Western Europe

Denmark’s strong infrastructure and neat legal system as well as great conditions for opening a business result in strong business environment. The main economic advantages of the country also include flexible labour regulations and advanced digital…

Heavy tax burden, persisting bureaucracy hurdles and struggles with government finances place Italy among the worst performers in Western Europe in the Economic Freedom ranking. The business environment is also clouded by cumbersome regulatory…

Austria’s economic freedom ranking remains high, indicating a competitive business environment. The country’s businesses benefit from economic and political stability, low barriers to trade, a skilled labour force, and high capacity for innovation.…

Thanks to the high level of transparency, efficiency of operating a business, and robust rule-of-law indicators, Finland remains among the global leaders in terms of economic freedom. The country benefits from a highly-educated workforce, low…

Belgium ranks high in financial freedom indicators globally fostering positive business growth and expansion. Belgium’s economic stability, high level of R&D, strong infrastructure and abundance of skilled workforce continues to attract foreign…

Despite heavy tax burden and complex regulatory procedures, Germany remains among top most attractive countries in terms of business environment globally. The country boasts sound judicial system, stable political environment and high government…

Greece’s business environment lags behind it regional peers, burdened by rigid labour market regulations, slow and inefficient judicial system, prevalent corruption, heavy taxation and weak financial system. The country boasts rather highly educated…

The Spanish business environment is globally recognised as one of the most appealing, thanks to its membership in the European Single Market that grants Spanish businesses access to a vast and diversified customer base, as well as the absence of…

In 2022, Sweden maintained high business freedom and an attractive investment climate, placing it among the best locations to conduct business. Strong infrastructure and a high digitalisation level, along with supportive tax policies for R&D…

The UK continues to boast among the most favourable business environments globally, supported by a stable economy, advanced infrastructure and a skilled workforce. While the UK’s medium-sized enterprises are set to benefit from reduced regulatory and…

The Netherlands has a highly developed economy, with a competitive business environment and a stable financial sector. The quality of the country’s judicial system is among the highest in the world, and political corruption is not tolerated. The…

The Irish economy is characterised by a favourable and free business environment, and comparative advantages, which makes it an attractive destination for FDI. Despite short-term challenges, such as declining business confidence and escalating global…

Portugal ranks in the top third globally in the Index of Economic Freedom (IEF) ranking, yet lags behind key regional peers. The country’s business environment is clouded by a relatively heavy tax burden, elevated interest rates and rigid labour…

France ranks high on the Index of Economic Freedom ranking 2022, with sound trade conditions, well-developed transport infrastructure and strong innovative capabilities. However, the country still struggles with heavy tax burden and rather rigid…

Turkey continues to rank relatively low in terms of economic freedom as starting and operating a business remain difficult in the country. The lack of macroeconomic stability, a depreciating currency, shortages of skilled workers and lower innovation…

The number of households is set to increase slightly in Belgium over 2022-2027, with single person remaining the dominant household type. In 2022, household spending was affected by inflation, which stood at 9.6%, elevating living costs. The fastest…

The number of households in France is set to experience slight growth between 2022 and 2027, with single individuals continuing to be the leading household type. Inflation had an impact on household spending in 2022, leading to increased living…

Over the period from 2022 to 2027, the Netherlands is expected to experience a moderate increase in the number of households, with single-person households continuing to be the predominant type. In 2022, household spending was impacted by a high…

Turkish consumer income is predicted to increase at a faster rate than in Western Europe over the period to 2027, although starting from lower initial levels. Middle-aged consumers are set to earn the most, due to better jobs and multiple income…

Over 2022-2027, Italy is set to experience a modest rise in the number of households, with single person households maintaining their dominant position. Soaring inflation had a significant impact on household spending in 2022, leading to increased…

The number of households in Turkey is forecast to grow moderately over 2022-2027, with couples with children continuing to be the leading household type. In 2022, household spending was affected by inflation, which reached 72.3%, leading to rises in…

Inflationary pressures are expected to hinder real disposable income growth and diminish purchasing power in the near future. Nevertheless, the government is implementing measures to protect vulnerable households amidst the cost-of-living crisis.…

Denmark's household landscape reveals a shift towards single-person households driven by an ageing population and increased life expectancy. Urbanisation continues, impacting income inequality, while disposable income decreases slightly due to…

The number of households is set to increase moderately in Sweden over 2022-2027, with single person remaining the dominant household type. In 2022, household spending was affected by inflation, which stood at 8.4%, elevating living costs. The fastest…

Greece's per capita income is set to rise, driven by Later Lifers influencing luxury spending. Despite an increase in income inequality, it will remain high in global terms. Social class E will grow rapidly, while social class D will remain…

Ireland is expected to experience economic growth and increased per capita income over 2022-2027. Later Lifers are projected to dominate the top income group, influencing luxury spending. While income inequality is forecast to increase, poverty rates…

The number of households is set to decrease slightly in Greece over 2022-2027, with single person households becoming the leading household type. In 2022, household spending was affected by inflation, which stood at 9.6%, increasing living costs. The…

The number of households is set to increase moderately in Ireland over 2021-2040, with couples with children remaining the dominant household type. While household earnings will only gradually reach pre-pandemic levels, the fastest household…

The number of households is set to increase slightly in Portugal over 2022-2027, with couples with children remaining the leading household type. In 2022, household spending was affected by inflation, standing at 7.8%, which increased living costs.…

Over 2022 to 2027, Spain is predicted to see a rise in the number of households, with couples with children remaining the leading household type. In 2022, household expenses were impacted by an 8.4% inflation rate, leading to an increase in the cost…

Norway is expected to see a moderate increase in the number of households from 2022 to 2027, with single person households continuing to dominate. In 2022, household spending was impacted by rocketing inflation rate, leading to higher living costs.…

Switzerland's number of households is expected to grow by 2027, with single person households expanding the most. Disposable income per household is forecast to increase as well. Unemployment is set to decrease, and household possession of tablets is…

Income growth in Finland is anticipated to be sluggish due to subdued economic growth, although it is expected to maintain a high standing within the EU context. As the lowest income class experiences the fastest expansion among all income classes,…

The number of households is set to increase moderately in Austria over 2022-2027, with single person remaining the dominant household type. In 2022 household spending was affected by inflation, which elevated living costs. The fastest household…

Finland is expected to see an increase in households, driven by single-person households. Urbanisation will continue to grow. Disposable income per household is set to rise, but inflation remains a challenge. Tablet ownership is on the rise, as are…

In 2023, Austria’s real GDP contracted by 0.7%, which was below Western Europe’s average growth. The economic slowdown was attributable to high inflation, rising interest rates, labour shortages and sluggish public consumption and investment. Going…

In 2023, Belgium’s economy slowed but still outperformed Western Europe’s average, driven by private and public spending, and a strong services sector. However, projections for 2024 suggest a further deceleration and a widening budget deficit.…

Finland’s economic growth stagnated in 2023, despite a rise in public consumption. In the near future, the country’s economic development is projected to improve with the help of the Next Generation EU scheme, although sluggish growth in private…

In 2023, Germany’s economy contracted by 0.3%, due to sluggish spending, which was impacted by high inflation and stricter financing conditions. However, an improvement is expected in 2024, with projected GDP growth of 0.2%, while inflation is set to…

In 2023, real GDP growth in Norway slowed to 1.2%, due to a drop in household consumption, but it continued to outperform the Western European average, thanks to strong per capita expenditure. Despite declining imports and exports, due to global…

In 2023, the UK’s GDP growth slowed considerably, to 0.1%, with the last two quarters of 2023 seeing a contraction in GDP. Despite receding inflationary pressures, inflation remains above the Bank of England’s target, while households are pressured…

In 2023, Denmark's real GDP growth slowed to 1.4%, yet outperformed the Western European average. Despite a rise in private spending and exports, the economy was hindered by sluggish public consumption and increased interest rates. Over the forecast…

In 2023, Switzerland’s GDP growth slowed to 0.7%, dragged down by subdued private investment and public consumption. Following this deceleration in 2023, the Swiss economy is projected to grow by 1.2% in 2024, primarily driven by domestic activity.…

In 2023, France’s GDP growth slowed to 0.7%, underperforming Western Europe’s average, weighed down by high inflation, stringent financial conditions and sluggish public consumption. The country’s economic growth is projected to pick up in 2024,…

In 2023, Greece’s GDP growth slowed to 2.2%, but outperformed Western Europe’s average. Economic growth was driven by private spending, gross fixed capital formation, and a resurgence in tourism, although it was hindered to some extent by sluggish…

Ireland’s real GDP contracted in 2023, primarily due to subdued foreign demand, which negatively affected export-focused industries, and sluggish private investment. In 2024, Ireland’s economy is projected to rebound, underpinned by a robust labour…

In 2023, Turkey’s real GDP growth slowed to 2.8% amid tight financial conditions and surging inflation, but it outperformed Western Europe’s average growth. Furthermore, Turkey’s inflation levels decreased to 53.9% in 2023, following a change in the…

In 2023, Portugal’s economy grew by 2.2%, outperforming Western Europe’s average, supported by increases in private spending, public consumption, and a thriving tourism industry. However, a slowdown is expected in 2024, due to a challenging external…

In 2023, the Netherlands’ economic growth decelerated, due to subdued private expenditure and a drop in exports. However, the economy was supported by increases in public spending and gross fixed capital formation. Despite the slowdown in economic…

In 2023, Spain’s economy demonstrated a degree of resilience, with real GDP growth of 2.5%, outperforming the Western European average, despite the environment of geopolitical instability, high inflation and elevated burrowing costs. However, a…