Although Europe is home to four of the world's ten largest economies, according to World Bank data, it is also home to some of the world's smallest economies. Some of them are not necessarily the least populous.
For example, Monaco and Liechtenstein, the eighth and seventh lowest GDP in Europe respectively, lead the world in terms of GDP per capita, according to (Al Arabiya .net).
This can be attributed to the classification of both countries as tax havens, with Monaco, for example, one of the countries with the least tax levies on corporations. It has income taxes, while Liechtenstein is famous for its low tax rates as well.
The top prize for Europe's smallest economy goes to the small archipelago of the Åland Islands south of the Finnish coast. Although technically a Finnish province, it gained its independence in 1920, becoming completely neutral and demilitarized. Its population of 30,000 generated a GDP of $1.46 billion in 2018.
The GDP of the countries of the European continent and the eurozone amounted to about 13 trillion dollars in 2020, which constitutes 15% of the global GDP.
The largest economies at present are Germany, the United Kingdom, Italy, France and Spain.
