Economic stability is one of the factors any corporation searching for a new international spot to run their business will look at. Here are six best European economies to rely on based on GDP (gross domestic product) data by World Bank. This article also explores the industries that run most of these economic powerhouses.
Germany leads the leaders standing as Europe’s largest economy. It makes up 28 percent of the continent’s Gross Domestic Product. The nation country recorded a GDP of $3.67 trillion last year. The service sector turbo-charges the UK’s economy led by industries like the financial space and tourism. In fact, the service industry makes up nearly 70 percent of UK’s GDP and offers employment to almost 72 percent of the employed population as reported by the Business Development Germany. Manufacturing and construction also make a considerable portion of the country’s economy. For example, it is home to Volkswagen Group, Europe’s leading carmaker.
- United Kingdom
The UK’s GDP for 2017 was $2.62 trillion. According to the World Bank, the United Kingdom is the 2nd-largest economy in Europe and the sixth-largest worldwide. One of UK’s leading sectors- the service industry- makes over 70 percent of its GDP. What’s more, the UK has earned a name as a financial hub. The sector contributed £119 billion to the UK economy in 2017. It is also home to the London Stock Exchange (3rd largest stock exchange) and HSBC Holdings (world’s biggest bank). Lastly, tourism also earns the UK a lot of revenue as London remains the 2nd most toured city internationally.
France generated a GDP of $2.57 trillion in 2017. It boasts of a highly educated labor force. France holds the highest number of graduates from science-related courses per 1000 students in Europe. This has attracted industries like Airbus, Veolia, L’Oreal and Groupe PSA to erect their headquarters in France. The French economy owes much of its stability to the chemical industry— which has over 3,335 companies in a country that employs 165,000 people.
In 2017, Italy’s GDP reached 1.39 trillion. The nation has a population of 59.7 million. World Bank statistics ranks Italy as the 10th-biggest exporter of goods, with textile and apparel making up a considerable portion of the nation’s GDP and export revenue. Market analysts predict that the apparel industry will reach a $42 billion by 2020. Brands like Armani, Fiat, and Geox, have their headquarters in Italy.
In 2015, Spain recorded the sharpest drop in the rate of unemployment since it took on the Euro in 1999. But the nation is getting back on its feet. Today its GDP stands at $1.3 trillion. The tourism sector makes up 11 percent of Spain’s economy. In 2017, and for a fifth straight year, Spain broke its record for the number of international tourists visiting. Presently, Spain is the world’s third-most toured country after France and the US.
Now you know which European country thrives in which sector. These, along with other facts are useful information when deciding where to put up the best merchant account for the business idea you have in mind.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of business get the best merchant account.