Ranked: The 15 Fastest Growing European Economies in 2024

Top 15 Fastest-Growing European Economies in 2024

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European countries have faced significant challenges recently, including shrinking business activity and the euro hitting its lowest level against the dollar since 2022. Additionally, the threat of potential tariffs from a Donald Trump presidency in the U.S. has further weighed on the region.

Despite these headwinds, some nations have demonstrated robust economic growth in 2024.

This graphic ranks the top 15 European countries by their projected GDP growth for 2024, based on data from the IMF’s World Economic Outlook as of October 2024.

Malta and Serbia at the Top

At the top of the list, Malta stands out with an economy heavily focused on services, including tourism and financial services. The country also excels in manufacturing exports, particularly electronics and pharmaceuticals. Notably, Germany is Malta’s largest economic partner, accounting for 13% of its exports.

Serbia’s economy has also gained momentum in 2024, driven by services such as trade, tourism, catering, and construction.

The Impact of the Ukraine War

Russia’s economy, despite facing sanctions, has expanded through increased trade with China and India, along with growth in local businesses replacing Western companies.

Meanwhile, Ukraine’s economy is expected to grow by 3% this year, despite months of heavy Russian attacks on its energy infrastructure. This growth has been supported by the opening of a Black Sea export corridor along the coast last year and substantial aid from international partners, including EU institutions and the United States.

Learn More on the Voronoi App

If you like this visualization, make sure to check EU’s Major Trade Partners in One Chart.