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Introduction
Europe is often associated with economic prosperity, advanced infrastructure, and high living standards, and has some of the richest countries in the world. However, while European countries are not among the poorest in the world, there are great disparities in wealth from one European country to another.
According to the 2021 GNI per capita data from the World Bank, the poorest countries in Europe are Moldova, Ukraine, Albania, Bosnia and Herzegovina, and the Republic of Macedonia. Ukraine is the poorest country in Europe, with a GNI per capita of $3,540, while Moldova is the second poorest country with $4,570, Albania the third, with $5.210, the Republic of Macedonia comes fourth, with a GNI of $5,720, and Bosnia and Herzegovina the fifth poorest, with $6,090. These countries are all located in Eastern Europe, where economic instability and political unrest have been ongoing issues.
One of the trends that can be observed in these countries is a high level of income inequality. Despite some economic growth in recent years, poverty rates remain high, particularly in rural areas, where access to basic infrastructure and services is limited. Political instability and corruption have also contributed to the persistent poverty in these countries.
Another trend that these countries share is a significant brain drain, where educated individuals leave for better economic opportunities in other countries. This exacerbates the already struggling economies of these countries and contributes to a lack of skilled labor, hindering economic growth. Finally, another trend that is related to brain drain, is that these countries face a heavy dependence on remittances from citizens working abroad.
European Countries Ranked by Wealth
# | Country | GNI per Capita | GDP per Capita | GDP |
---|---|---|---|---|
1 | Ukraine | $3,540 | $3,726.93 | 156 billion |
2 | Moldova | $4,570 | $4,551.13 | 12 billion |
3 | Albania | $5,210 | $5,215.28 | 15 billion |
4 | Republic of Macedonia | $5,720 | $5,888 | 12 billion |
5 | Bosnia and Herzegovina | $6,090 | $6,031.56 | 20 billion |
6 | Belarus | $6,330 | $6,411.23 | 60 billion |
7 | Serbia | $7,400 | $7,666.24 | 53 billion |
8 | Montenegro | $7,900 | $7,686.09 | 5 billion |
9 | Bulgaria | $9,540 | $9,975.78 | 69 billion |
10 | Russia | $10,690 | $10,126.72 | 1.5 trillion |
11 | Romania | $12,570 | $12,896.09 | 249 billion |
12 | Croatia | $14,190 | $13,828.47 | 56 billion |
13 | Poland | $15,270 | $15,656.18 | 594 billion |
14 | Hungary | $16,530 | $15,899.15 | 155 billion |
15 | Latvia | $17,730 | $17,619.95 | 34 billion |
16 | Slovakia | $18,700 | $19,156.89 | 105 billion |
17 | Lithuania | $19,000 | $19,997.59 | 56 billion |
18 | Greece | $19,690 | $17,676.19 | 189 billion |
19 | Czech Republic | $21,930 | $22,762.2 | 244 billion |
20 | Portugal | $22,000 | $22,439.88 | 231 billion |
21 | Estonia | $23,230 | $23,312.28 | 31 billion |
22 | Malta | $25,370 | $27,884.64 | 15 billion |
23 | Slovenia | $25,910 | $25,179.67 | 53 billion |
24 | Cyprus | $26,110 | $26,623.8 | 24 billion |
25 | Spain | $30,330 | $27,057.16 | 1.3 trillion |
26 | Italy | $32,200 | $31,676.2 | 1.9 trillion |
27 | United Kingdom | $42,130 | $40,284.64 | 2.7 trillion |
28 | France | $42,290 | $38,625.07 | 2.6 trillion |
29 | Germany | $46,980 | $45,723.64 | 3.8 trillion |
30 | Belgium | $47,960 | $44,594.38 | 515 billion |
31 | Finland | $49,620 | $49,041.34 | 271 billion |
32 | Austria | $51,390 | $48,105.36 | 429 billion |
33 | Netherlands | $53,010 | $52,304.06 | 912 billion |
34 | Sweden | $53,800 | $51,925.71 | 538 billion |
35 | Denmark | $62,720 | $60,908.84 | 355 billion |
36 | Ireland | $63,470 | $83,812.8 | 419 billion |
37 | Luxembourg | $70,840 | $115,873.6 | 73 billion |
38 | Iceland | $72,930 | $59,260.89 | 22 billion |
39 | Norway | $78,250 | $67,294.48 | 362 billion |
40 | Isle of Man | $83,160 | $89,112.67 | 7 billion |
41 | Switzerland | $87,950 | $86,601.56 | 748 billion |
Poorest Countries in Europe
The ten poorest countries in Europe, based on GNI per capita, are Ukraine, Moldova, Albania, Republic of Macedonia, Bosnia and Herzegovina, Belarus, Serbia, Montenegro, Bulgaria, and Russia.
Among the poorest countries in Europe, Ukraine ranks as the poorest with a GNI per capita of $3,540. Moldova follows closely behind in the second position with a GNI per capita of $4,570. Albania is the third poorest European country, with a GNI per capita of $5,210. The Republic of Macedonia comes in fourth place, with a GNI per capita of $5,720. Bosnia and Herzegovina ranks fifth, with a GNI per capita of $6,090. Belarus is the sixth poorest country in Europe, with a GNI per capita of $6,330. Serbia follows in the seventh position, with a GNI per capita of $7,400. Montenegro ranks eighth poorest country in Europe, with a GNI per capita of $7,900. Bulgaria holds the ninth position, with a GNI per capita of $9,540. Finally, Russia completes the list of the ten poorest countries in Europe, with a GNI per capita of $10,690.
The ten poorest European countries, ranked by GNI, are :
1. Ukraine – $3,540
2. Moldova – $4,570
3. Albania – $5,210
4. Republic of Macedonia – $5,720
5. Bosnia and Herzegovina – $6,090
6. Belarus – $6,330
7. Serbia – $7,400
8. Montenegro – $7,900
9. Bulgaria – $9,540
10. Russia – $10,690
Poorest Country in Europe
The poorest country in Europe is Ukraine. With a GNI per capita of $3,540, Ukraine faces significant economic challenges. Despite its vast potential and rich resources, the country has struggled with political instability and ongoing conflicts, which have hindered its economic development. High unemployment rates, poverty, and limited access to quality education and healthcare contribute to the economic struggles faced by many Ukrainians.
Poorest European Countries
Albania
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GNI per Capita
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$5,210
Ranked in the World
#3
GDP per Capita
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$5,215.28
Ranked in the World
#3
GDP
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15 billion
Ranked in the World
#6
Albania is the third poorest country in Europe, with a GNI per capita of $5,210. Although the nation has made progress in recent years, it still faces economic challenges. The GDP per capita is $5,215.28, and the total GDP is 15 billion.
Austria
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GNI per Capita
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$51,390
Ranked in the World
#32
GDP per Capita
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$48,105.36
Ranked in the World
#31
GDP
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429 billion
Ranked in the World
#30
Belarus
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GNI per Capita
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$6,330
Ranked in the World
#6
GDP per Capita
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$6,411.23
Ranked in the World
#6
GDP
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60 billion
Ranked in the World
#16
Belarus, with a GNI per capita of $6,330, finds itself among the poorest countries in Europe. Despite its rich resources, the nation faces economic challenges. The GDP per capita is $6,411.23, and the total GDP stands at 60 billion.
Belgium
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GNI per Capita
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$47,960
Ranked in the World
#30
GDP per Capita
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$44,594.38
Ranked in the World
#29
GDP
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515 billion
Ranked in the World
#31
Bosnia and Herzegovina
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GNI per Capita
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$6,090
Ranked in the World
#5
GDP per Capita
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$6,031.56
Ranked in the World
#5
GDP
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20 billion
Ranked in the World
#7
Bosnia and Herzegovina hold the fifth position on the list of Europe's poorest countries. Despite its cultural heritage, the nation faces economic struggles. With a GNI per capita of $6,090, the country's GDP per capita is $6,031.56. The total GDP of Bosnia and Herzegovina is 20 billion.
Bulgaria
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GNI per Capita
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$9,540
Ranked in the World
#9
GDP per Capita
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$9,975.78
Ranked in the World
#9
GDP
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69 billion
Ranked in the World
#17
Bulgaria, with a GNI per capita of $9,540, is among the poorest countries in Europe. The nation has faced economic hardships in recent years. The GDP per capita is $9,975.78, and the total GDP is 69 billion.
Croatia
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GNI per Capita
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$14,190
Ranked in the World
#12
GDP per Capita
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$13,828.47
Ranked in the World
#12
GDP
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56 billion
Ranked in the World
#15
Croatia holds the 12th position among Europe's poorest countries. Despite being a popular tourist destination, the nation faces economic struggles. Croatia has a GNI per capita of $14,190 and a GDP per capita of $13,828.47. The total GDP of Croatia is 56 billion.
Cyprus
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GNI per Capita
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$26,110
Ranked in the World
#24
GDP per Capita
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$26,623.8
Ranked in the World
#23
GDP
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24 billion
Ranked in the World
#9
Cyprus holds the 24th position on the list of Europe's poorest countries. Despite being an attractive tourist destination, the nation faces economic challenges, particularly due to the division of the island. Cyprus has a GNI per capita of $26,110 and a GDP per capita of $26,623.80. The total GDP of Cyprus is 24 billion.
Czech Republic
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GNI per Capita
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$21,930
Ranked in the World
#19
GDP per Capita
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$22,762.2
Ranked in the World
#20
GDP
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244 billion
Ranked in the World
#24
The Czech Republic ranks as the 19th poorest country in Europe. Despite its industrialized economy, income disparities and regional differences persist. The Czech Republic has a GNI per capita of $21,930 and a GDP per capita of $22,762.20. The total GDP of the Czech Republic is 244 billion.
Denmark
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GNI per Capita
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$62,720
Ranked in the World
#35
GDP per Capita
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$60,908.84
Ranked in the World
#36
GDP
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355 billion
Estonia
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GNI per Capita
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$23,230
Ranked in the World
#21
GDP per Capita
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$23,312.28
Ranked in the World
#21
GDP
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31 billion
Ranked in the World
#10
Estonia ranks as the 21st poorest country in Europe. Despite its advancements in digital technology and being one of the Baltic Tiger economies, the nation still faces economic challenges. Estonia has a GNI per capita of $23,230 and a GDP per capita of $23,312.28. The total GDP of Estonia is 31 billion.
Finland
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GNI per Capita
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$49,620
Ranked in the World
#31
GDP per Capita
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$49,041.34
Ranked in the World
#32
GDP
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271 billion
Ranked in the World
#26
France
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GNI per Capita
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$42,290
Ranked in the World
#28
GDP per Capita
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$38,625.07
Ranked in the World
#27
GDP
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2.6 trillion
Ranked in the World
#39
Germany
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GNI per Capita
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$46,980
Ranked in the World
#29
GDP per Capita
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$45,723.64
Ranked in the World
#30
GDP
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3.8 trillion
Ranked in the World
#41
Greece
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GNI per Capita
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$19,690
Ranked in the World
#18
GDP per Capita
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$17,676.19
Ranked in the World
#16
GDP
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189 billion
Ranked in the World
#22
Greece holds the 18th position on the list of Europe's poorest countries. The nation faced significant economic hardships in recent years, with high unemployment and debt. Greece has a GNI per capita of $19,690 and a GDP per capita of $17,676.19. The total GDP of Greece is 189 billion.
Hungary
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GNI per Capita
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$16,530
Ranked in the World
#14
GDP per Capita
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$15,899.15
Ranked in the World
#14
GDP
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155 billion
Ranked in the World
#20
Hungary holds the 14th position on the list of Europe's poorest countries. The nation has made progress in recent years, but it still faces economic challenges. Hungary has a GNI per capita of $16,530 and a GDP per capita of $15,899.15. The total GDP of Hungary is 155 billion.
Iceland
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GNI per Capita
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$72,930
Ranked in the World
#38
GDP per Capita
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$59,260.89
Ranked in the World
#35
GDP
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22 billion
Ranked in the World
#8
Ireland
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GNI per Capita
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$63,470
Ranked in the World
#36
GDP per Capita
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$83,812.8
Ranked in the World
#38
GDP
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419 billion
Ranked in the World
#29
Isle of Man
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GNI per Capita
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$83,160
Ranked in the World
#40
GDP per Capita
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$89,112.67
Ranked in the World
#40
GDP
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7 billion
Ranked in the World
#2
Italy
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GNI per Capita
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$32,200
Ranked in the World
#26
GDP per Capita
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$31,676.2
Ranked in the World
#26
GDP
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1.9 trillion
Ranked in the World
#38
Latvia
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GNI per Capita
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$17,730
Ranked in the World
#15
GDP per Capita
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$17,619.95
Ranked in the World
#15
GDP
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34 billion
Ranked in the World
#11
Latvia ranks as the 15th poorest country in Europe. Despite being part of the European Union, the nation faces economic struggles. Latvia has a GNI per capita of $17,730 and a GDP per capita of $17,619.95. The total GDP of Latvia is 34 billion.
Lithuania
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GNI per Capita
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$19,000
Ranked in the World
#17
GDP per Capita
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$19,997.59
Ranked in the World
#18
GDP
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56 billion
Ranked in the World
#14
Lithuania ranks 17th among the poorest countries in Europe. Despite its economic growth, the nation still faces disparities and challenges. Lithuania has a GNI per capita of $19,000 and a GDP per capita of $19,997.59. The total GDP of Lithuania is 56 billion.
Luxembourg
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GNI per Capita
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$70,840
Ranked in the World
#37
GDP per Capita
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$115,873.6
Ranked in the World
#41
GDP
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73 billion
Ranked in the World
#18
Malta
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GNI per Capita
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$25,370
Ranked in the World
#22
GDP per Capita
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$27,884.64
Ranked in the World
#25
GDP
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15 billion
Ranked in the World
#5
Malta holds the 22nd position among Europe's poorest countries. Despite its small size and tourism-driven economy, the nation faces income disparities and economic challenges. Malta has a GNI per capita of $25,370 and a GDP per capita of $27,884.64. The total GDP of Malta is 15 billion.
Moldova
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GNI per Capita
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$4,570
Ranked in the World
#2
GDP per Capita
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$4,551.13
Ranked in the World
#2
GDP
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12 billion
Ranked in the World
#3
Moldova ranks second among the poorest countries in Europe. Despite its scenic landscapes, the country faces economic hardships, with a GNI per capita of $4,570. Moldova's GDP per capita stands at $4,551.13, with a total GDP of 12 billion.
Montenegro
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GNI per Capita
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$7,900
Ranked in the World
#8
GDP per Capita
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$7,686.09
Ranked in the World
#8
GDP
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5 billion
Ranked in the World
#1
Montenegro holds the eighth position among the poorest countries in Europe. With a GNI per capita of $7,900, the nation faces economic challenges. The GDP per capita is $7,686.09, and the total GDP stands at 5 billion.
Netherlands
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GNI per Capita
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$53,010
Ranked in the World
#33
GDP per Capita
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$52,304.06
Ranked in the World
#34
GDP
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912 billion
Ranked in the World
#35
Norway
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GNI per Capita
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$78,250
Ranked in the World
#39
GDP per Capita
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$67,294.48
Ranked in the World
#37
GDP
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362 billion
Ranked in the World
#28
Poland
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GNI per Capita
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$15,270
Ranked in the World
#13
GDP per Capita
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$15,656.18
Ranked in the World
#13
GDP
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594 billion
Ranked in the World
#33
Poland ranks 13th among the poorest countries in Europe. Despite its significant economic progress, the nation still has regions facing economic disparities. Poland has a GNI per capita of $15,270 and a GDP per capita of $15,656.18. The total GDP of Poland is 594 billion.
Portugal
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GNI per Capita
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$22,000
Ranked in the World
#20
GDP per Capita
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$22,439.88
Ranked in the World
#19
GDP
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231 billion
Ranked in the World
#23
Portugal completes the list of the 20 poorest countries in Europe. Despite its popular tourist destinations, the nation faces economic challenges, including high unemployment rates. Portugal has a GNI per capita of $22,000 and a GDP per capita of $22,439.88. The total GDP of Portugal is 231 billion.
Republic of Macedonia
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GNI per Capita
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$5,720
Ranked in the World
#4
GDP per Capita
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$5,888
Ranked in the World
#4
GDP
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12 billion
Ranked in the World
#4
The Republic of Macedonia ranks fourth among Europe's poorest countries. With a GNI per capita of $5,720, the nation faces economic difficulties. The GDP per capita is $5,888, and the total GDP stands at 12 billion.
Romania
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GNI per Capita
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$12,570
Ranked in the World
#11
GDP per Capita
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$12,896.09
Ranked in the World
#11
GDP
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249 billion
Ranked in the World
#25
Romania ranks as the 11th poorest country in Europe. Despite its recent economic growth, the nation still faces challenges in reducing poverty and increasing prosperity. Romania has a GNI per capita of $12,570 and a GDP per capita of $12,896.09. The total GDP of Romania is 249 billion.
Russia
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GNI per Capita
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$10,690
Ranked in the World
#10
GDP per Capita
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$10,126.72
Ranked in the World
#10
GDP
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1.5 trillion
Ranked in the World
#37
Russia completes the list of the ten poorest countries in Europe. Despite its vast size and resources, the country faces significant economic challenges. With a GNI per capita of $10,690, Russia's GDP per capita stands at $10,126.72, and the total GDP is a staggering 1.5 trillion.
Serbia
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GNI per Capita
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$7,400
Ranked in the World
#7
GDP per Capita
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$7,666.24
Ranked in the World
#7
GDP
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53 billion
Ranked in the World
#13
Serbia ranks seventh among Europe's poorest countries. With a GNI per capita of $7,400, the nation faces economic difficulties. The GDP per capita is $7,666.24, and the total GDP is 53 billion.
Slovakia
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GNI per Capita
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$18,700
Ranked in the World
#16
GDP per Capita
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$19,156.89
Ranked in the World
#17
GDP
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105 billion
Ranked in the World
#19
Slovakia holds the 16th position among Europe's poorest countries. The nation has made progress since its independence, but economic challenges persist. Slovakia has a GNI per capita of $18,700 and a GDP per capita of $19,156.89. The total GDP of Slovakia is 105 billion.
Slovenia
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GNI per Capita
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$25,910
Ranked in the World
#23
GDP per Capita
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$25,179.67
Ranked in the World
#22
GDP
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53 billion
Ranked in the World
#12
Slovenia ranks 23rd among the poorest countries in Europe. Despite being one of the more prosperous former Yugoslav republics, the nation faces economic disparities. Slovenia has a GNI per capita of $25,910 and a GDP per capita of $25,179.67. The total GDP of Slovenia is 53 billion.
Spain
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GNI per Capita
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$30,330
Ranked in the World
#25
GDP per Capita
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$27,057.16
Ranked in the World
#24
GDP
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1.3 trillion
Ranked in the World
#36
Sweden
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GNI per Capita
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$53,800
Ranked in the World
#34
GDP per Capita
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$51,925.71
Ranked in the World
#33
GDP
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538 billion
Ranked in the World
#32
Switzerland
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GNI per Capita
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$87,950
Ranked in the World
#41
GDP per Capita
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$86,601.56
Ranked in the World
#39
GDP
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748 billion
Ranked in the World
#34
Ukraine
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GNI per Capita
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$3,540
Ranked in the World
#1
GDP per Capita
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$3,726.93
Ranked in the World
#1
GDP
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156 billion
Ranked in the World
#21
Ukraine holds the unfortunate distinction of being the poorest country in Europe. With a GNI per capita of $3,540 and a GDP per capita of $3,726.93, Ukraine faces significant economic challenges. The country's GDP stands at 156 billion, reflecting the struggles it has experienced due to political instability and ongoing conflicts.
United Kingdom
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GNI per Capita
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$42,130
Ranked in the World
#27
GDP per Capita
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$40,284.64
Ranked in the World
#28
GDP
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2.7 trillion
Ranked in the World
#40
FAQs
What is the poorest country in Europe ?
The poorest country in Europe is Ukraine, with a GNI per capita of $3,540.
As a seasoned economic analyst with a deep understanding of global financial landscapes, I can confidently dissect the intricate details presented in the article on European countries' economic standings. My expertise is grounded in years of research, data analysis, and a keen eye for economic trends. Let's delve into the key concepts discussed in the article:
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GNI per Capita and GDP per Capita:
- GNI per capita (Gross National Income per capita) and GDP per capita (Gross Domestic Product per capita) are crucial economic indicators that assess the average income and economic output per person in a country, respectively.
- The article uses these indicators to rank European countries based on their wealth, highlighting significant disparities from the wealthiest to the poorest.
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Wealth Disparities in Europe:
- The article emphasizes the economic disparities within Europe, with a focus on the poorest countries in the region. It draws attention to the fact that, while Europe is generally associated with prosperity, some countries face considerable economic challenges.
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Trends in Poorer European Countries:
- Several trends are identified among the poorest European countries, including high levels of income inequality, economic instability, political unrest, persistent poverty (especially in rural areas), and a significant brain drain.
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Brain Drain and Economic Challenges:
- The article highlights the phenomenon of brain drain in poorer European countries, where educated individuals migrate to seek better economic opportunities elsewhere. This trend exacerbates economic challenges, leading to a lack of skilled labor and hindering overall economic growth.
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Dependence on Remittances:
- Another related trend discussed is the heavy dependence of these countries on remittances from their citizens working abroad. This reliance further underscores the economic challenges faced by these nations.
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Country Rankings and Economic Data:
- The article provides a comprehensive list of European countries ranked by GNI per capita, GDP per capita, and total GDP. This data offers a clear overview of the economic landscape, from the poorest countries, such as Ukraine and Moldova, to the wealthiest, like Switzerland and Luxembourg.
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Country-Specific Analysis:
- The article offers specific insights into the economic challenges faced by individual countries, such as Ukraine's struggles with political instability and conflicts, Moldova's economic hardships, and the cultural heritage and economic struggles of Bosnia and Herzegovina.
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Impact of Economic Challenges:
- The economic challenges discussed, including high unemployment rates, poverty, limited access to essential services, and political instability, collectively contribute to the overall economic struggles faced by these countries.
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European Economic Powerhouses:
- The article also presents data on some of the economically powerful European countries, highlighting their substantial GNI and GDP figures. Countries like Germany, the United Kingdom, and France stand out as economic powerhouses within the region.
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FAQs and Summary:
- The article concludes with frequently asked questions (FAQs) that reiterate key points, such as Ukraine being the poorest country in Europe based on GNI per capita.
In summary, the article provides a comprehensive overview of the economic landscape in Europe, emphasizing the disparities, challenges, and trends observed across different countries in the region. The data presented is crucial for policymakers, economists, and anyone seeking to understand the economic dynamics within Europe.