There are over 50 countries and non-country within the European territory. Europe has some of the wealthiest nations on earth. Four out of the 10 wealthiest countries in the world as of March 2023 are European countries. In this post, we bring to you the list of the top 10 Strongest economies in Europe 2023.
With a Gross Domestic Product of over 3.8 trillion dollars, Germany by far has the strongest economy in Europe in 2023. Trailing behind Germany in the second and third positions are the United Kingdom (GDP $2.7 trillion) and France (GDP $2.6 trillion), respectively. Poland completes our list of the top 10 countries with the strongest economy in Europe in [wpdts-year] with a GDP of $594.2 billion.
GDP (Gross domestic product) is a measure of how much a country produces in a certain amount of time. Countries with a high GDP tend to have large economies.
TOP 10 Strongest Economies in Europe in 2023
- Germany – $3.8 trillion
- United Kingdom – $2.7 trillion
- France – $2.6 trillion
- Italy – $1.9 trillion
- Russia – $1.5 trillion
- Spain – $1.3 trillion
- Netherlands – $913.8 billion
- Switzerland- $752.2 billion
- Turkey- $720.1 billion
- Poland- $594.2 billion
Germany has the strongest economy in Europe and the fourth strongest economy in the world. It has a relatively low level of corruption and a high level of innovation. It is the world’s third-largest exporter and third-largest importer of goods. Germany’s economy has excelled in high-selling sectors, such as car-making, mechanical and plant engineering, the chemicals industry, and medical technology. Exports account for well over half of total sales.
What makes Germany’s economy strong and top-ranked
What makes Germany the top-ranked is because of its strong economy, world influence, and its focus on key global issues, such as the migrant crisis and eurozone unity.
2. United kingdom
The United Kingdom comes second on the list of the top 10 strongest economies in Europe with a GDP of $2.7 trillion. The biggest contributors to UK’s GDP are services, manufacturing, construction, and tourism. The UK also has unique laws like the free asset ratio.
In 2020, the finance, real estate, insurance, rental, and leasing industry added the most value to the GDP of the UK in 2020. In that year, this industry added 4.66 trillion U.S. dollars to the national GDP.
United kingdom’s economy is boosted by North Sea oil and gas production; its reserves were estimated at 2.8 billion barrels in 2016. Despite a relative decline in its global dominance in the 21st century, the UK retains the ability to project significant power and influence around the world.
What makes the United Kingdom’s economy strong and top-ranked?
The UK is one of the most globalized economies. In 2019, it was the fifth-largest exporter in the world and the fifth-largest importer. It also had the third-largest inward foreign direct investment and the fifth-largest outward foreign direct investment.
In 2020, the UK’s trade with the 27 member states of the European Union accounted for 49% of the country’s exports and 52% of its imports. The service sector dominates, contributing 81% of GDP. The financial services industry is particularly important, and London is the second-largest financial center in the world.
With a GDP of $2.6 trillion, France has the third strongest economy in Europe. France is one of the world’s most modern countries and sees itself as a leader among European nations. The country has a highly diversified economy.
France’s diversified economy is led by tourism, manufacturing, and pharmaceuticals. The government has partially or fully privatized many large companies but maintains a strong presence in such sectors like power, public transport, and defense.
What makes France’s economy strong and top-ranked?
France has a huge influence on the world, both in the past and today, which is difficult to overstate. Located in Western Europe, France is one of the world’s oldest countries, and its reach extends around the globe through science, politics, economics, and perhaps above all, culture.
Starting in the Middle Ages, France evolved into a kingdom, empire, and republic. It was one of the first nations to champion the rights of the individual. France today is a democracy with a separation of power falling between the executive, legislative, and judiciary. According to the World Bank, France is a wealthy, high-income nation.
French citizens look to the federal government to guarantee certain social services, such as education, health care, and pensions for retirement. The French economy is one of the world’s largest and is a mixture of private enterprise and government involvement.
Tourism is a major contributor to the economy – France generally tops the list of most visited countries. Other major economic sectors include industry, agriculture, energy, and defense. The country is one of the world’s top exporters of weapons. Other major economic sectors include industry, agriculture, energy, and defense.
With $1.9 trillion, Italy is the fourth strongest economy in Europe. It may sound surprising to northern-European ears but, despite weak productivity growth and problems with price competitiveness within the eurozone, Italy has important economic strengths.
It is still the second most important EU location, behind Germany, for industrial production, mainly due to the economic structures in the northern regions. And it ranks third in exports of goods, just behind France, leading in mechanical engineering, vehicle construction, and pharmaceutical products.
What makes Italy’s economy strong and top-ranked?
Italy has a highly developed market economy. It is the third-largest national economy in the European Union, the eighth-largest in the world by nominal GDP, and the 13th-largest by GDP (PPP). Italy is a founding member of the European Union.
Since the 1991 dissolution of the Soviet Union, the Russian economy has fared better than those of most of the 14 other smaller republics of the former USSR. The Western-friendly Baltic states of Latvia, Estonia, and Lithuania are now each firmly ensconced as full members of the European Union and have fared far better economically. Meanwhile, Russia’s economy—based primarily on extracting resources from the Earth—hasn’t translated into significant general wealth for its 142 million citizens.
Officially, Russia abandoned communism decades ago. While post-Soviet Russia ostensibly enjoys a market economy, its leaders have deemed its dominant energy sector too crucial to leave to the caprices of independent buyers and sellers. Oil, natural gas, electricity, and more are under the de facto control of the federal government.
For instance, the Russian government owns slightly more than half of Gazprom, the world’s largest natural gas extractor, whose chair happens to be Russia’s former prime minister, Viktor Zubkov. The publicly-traded company is the successor of the Soviet Ministry of Gas Industry.
Russia’s oil production rivals its natural gas production. The country is the third-largest oil producer in the world, behind the U.S. and Saudi Arabia. The nation accounted for 11% of the total world oil production. The largest oil and gas companies in Russia include Rosneft, Lukoil, and Surgutneftegas.
What makes Russia’s economy strong and top-ranked?
The Economy of Russia has gradually transformed from a planned economy into a market-oriented economy. It has enormous natural resources, particularly oil and natural gas. It is the fifth-largest economy in Europe, the world’s eleventh-largest economy by nominal GDP, and the sixth-largest by PPP. Russia has been widely described as an energy superpower; as it has the world’s largest natural gas.
Spain is one of the European countries with a capitalist mixed economy. The Spanish economy is the sixth-largest in Europe with a GDP of $1.2 trillion behind Germany, the United Kingdom, France, Italy, and Russia. Spain is a major exporter of goods: Machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, or Import goods: Fuels, chemicals, semi-finished goods, foodstuffs, consumer goods.
What makes Spain’s economy strong and top-ranked?
The economy of Spain is a highly developed social market economy. It is the world’s fourteenth-largest by nominal GDP as well as one of the largest in the world by purchasing power parity. Spain has a capitalist mixed economy.
The Spanish economy is the sixth-largest in Europe behind Germany, the United Kingdom, France, Italy, and Russia as well as the fourth-largest in the eurozone based on nominal GDP statistics.
In 2019, Spain was the fifteenth-largest exporter in the world and the fourteenth-largest importer. Spain is listed 25th in the United Nations Human Development Index and 32nd in GDP per capita by the World Bank. The World Bank classified Spain as a high-income economy, and among the countries of very high human development.
With a highly mechanized agricultural sector that employs no more than 2% of the labour force, the Netherlands is the seventh-strongest economy in Europe. The agricultural sector provides large surpluses for the food-processing industry and for exports.
In addition to the huge contribution to the GDP by the agricultural sector, The Netherlands has had steady natural gas resources since 1959. Currently, the Netherlands accounts for more than 25% of all-natural gas reserves in the European Union. Over the following decades, the sale of natural gas generated a significant rise in revenue that has contributed greatly to the GDP of the Netherlands.
What makes Netherlands’ economy strong and top-ranked?
The economy of the Netherlands is the 17th largest in the world in 2021 (in terms of GDP) according to the World Bank and the International Monetary Fund. Its GDP per capita was estimated at $57,101 in the fiscal year 2019/20, which makes it one of the highest-earning nations in the world.
The strength of the Swiss economy is largely due to its international outreach and strong intertwining with the economies of other countries. Switzerland has one of the highest export rates as a percentage of gross domestic product. Purchasing power stability is achieved through traditionally low inflation, low long-term capital costs. A good investment climate, sound public finances, and almost no labour strikes guarantee the prosperity and stability of the Swiss economy.
What makes Switzerland’s economy strong and top-ranked?
Switzerland has one of the highest levels of per capita GDP in the world. Its strong economic performance is largely driven by the services sector and the European Union is its main trading partner. Switzerland has the second-highest per capita GDP in the world (USD 86,850 in 2020 based on IMF statistics). The vast majority of Swiss businesses (over 99%) are SMEs employing fewer than 250 staff.
Switzerland has maintained a low level of public debt relative to other countries even during the COVID-19 crisis. At the start of 2021, gross government debt (before deduction of financial assets) stood at approximately CHF 100 billion, representing 15% of GDP.
Turkey’s strong economy is driven by its industrial and service sectors, but traditional agriculture still accounts for about 25 percent of employment. With a GDP of $720.1 billion, Turkey takes the number ninth spot on our list of the top 10 strongest economies in Europe in 2023.
What makes Turkey’s economy strong and top-ranked?
The country is among the world’s leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics, and home appliances.
As of November 2013, the size of the EU’s economy remained below the pre-crisis level, while Poland’s economy increased by a cumulative 16%. The major reasons for its success appear to be a large internal market (in terms of population it is sixth in the EU) and a business-friendly political climate. Poland completes our list of the top 10 strongest economies in Europe in 2023.
What makes Poland’s economy strong and top-ranked?
The economy of Poland is an industrialized, mixed economy with a developed market that serves as the sixth-largest in the European Union by nominal GDP and fifth-largest by GDP (PPP).
Since 1988, Poland has pursued a policy of economic liberalization. The country represents the greatest success story of all the post-communist states. Its economy was the only one in the EU to avoid a recession through the 2007–08 economic downturn.
As of 2019, the Polish economy had been growing steadily for 28 years, a record high in the EU.