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Which country in Europe has the strongest economy? Nominal GDP by country in 2023

The rating of countries in terms of nominal GDP and economy in the world is presented in several world research reports. We offer you one of these reports, which outlines the economic indicators of many countries, including European ones.

economies of the world

Nominal GDP is connected with the country’s economy as a whole, its ranking in terms of living standards, and banking performance. Depending on the gross domestic product and its level, you should determine the country for moving, registering a business, and opening a bank account.

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Use the services of professionals in all matters related to immigration, account opening, and business incorporation. Our experts will select the best options just for you, taking into account the GDP of the country of your choice, the relevant legislative aspects, and the goals you set for yourself.

CONSULTATIONS FROM INTERNATIONAL WEALTH EXPERTS

Ranking of the Countries of the World by Economy in 2023

Which country has the most successful and well-developed economy? This question can be answered by analyzing the countries’ GDP – Gross Domestic Product. A GDP equals the total market value of all products, goods, and services of a country in one year. GDP is calculated regularly and allows us to rank the world economies.

At the end of 2022, the most successful economies existed in the United States, China, and Japan; Germany ranked slightly lower among European countries (the fourth position), and Russia climbed from 10th to 9th place compared to 2021.

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The total nominal GDP of the top 10 leading countries amounts to about 70% of the entire world economy. 

TOP Economies: Ranking of Countries by GDP

The rating of the economies of the world in terms of GDP in 2023 is based on a number of studies. The top five strongest and most developed economies are as follows:

1. The US – nominal GDP is $25,035.164 million. It is probably the first economy in the world in terms of GDP and the most technologically advanced nation, with a 20% share of world production. The USA has a strong service sector and global innovations in various industries, such as IT, pharmaceuticals, finance, medicine, aerospace, and the military.

2. China is the second most economically developed country, with a nominal GDP of $18,321.197 million at the end of 2022. In recent decades, after this country abandoned a closed system with centralized planning and transitioned to an open, market-oriented system, its economy has been growing.

3. Japan has the third-highest nominal GDP in the world at $4,300.621 million.

4. Germany has a GDP (nominal) of $4,031.149 million; it occupies the top position among European countries by the size of its economy. The country retains its leading position as an exporter of machinery, appliances, and chemicals. It has shown good GDP growth in recent decades.

5. India, with a nominal GDP of $3,468.566 million, has become one of the most economically advanced countries in the world in recent years and has surpassed even some European nations by some indicators.

Other indicators of economies in terms of nominal GDP are shown in the table below:

CountryIn mln USD
1.USANominal GDP – 25,035.164
2.ChinaNominal GDP – 18,321.197
3.JapanNominal GDP – 4,300.621
4.GermanyNominal GDP – 4,031.149
5.IndiaNominal GDP – 3,468.566
6.the UKNominal GDP – 3,198.470
7.FranceNominal GDP – 2,778.090
8.CanadaNominal GDP – 2,200.352
9.RussiaNominal GDP – 2,133.092
10.ItalyNominal GDP – 1,996.934
11.IranNominal GDP – 1,973.738
12BrazilNominal GDP – 1,894.708
13The Republic of KoreaNominal GDP – 1,734.207
14.AustraliaNominal GDP – 1,724.787
15.MexicoNominal GDP – 1,424.533
16.SpainNominal GDP – 1,389.927
17.IndonesiaNominal GDP – 1,289.429
18.Saudi ArabiaNominal GDP – 1,010.588
19.the NetherlandsNominal GDP – 990.583
20.TurkeyNominal GDP – 853.487

Which European Country Has the Strongest Economy?

We are not talking just about the countries of the European Union. We will include information about the countries in the European part of the Eurasian continent. Here the top jurisdictions with the best nominal GDP in 2022 are as follows:

1. The UK: The total GDP is $3.198 billion. The United Kingdom is facing an energy crisis and is expected to face a recession in 2023. In 2022, the country changed three prime ministers, which did not help improve economic sentiment.

2. France: The country’s GDP in 2022 was $2.957 billion. France’s economy is quite diversified. The country also remains one of the top choices for tourists and most visited tourist destinations.

3. Russia: In 2022, the country had a Total GDP of $2.133 billion and was still one of Europe’s largest economies.

4. Italy: The country’s GDP in 2022 was $1.997 billion. The economic growth in the country is connected with the high demand for housing. As predicted by experts, the Italian economy will gradually recover in 2023.

The other European countries with high nominal GDP at the beginning of 2023 include Sweden, Poland, Switzerland, the Netherlands, and Spain.

Countries with GDP Growth in 2023

Countries that had growth of nominal GDP in 2022 in descending order:

# 10 – the USA with 2.0% GDP growth in 2022.

# 9 – France and South Africa, in both of which GDP growth amounted to 2.6%. Both countries were able to avoid an economic and inflationary crisis when the economies of Europe fell sharply.

# 8 in the ranking of countries with the largest economies was occupied by China and Nigeria. The nominal GDP growth in these countries in 2022 was 3.0%.

# 7 – the position was shared by Brazil and Mexico, where GDP increased by 3.1%.

# 6 – Canada remained in this position with a GDP growth of 3.5%. This country combines several factors – a developed economy and natural resources supplied by the United States.

# 5 in the ranking belonged to Italy, where the nominal GDP in 2022 grew by 3.9%.

# 4 – the UK – one of the best countries with a highly developed economy and robust nominal GDP growth of 4.1%. The key sources of income for the British are financial services, which accounted for more than 80% of the British economy.

# 3 – Spain, which survived the pandemic and the crisis and raised its GDP to a 5.2% growth rate.

# 2 – India, where GDP growth was a whole 6.6%.

# 1 – Saudi Arabia, which won the geopolitical contest thanks to its oil industry, the level of GDP in the country increased by 8.7%.

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In which country is it profitable for foreign entrepreneurs to conduct their business, where is it better to open a bank account, which country is the most reliable in terms of capital protection, and where it’s possible to get citizenship for real estate? Find the answers to these and many other questions on our web portal. For personal advice, please contact our seasoned experts using the information on the Contact us page.

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