GDP growth rates in Europe 2020

The European Union's fastest-growing economy in 2020 was Ireland, with the country's gross domestic product growing by 3.4 percent that year. Ireland was the only country in the European Union to grow in 2020, with every other country's economy shrinking, ranging from negative 0.9 percent in Lithuania to a contraction of 10.8 percent in Spain.

Europe’s largest economies

Germany has by far the largest economy in Europe with a gross domestic product of over 3.3 trillion Euros, followed by the United Kingdom at 2.28 trillion Euros and France at 2.27 trillion Euros. Along with Italy and Spain these countries are the five largest economies in Europe, and while all five have had similar patterns of growth, the gap between them has widened in recent years.

GDP per Capita

While Germany had the largest economy overall, its large population meant that it does not have the highest GDP per capita. Instead, Luxembourg has the highest GDP per capita at over 113 thousand U.S dollars, followed by Switzerland at around 83 thousand U.S dollars.