bulgaria began a few years ago. During this time, its GDP indicators increased to 163 billion US dollars and gross domestic product per capita to 23.2 thousand US dollars.
The national currency of the country is the lev which considered the strongest currency among the countries of Eastern Europe. For 1 euro you will have to pay about 1.9 lev, which is quite a lot.
Sofia is the heart of Bulgaria, as well as a home for the Bulgarian National Bank and the Stock Exchange. Also, the Bulgarian capital is the financial center of the country. The sectors on which the Bulgarian economy is based are energy, mechanical engineering, mining, tourism, metallurgy, and agriculture.
The average wage in Bulgaria is about a quarter of the average in Europe.
Data on the Bulgarian economy:
• Global GDP rank – 72nd position
• GDP per capita in the world – 74th position
• Level of GDP in the European Union – 26th position
• European rank of GDP per capita – 73rd position
The New Zealand economy has a high level of development with a free market. In terms of nominal GDP and the size of the national economy, New Zealand ranks 51st in the world. The economy of New Zealand focuses on trade with Australia, the European Union, and the United States; China and other East Asian countries remain important partners.
The country’s GDP is approximately $ 205 billion. Moreover, most of the finance comes from the services sector, 12% – from the manufacturing industry. And 7.5% of GDP is involved in the primary sector.
What you should know about the level of development of New Zealand:
• Global GDP rank – 51st position
• GDP per capita in the world – 22nd position
Luxembourg is one of the richest countries in Europe and in the world. GDP per capita in the country ranks second in the global ranking! Just imagine, only Qatar is ahead of Luxemburg. The basis of the Luxembourg economy is banking and industry.
The prosperity of the Luxembourg economy is a rather atypical phenomenon compared to other countries with an industrialized sector. Banking is one of the most central sectors of the country’s economy. The country is on the list of the most competitive and rich countries in Europe. Only Great Britain and Switzerland in Europe are before this rich country.
Luxembourg is the headquarter for approximately 9000 large holding companies. Among them is also the European Investment Bank. The country’s GDP is almost 69 billion US dollars. So, Luxembourg is rightfully considered to be the richest country in Europe.
The service sector leads the way in GDP – it occupies about 79%. Also, the industry is well developed for about 20% of the total GDP. 1% is represented by agriculture.
Here’s what the Luxembourg economy looks like in figures:
• Global GDP rank – 70th position
• GDP per capita in the world – 1st position
• Level of GDP in the European Union – 25th position
• European rank of GDP per capita – 1st position
The Serbian economy can be called above average class economy. The services sector is represented by 2/3 of the total GDP. According to experts, the nominal GDP of Serbia at the end of 2019 reached 52.4 billion US dollars.
Belgrade is the heart of Bulgaria and at the same time the central headquarters of most large international companies. The national currency of Serbia is still represented by the Serbian dinar, which came into use in 1214. Some experts consider Serbia as one of the poorest countries in Europe.
The GDP of the Serbian state is distributed between the services sector – 68%, industry – 26%, and agriculture – 6%.
Here’s what you need to take note of the Serbian economy:
• Global GDP rank – 83rd position
• GDP per capita in the world – 80th position
• Level of GDP in the European Union – 31st position
• European rank of GDP per capita – 77th position
The economy of Ukraine showed itself especially rapidly after the collapse of the Soviet Union. As in most countries of the post-Soviet space, a 10-year economic decline began in the Ukrainian state at that time.
Only in 2016, for the first time in many years, you can notice positive trends in the development of the Ukrainian economy. In 2017, Ukraine announced the end of the recession, which lasted for many years. According to the World Bank, Ukraine’s economy has shown an increase of 2.3%.
Ukraine has skilled labor, rich rural land, and a highly educated population. Of the total working population of the country, approximately 9 million citizens work abroad.
Ukraine’s gross domestic product is approximately 124 billion US dollars. The service sector occupies the largest part of GDP by about 68%, industry – 26.5% and agriculture – 6%. You may think Ukraine is the poorest European country but it goes through a challenging way and still succeeds.
Here is what we know about the Ukrainian economy:
• Global GDP rank – 57th position
• GDP per capita in the world – 128th position
• Level of GDP in the European Union – 23rd position
• European rank of GDP per capita – 119th position
I can describe the economy of Croatia with a fairly high income and productivity. Most of the GDP the country receives from the services sector. The state joined the European Union in 2013. The country has a well developed industrial sector. To date, Croatian Kuna maintains a stable and confident position in the international market.
The GDP is 60 billion dollars. The largest part 60% is in the services sector, industry – 27%, and agriculture – 2%. There is a strong dependence of the Croatian economy on trade.
Something about the Croatian economy:
• Global GDP rank – 74th position
• GDP per capita in the world – 55th position
• Level of GDP in the European Union – 27th position
• European rank of GDP per capita – 44th position
Slovenia is a country with a favorable level of development. Ljubljana is the heart of Slovenia, the center where most of the country’s reserves are located. Slovenia was the first to adopt the national currency of the European Union in 2007 after it was introduced in 1999.
The country is lucky to have a very favorable transport location at the crossroads of trade routes. Slovenian workers are highly educated and productive. The state’s infrastructure is stable. Thanks to these indicators, Slovenia shows excellent results in growth and prosperity.
Two-thirds of the population are employed in the services sector. Slovenia has a very favorable position since it controls approximately 1/5 of GDP and 1/3 of Yugoslavia’s exports. That is how the state achieved independence and stability.
Slovenia is considered one of the founders of the World Trade Organization. Its GDP is approximately 54 billion US dollars, 63% of which belong to the service sector, about 31% is obtained from industry and 5.5% from the agricultural sector.
Here are the most relevant facts about the Slovenian economy:
• Global GDP rank – 81st position
• GDP per capita in the world – 33rd position
• Level of GDP in the European Union – 29th position
• European rank of GDP per capita – 32nd position
The Turkish economy is one of the newest emerging economies. The country is one of the new industrial states. At the moment, Turkey is one of the leading suppliers of textile, agricultural products, as well as automobiles, consumer electronics, and transportation equipment.
The Turkish national currency, the lira, faced inflation in 2018. This has affected the increase in credit defaults and borrowing costs. As a result, currency and financial crises began in the country. It is one of the poorest countries in Europe.
Turkey is the 17th country in the world ranking in terms of nominal GDP, as well as 13th in terms of GDP and purchasing power parity. The total gross domestic product of Turkey is equal to 755.4 billion US dollars. At the same time, services account for 55% of GDP, industry – 27%, and agriculture – 17.7%. It’s not the poorest European country but still not the richest.
Here’s what the Turkish economy looks like in numbers:
• Global GDP rank – 20th position
• GDP per capita in the world – 68th position
• Level of GDP in the European Union – 8th position
• European rank of GDP per capita – 63rd position
Since Slovakia joined the European Union in 2004, its economic growth has increased. This period of economic recovery in the country, experts are often called the Tatra Tiger. The formation was also affected by GDP growth. From 2000 to 2010, it grew exponentially, and in 2007 it generally reached its peak at 10.4%.
Slovenia also has a very low unemployment rate of 5.72%, which means a favorable climate for development and life. The main resources of the country are in its capital Bratislava.
The Slovakia state’s GDP is 106.5 billion US dollars. Most of it 73.4%, is involved in the services sector, in the industry – about 23%, and 4% – in agriculture.
Here are the growth indicators for the Slovakia economy:
• Global GDP rank – 59th position
• GDP per capita in the world – 40th position
• Level of GDP in the European Union – 24th position
• European rank of GDP per capita – 38th position
Lithuania’s economy is one of the largest among the Baltic countries. The country became the first to leave the Soviet Union and change its economic vector. Thus, Lithuania has replaced the centrally planned economy with a market economy.
Since joining the European Union, the Lithuanian GDP has grown by more than 500%. This indicates significant economic growth. So, now the country is in a favorable economic position.
At the moment, Lithuania is one of the five most rated countries in the world with the best education system. Financial technologies in Europe consider it as one of the most attractive areas.
Lithuania’s GDP is 53 billion US dollars, more than half 65.8% are involved in the services sector, 25% – in the industrial sector, about 9% – in agriculture.
Short data on the Lithuanian economy:
• Global GDP rank – 82nd position
• GDP per capita in the world – 42nd position
• Level of GDP in the European Union – 30th position
• European rank of GDP per capita – 44th position
The country is 13th on the list for minimum income inequality. Also, according to the index of economic complexity, the Hungarian economy is considered the 14th most difficult in the world. It’s the 57th largest global economy with an annual GDP of 265 billion US dollars. The key factors influencing the Hungarian economy are geographic location, foreign trade and export of goods.
Hungary is a leader in electronics manufacturing in Central and Eastern Europe. Over the past 20 years, the number of studies regarding the field of mobile technology, hardware, and information security has grown significantly in the country.
Hungary’s national currency, the forint, helps keep the indicator below the average between government debt and GDP. The country’s gross domestic product is equal to 155.7 billion dollars – 65% are involved in the services sector, about 31% – in the industrial sector and 4% – in agriculture.
Short data on the Hungarian economy:
• Global GDP rank – 54th position
• GDP per capita in the world – 52nd position
• Level of GDP in the European Union – 22nd position
• European rank of GDP per capita – 51st position
Hope you enjoyed reading about the richest and poorest countries in Europe!