GDP of Europe

The European economy, comprising 42 economies, in 2021 is projected around US$23.4 trillion in nominal terms, $2.6 trillion more than 2020, calculated by taking figures from the IMF. The GDP of Europe is $1 tn more than the US's GDP, the largest economy in the world. Europe is the 3rd largest continental economy, accounting for 24.73% of the world GDP in nominal terms. Europe is the 2nd largest continental economy after Asia in ppp methods, accounting for 21.73% of global wealth.

The Western Europe region has the highest economy ($10.1 tn) on the continent. Eastern Europe had the largest economy in 1970, and now it is at the bottom. 43.22% of the European gdp distributed in Western Europe, 23.62% in Northern Europe, 18.30% in Southern Europe, and 14.86% in Eastern Europe. In ppp methods, Eastern Europe is the 2nd largest subregion by GDP.

As per the UN, Europe's share of the world economy was maximum (42.48%) in 1973, now it has declined to the current estimate of 24.75% percent in 2019. In constant 2015 prices, which gives a better idea about expansion over the years, the European economy has expanded from $7.31 tn in 1970 to $20.74 tn in 2019 or 2.84x.

The Highest increment in European wealth was seen in 2006 when it has grown by $631 bn approx at constant 2015 prices, while the highest reduction of $829 bn was in 2009. The figure moved in the downward direction in four years. At current prices, the maximum increment was in the year 2007 of $2,886 bn, while the biggest decline was in 2015 ($3,142 bn). The figure moved in the downward direction in thirteen years.

Grouping of continents and subregions are as per United Nations Statistics Division.