The chart above shows the annualized nominal gross domestic product (GDP) in each EU region as of the first quarter of 2021 in millions of euros, the change from the previous quarter, and the GDP one year prior. The Southern EU was the only region to contract over the previous quarter.
Findings
- The difference between the region with the largest GDP, the Western EU, and the region with the smallest, the Northern EU, is €9,363,348.40 million (up from €9,247,014.40 million last quarter and down from €9,413,635.60 million last year). The Western and Northern EU had the largest and smallest GDP respectively both last quarter and last year.
- The Western EU has 9.73 times the GDP that the Northern EU does. The ratio of largest GDP to smallest GDP was down from 9.78 last quarter and down from 10.08 last year.
- Of the four regions, 3 saw a rise of GDP in current euros from the previous quarter while 1 saw a contraction.
- Of the four regions, 2 saw a rise of GDP in current euros from last year while 2 saw a contraction.
Caveats
- Data is from the first quarter of 2020, the fourth quarter of 2020, and the first quarter of 2021.
- The data is seasonally adjusted in current euros.
- The data is annualized by multiplying the quarterly figure by four.
- All figures are rounded to the nearest hundredth.
- The Eastern EU consists of Poland, Czech Republic, Romania, Hungary, Slovakia, Bulgaria, Croatia, Slovenia, Lithuania, Latvia, and Estonia.
- The Northern EU consists of Sweden, Denmark, and Finland.
- The Southern EU consists of Italy, Spain, Portugal, Greece, Cyprus, and Malta.
- The Western EU consists of Germany, United Kingdom, France, Netherlands, Belgium, Austria, Ireland, and Luxembourg.
Details
In absolute terms, the Southern EU had the worst performance over the previous quarter with a loss of €5,471.20 million. The Western EU had the best performance with a gain of €134,947.60 million. Year over year, the Southern EU had the worst performance with a loss of €39,689.20 million while the Northern EU had the best performance with a gain of €35,660.00 million.
In relative terms, the Southern EU had the worst performance over the previous quarter with a 0.17% drop in GDP while the Eastern EU had the best performance with a 2.09% gain in GDP. Year over year, the Southern EU had the worst performance with a 1.20% drop in GDP while the Northern EU had the best performance with a 3.44% gain in GDP.
The Western EU accounted for nearly two-thirds of the economic output of the EU at 64.08%. The largest contributor to the Western EU's GDP, Germany, accounted for just under one-third of the region's GDP at 32.68%. Italy, the Southern EU's largest contributor, accounted for over half of the region's GDP at 52.13%. Poland, the Eastern EU's largest economy contributed over one-third at 35.57% of the region's GDP. The Northern EU's largest economy, Sweden, made up nearly half of the region's GDP at 48.08%.
No region overcame another region in the quarter or over the past year. Although the Southern EU had the second largest economy overall, its component states had the second smallest median GDP at €186,850.2 million. The Northern EU which had the smallest GDP overall, had the second largest median GDP of component states at €316,307.6 million. The Western EU which had the largest economy, consists of the states with the largest median GDP at €645,765.6 million. And the Eastern EU which ranks third in overall GDP ranks last in the median GDP of its component states with a median GDP of €65,108.8 million.
Sources
Federal Reserve. 2021. "Foreign Exchange Rates." Accessed July 21, 2021. https://www.federalreserve.gov/releases/g5/.
Office for National Statistics. 2021. "Gross Domestic Product at market prices: Current price: Seasonally adjusted £m - Office for National Statistics." Accessed July 21, 2021. https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.