Economy of Europe - Regional Variation

Regional Variation

West Europe, with a long history of trade, a free market system, and a high level of development in the previous century, has been wealthier and more stable than the East, even though the gap is converging due to higher growth rates in the East.

The poorest states are those that just emerged from communism and civil wars, namely those of the former Soviet Union and Yugoslavia excluding Slovenia. But also West Europe itself presents some differences, especially between Northern countries (Scandinavia, Benelux, UK, Ireland, most of Germany) and Southern countries.

Below is a map of European countries by gross national income per capita. High income countries – as defined by the World Bank – in blue ($12,196 or more), upper middle income in green ($3,946 – $12,195) and lower middle income ($996 – $3,945) in yellow.

3,840 n/d 46,260 3,830 5,830 44,330 4,510 5,490 13,570 22,950 16,600 59,130 14,270 48,120 43,830 42,440 2,470 28650 12,810 40,070 49,590 35,240 6,140 2,000 12,390 n/d 11,870 84,890 4,140 16,680 1,470 n/d 6,440 50,150 87,070 12,260 20,560 7,930 9,620 46,770 5,710 14,540 24,010 31,960 50,940 65,330 9,340 3,210 39,600 Faroe
Islands
(Dk.) n/d 3,350 Adriatic
Sea Arctic Ocean Barents Sea Bay of
Biscay Black
Sea Azov
Sea Caspian
Sea Celtic
Sea Greenland Sea Baffin Bay Gulf of
Cadiz Ligurian
Sea Mediterranean Sea North
Atlantic
Ocean North
Sea Norwegian
Sea Strait of Gibraltar