Europe: financial services sector economic output 2022

In 2022, the financial service sectors contribution to the total economy varied greatly across European countries. In Luxembourg, more than 25 percent of the output was generated by the finance and insurance service sector. On the other hand, in Ireland, Norway, Finland, Latvia, and Slovakia, the sector contributed for less than 3.5 percent of the economic output.

European finance and insurance services sector value added as a percentage of the total economic output in 2022, by country

Characteristic	Share of total economic output
Luxembourg*	25.17%
Switzerland	9.18%
United Kingdom	8.35%
Belgium*	6.23%
Netherlands*	5.12%
Poland	5.05%
Portugal*	5.01%
Denmark	4.77%
Italy	4.7%
Estonia	4.56%
Greece*	4.55%
Spain*	4.43%
Sweden	4.39%
Austria	4.09%
Slovenia	3.93%
Turkey*	3.74%
Czechia	3.67%
Hungary*	3.63%
Germany*	3.56%
France*	3.56%
Ireland	3.47%
Norway	3.45%
Finland	3.36%
Latvia	3.18%
Slovakia	2.21%

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Release date

August 2023

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Region

Europe

Survey time period

2022

Supplementary notes

*Estimated value.
OECD defines value added as "Value added reflects the value generated by producing goods and services, and is measured as the value of output minus the value of intermediate consumption. Value added also represents the income available for the contributions of labour and capital to the production process. Value added by activity shows the value added created by the various industries (such as agriculture, industry, utilities, and other service activities). The indicator presents value added for an activity, as a percentage of total value added. All OECD countries compile their data according to the 2008 System of National Accounts (SNA)."

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