These Are Europe’s Top Economies By Projected 2026 GDP

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.

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.

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.