After two years of sluggish activity, Europe’s economic engine is forecast to regain traction.

As Visual Capitalist’s Pallavi Rao shows in the chart below, The International Monetary Fund’s (IMF) latest World Economic Outlook projects that the region’s combined output will reach $31.4 trillion (€27.0 trillion) in 2026, with the biggest gains concentrated in Western Europe.

Data for this visualization comes from the IMF’s World Economic Outlook database. It ranks every European country by projected nominal GDP in current U.S. dollars and euros.

Regions are assigned by the UN Geoscheme.

Germany Leads Europe’s Largest Economies

Germany is expected to reclaim momentum, adding almost $400 billion to its economy between 2024 and 2026.

At $5.3 trillion, it will account for roughly 17% of all European GDP.

Rank
European Country
ISO Code
2026 GDP
(billions USD)
Readable Label
(USD)
Readable Label
(EUR)
1
🇩🇪 Germany
DEU
$5,328
$5.3T
€4.6T
2
🇬🇧 UK
GBR
$4,226
$4.2T
€3.6T
3
🇫🇷 France
FRA
$3,559
$3.6T
€3.1T
4
🇮🇹 Italy
ITA
$2,702
$2.7T
€2.3T
5
🇷🇺 Russia
RUS
$2,509
$2.5T
€2.2T
6
🇪🇸 Spain
ESP
$2,042
$2.0T
€1.8T
7
🇳🇱 Netherlands
NLD
$1,413
$1.4T
€1.2T
8
🇵🇱 Poland
POL
$1,110
$1.1T
€955B
9
🇨🇭 Switzerland
CHE
$1,075
$1.1T
€924B
10
🇧🇪 Belgium
BEL
$761
$761B
€655B
11
🇮🇪 Ireland
IRL
$750
$750B
€645B
12
🇸🇪 Sweden
SWE
$712
$712B
€612B
13
🇦🇹 Austria
AUT
$604
$604B
€520B
14
🇳🇴 Norway
NOR
$548
$548B
€471B
15
🇩🇰 Denmark
DNK
$500
$500B
€430B
16
🇷🇴 Romania
ROU
$445
$445B
€383B
17
🇨🇿 Czechia
CZE
$417
$417B
€359B
18
🇵🇹 Portugal
PRT
$365
$365B
€313B
19
🇫🇮 Finland
FIN
$336
$336B
€289B
20
🇬🇷 Greece
GRC
$305
$305B
€262B
21
🇭🇺 Hungary
HUN
$270
$270B
€232B
22
🇺🇦 Ukraine
UKR
$224
$224B
€193B
23
🇸🇰 Slovakia
SVK
$168
$168B
€144B
24
🇧🇬 Bulgaria
BGR
$142
$142B
€122B
25
🇭🇷 Croatia
HRV
$113
$113B
€97B
26
🇷🇸 Serbia
SRB
$112
$112B
€96B
27
🇱🇺 Luxembourg
LUX
$108
$108B
€93B
28
🇱🇹 Lithuania
LTU
$105
$105B
€90B
29
🇧🇾 Belarus
BLR
$91
$91B
€78B
30
🇸🇮 Slovenia
SVN
$86
$86B
€74B
31
🇱🇻 Latvia
LVA
$52
$52B
€45B
32
🇪🇪 Estonia
EST
$51
$51B
€44B
33
🇮🇸 Iceland
ISL
$43
$43B
€37B
34
🇧🇦 Bosnia & Herzegovina
BIH
$36
$36B
€31B
35
🇦🇱 Albania
ALB
$32
$32B
€28B
36
🇲🇹 Malta
MLT
$30
$30B
€26B
37
🇲🇩 Moldova
MDA
$21
$21B
€18B
38
🇲🇰 North Macedonia
MKD
$21
$21B
€18B
39
🇲🇪 Montenegro
MNE
$10
$10B
€9B
40
🇦🇩 Andorra
AND
$5
$5B
€4B
41
🇸🇲 San Marino
SMR
$2
$2B
€2B
N/A
🇪🇺 Western Europe
W EUR
$12,848
$12.8T
€11.0T
N/A
🇪🇺 Northern Europe
N EUR
$7,322
$7.3T
€6.3T
N/A
🇪🇺 Southern Europe Europe
S EUR
$5,861
$5.9T
€5.0T
N/A
🇪🇺 Eastern Europe
E EUR
$5,397
$5.4T
€4.6T
N/A
🇪🇺 Europe
EUR
$31,427
$31.4T
€27.0T

Note: Euro figures from exchange rate conversion. 1 USD = 0.86 EUR

Close behind, the U.K. and France are projected at $4.2 trillion and $3.6 trillion, respectively.

Together, the trio will generate over 40% of Europe’s total economic activity. This underscores how the big markets dominate the regional picture.

ℹ️ Related: In fact, the German economy is as big as the entire Eastern European economy ($5.4T).

Southern and Eastern Europe Show Diverging Paths

The continent can effectively be divided into two halves: the Northern and Western half and the Southern and Eastern half.

Italy and Spain, Southern Europe’s heavyweights, are on course for modest expansion, at $2.7 trillion and $1.8 trillion in 2026.

Rank
European Region
2026 GDP
(billions USD)
Readable Label
(USD)
Readable Label
(EUR)
1
🇪🇺 Western Europe
$12,848
$12.8T
€11.0T
2
🇪🇺 Northern Europe
$7,322
$7.3T
€6.3T
3
🇪🇺 Southern Europe Europe
$5,861
$5.9T
€5.0T
4
🇪🇺 Eastern Europe
$5,397
$5.4T
€4.6T
N/A
🇪🇺 Europe
$31,427
$31.4T
€27.0T

In Eastern Europe, Russia is projected at $2.5 trillion, aided by energy exports, while Poland breaks into the continental top 10 at $1.1 trillion.

However, despite a decade of super-charged growth that has lifted real GDP per capita in the East, there’s still a ways to go to close the income gap with the West.

ℹ️ Related: Take a look at where living standards have grown the most in Europe in the last decade.

Europe’s Economic Outlook for 2026

The IMF has good and bad news for Europe.

The good news is that the pandemic and energy shocks have passed and the continent is officially in recovery mode thanks to “good policy decisions.”

This had led to higher real wages that have boosted consumption, particularly in Germany, the largest economy.

The bad news is that Donald Trump’s trade war is causing uncertainty and will shave off 0.5% of growth, which will be somewhat offset by higher infrastructure and defense spending.

However, in turn this higher government spending is coming at the expense of debt.

How does Europe’s economy look when accounting for local prices? Check out Breaking Down Europe’s Economy, Adjusted for Living Costs on Voronoi, the new app from Visual Capitalist.