European markets and economies

Bullrun holds a reading for 44 economies in Europe, across 5 panels. Ukraine carries the region's highest composite stress at 75 of 100. Coverage is not uniform: a panel a provider does not publish for this region is left out rather than filled from a proxy, and an economy missing from a table is one we hold no reading for, never a zero.

Economic stress in Europe

Composite stress, 0-100 for 41 economies, ranked. The whole cross-section, every region included, is on Country Stress Score.

#EconomyStress scoreBandPeriodSource
1Ukraine75Stretched2025Bullrun
2Romania65Stretched2026-08Bullrun
3Moldova58Elevated2025Bullrun
4Bulgaria54Elevated2026-08Bullrun
5North Macedonia54Elevated2026-08Bullrun
6Latvia51Elevated2026-09Bullrun
7Slovakia51Elevated2026-08Bullrun
8Belgium44Watch2026-09Bullrun
9Iceland43Watch2026-08Bullrun
10France42Watch2026-08Bullrun
11Russia41Watch2026-Q2Bullrun
12Bosnia and Herz.40Watch2026-07Bullrun
13Estonia40Watch2026-09Bullrun
14Lithuania39Watch2026-09Bullrun
15Croatia38Watch2026-08Bullrun
16Czechia38Watch2026-08Bullrun
17Greece38Watch2026-09Bullrun
18Serbia38Watch2026-Q2Bullrun
19Cyprus37Watch2026-08Bullrun
20United Kingdom37Watch2026-08Bullrun
21Finland36Watch2026-08Bullrun
22Norway35Watch2026-09Bullrun
23Spain35Watch2026-08Bullrun
24Austria34Watch2026-08Bullrun
25Italy32Watch2026-08Bullrun
26Luxembourg32Watch2026-09Bullrun
27Portugal32Watch2026-08Bullrun
28Poland31Watch2026-08Bullrun
29Hungary30Watch2026-09Bullrun
30Sweden29Calm2026-08Bullrun
31Switzerland29Calm2026-09Bullrun
32Belarus28Calm2025Bullrun
33Ireland26Calm2026-09Bullrun
34San Marino25Calm2025Bullrun
35Albania24Calm2025Bullrun
36Germany24Calm2026-08Bullrun
37Netherlands24Calm2026-08Bullrun
38Slovenia24Calm2026-09Bullrun
39Denmark19Very calm2026-09Bullrun
40Malta19Very calm2026-08Bullrun
41Andorra8Very calm2025Bullrun

GDP growth in Europe

Real GDP growth for 41 economies, ranked. Reference period 2025. The whole cross-section, every region included, is on GDP Growth by Country.

#EconomyReal GDP growthBandSource
1Ireland+12.34%StrongWORLDBANK
2Malta+3.96%StrongWORLDBANK
3Andorra+3.87%StrongWORLDBANK
4Albania+3.79%StrongWORLDBANK
5Cyprus+3.77%StrongWORLDBANK
6Poland+3.57%StrongWORLDBANK
7North Macedonia+3.49%HealthyWORLDBANK
8Croatia+3.40%HealthyWORLDBANK
9Bulgaria+3.10%HealthyWORLDBANK
10Denmark+2.93%HealthyWORLDBANK
11Lithuania+2.92%HealthyWORLDBANK
12Spain+2.83%HealthyWORLDBANK
13Montenegro+2.74%HealthyWORLDBANK
14Czechia+2.58%HealthyWORLDBANK
15Moldova+2.42%HealthyWORLDBANK
16Latvia+2.14%HealthyWORLDBANK
17Bosnia and Herz.+2.13%HealthyWORLDBANK
18Greece+2.07%HealthyWORLDBANK
19Serbia+2.03%HealthyWORLDBANK
20Portugal+1.86%SluggishWORLDBANK
21Ukraine+1.82%SluggishWORLDBANK
22Netherlands+1.78%SluggishWORLDBANK
23Sweden+1.54%SluggishWORLDBANK
24United Kingdom+1.39%SluggishWORLDBANK
25Switzerland+1.30%SluggishWORLDBANK
26Belarus+1.30%SluggishWORLDBANK
27Iceland+1.28%SluggishWORLDBANK
28Norway+1.09%SluggishWORLDBANK
29Slovenia+1.06%SluggishWORLDBANK
30Russia+1.00%SluggishWORLDBANK
31Belgium+0.98%StagnationWORLDBANK
32France+0.84%StagnationWORLDBANK
33Slovakia+0.81%StagnationWORLDBANK
34Romania+0.68%StagnationWORLDBANK
35Luxembourg+0.64%StagnationWORLDBANK
36Austria+0.62%StagnationWORLDBANK
37Estonia+0.58%StagnationWORLDBANK
38Italy+0.54%StagnationWORLDBANK
39Hungary+0.51%StagnationWORLDBANK
40Germany+0.24%StagnationWORLDBANK
41Finland+0.17%StagnationWORLDBANK

Inflation in Europe

Consumer prices, year over year for 41 economies, ranked. The whole cross-section, every region included, is on Inflation by Country.

#EconomyInflation, YoYBandPeriodSource
1Cyprus+0.13%At target2025WORLDBANK
2Sweden+0.31%At target2026-08OECD
3Switzerland+0.99%At target2026-09OECD
4Hungary+1.54%At target2026-09OECD
5Czechia+1.89%At target2026-08OECD
6Albania+2.15%A little above target2025WORLDBANK
7Denmark+2.18%A little above target2026-09OECD
8Finland+2.19%A little above target2026-08OECD
9San Marino+2.30%A little above target2025WORLDBANK
10France+2.36%A little above target2026-08OECD
11Malta+2.36%A little above target2025WORLDBANK
12Germany+2.86%A little above target2026-08OECD
13Luxembourg+2.94%A little above target2026-09OECD
14Slovakia+3.10%A little above target2026-08OECD
15Latvia+3.16%A little above target2026-09OECD
16Austria+3.20%A little above target2026-08OECD
17Netherlands+3.27%A little above target2026-08OECD
18Portugal+3.30%A little above target2026-08OECD
19United Kingdom+3.30%A little above target2026-08OECD
20Italy+3.31%A little above target2026-08OECD
21Slovenia+3.31%A little above target2026-09OECD
22Norway+3.38%A little above target2026-09OECD
23Poland+3.40%A little above target2026-08OECD
24Estonia+3.54%A little above target2026-09OECD
25Croatia+3.69%A little above target2025WORLDBANK
26Serbia+3.89%A little above target2025WORLDBANK
27Montenegro+3.90%A little above target2025WORLDBANK
28Bosnia and Herz.+3.98%A little above target2025WORLDBANK
29Ireland+4.06%Elevated2026-09OECD
30North Macedonia+4.07%Elevated2025WORLDBANK
31Spain+4.28%Elevated2026-08OECD
32Bulgaria+4.58%Elevated2025WORLDBANK
33Belgium+4.69%Elevated2026-09OECD
34Greece+5.05%Elevated2026-09OECD
35Iceland+5.60%Elevated2026-08OECD
36Belarus+6.60%Elevated2025WORLDBANK
37Lithuania+6.74%Elevated2026-09OECD
38Romania+7.19%Elevated2025WORLDBANK
39Moldova+7.76%Elevated2025WORLDBANK
40Russia+8.72%High2025WORLDBANK
41Ukraine+12.73%High2025WORLDBANK

Unemployment in Europe

Unemployment rate for 43 economies, ranked. The whole cross-section, every region included, is on Unemployment by Country.

#EconomyUnemployment rateBandPeriodSource
1Ukraine11.6%High2025IMF
2Bosnia and Herz.11.4%High2026-07EUROSTAT
3North Macedonia11.0%High2026-08EUROSTAT
4Kosovo10.8%High2024IMF
5Spain10.0%High2026-08OECD
6Finland9.9%High2026-08OECD
7Sweden8.9%Slack2026-08OECD
8Serbia8.7%Slack2025IMF
9Albania8.7%Slack2025IMF
10France8.2%Slack2026-08OECD
11Estonia8.0%Slack2026-08OECD
12Greece7.4%Slack2026-08OECD
13Latvia7.3%Slack2026-08OECD
14Luxembourg7.3%Slack2026-08OECD
15Austria6.7%Slack2026-08OECD
16Romania6.4%Slack2026-08EUROSTAT
17Italy6.2%Slack2026-08OECD
18Lithuania6.1%Slack2026-08OECD
19Denmark5.9%Healthy2026-08OECD
20Belgium5.9%Healthy2026-08OECD
21Iceland5.8%Healthy2026-08OECD
22Slovakia5.7%Healthy2026-08OECD
23Portugal5.7%Healthy2026-08OECD
24Switzerland5.1%Healthy2026-06EUROSTAT
25Ireland5.0%Healthy2026-09EUROSTAT
26United Kingdom4.9%Healthy2026-06OECD
27Hungary4.7%Healthy2026-08OECD
28San Marino4.5%Healthy2025IMF
29Norway4.5%Healthy2026-08OECD
30Croatia4.3%Healthy2026-08EUROSTAT
31Cyprus4.1%Healthy2026-08EUROSTAT
32Netherlands4.0%Healthy2026-08OECD
33Germany4.0%Healthy2026-08OECD
34Moldova3.8%Tight2025IMF
35Bulgaria3.5%Tight2026-08EUROSTAT
36Malta3.4%Tight2026-08EUROSTAT
37Poland3.4%Tight2026-08OECD
38Slovenia3.4%Tight2026-08OECD
39Czechia3.2%Tight2026-08OECD
40Belarus2.5%Tight2025IMF
41Russia2.2%Tight2025IMF
42Liechtenstein2.0%Tight2025IMF
43Andorra1.3%Tight2025IMF

Government debt in Europe

General government gross debt, percent of GDP for 44 economies, ranked. Reference period 2025. The whole cross-section, every region included, is on Government Debt by Country.

#EconomyDebt / GDPBandSource
1Greece146.6%Very highIMF
2Italy137.1%Very highIMF
3France115.5%HighIMF
4Belgium107.9%HighIMF
5Ukraine107.1%HighIMF
6United Kingdom102.1%HighIMF
7Spain100.5%HighIMF
8Portugal89.7%ElevatedIMF
9Finland88.4%ElevatedIMF
10Austria81.4%ElevatedIMF
11Hungary74.6%ElevatedIMF
12Slovenia65.1%ElevatedIMF
13Montenegro63.5%ElevatedIMF
14Germany62.7%ElevatedIMF
15Slovakia61.4%ElevatedIMF
16Romania60.4%ElevatedIMF
17San Marino59.8%ModerateIMF
18Poland59.7%ModerateIMF
19Iceland56.7%ModerateIMF
20Croatia56.3%ModerateIMF
21Cyprus55.0%ModerateIMF
22Norway54.0%ModerateIMF
23Albania53.8%ModerateIMF
24North Macedonia52.6%ModerateIMF
25Latvia46.9%ModerateIMF
26Malta46.2%ModerateIMF
27Netherlands44.7%ModerateIMF
28Czechia44.2%ModerateIMF
29Serbia42.2%ModerateIMF
30Switzerland40.1%ModerateIMF
31Lithuania39.5%ModerateIMF
32Moldova39.2%ModerateIMF
33Ireland34.8%ModerateIMF
34Sweden34.5%ModerateIMF
35Belarus31.3%ModerateIMF
36Andorra30.3%ModerateIMF
37Bulgaria29.9%LowIMF
38Bosnia and Herz.28.8%LowIMF
39Denmark27.4%LowIMF
40Luxembourg26.5%LowIMF
41Estonia24.0%LowIMF
42Kosovo17.5%LowIMF
43Russia16.6%LowIMF
44Liechtenstein0.5%LowIMF

Economies of Europe

Each of these has a page of its own scoring it against six pillars - labour, housing, credit, fiscal, external and cycle - and showing which readings were too stale to count.

Stocks to research in Europe

Six large European listings, spread across the exchanges the region actually trades on - SIX, Xetra, Euronext and London - rather than one market standing in for all of them.

TickerCompanyMarketWhat to look at
NOVNNovartisSIX Swiss ExchangePharma pipeline, margins, capital returns, and Swiss-franc exposure.
ROGRocheSIX Swiss ExchangeDiagnostics, pharma pipeline resets, cash flow, and dividend durability.
SAPSAPXetraCloud ERP migration, software margins, and European technology leadership.
MCLVMHEuronext ParisLuxury demand, China exposure, brand portfolio, and pricing power.
SHELShellLondon/NYSEEnergy cash flow, LNG exposure, buybacks, and commodity-cycle risk.
ASMLASMLEuronext AmsterdamSemiconductor equipment, EUV demand, and global fab spending.

Screen every listing we hold · Browse stocks

Where these numbers come from

PanelEconomiesSource
Composite stress, 0-10041Bullrun six-pillar composite, built from OECD, BIS, IMF and World Bank releases
Real GDP growth41World Bank annual national accounts, with OECD and official sources for the quarterly panel
Consumer prices, year over year41Official national statistics offices, via OECD and the US Bureau of Labor Statistics, with World Bank annual CPI as the broad fallback
Unemployment rate43OECD and Eurostat monthly harmonised rates, with the IMF's annual series as the floor
General government gross debt, percent of GDP44IMF World Economic Outlook, general government gross debt

Bands match the shading on the Global Markets dashboard, so a country's colour there and its band here always agree. Regional membership is geographic, and the aggregate rows these providers publish - the euro area, the World Bank income groups - are excluded, because they would outrank the economies they are built from. See the data license.

Other regions

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