The chart above shows the annualized nominal gross domestic product (GDP) in each EU state as of the first quarter of 2021 in millions of euros, the change from five years ago, and the GDP ten years prior. Germany's economy grew more over the past five years than 17 states' entire GDP.
Findings
- The difference between the state with the largest GDP, Germany, and the state with the smallest, Malta, is €3,413,486.40 million (up from €3,087,154.40 million five years ago and up from €2,653,850.80 million ten years ago). Germany and Malta had the largest and smallest GDP respectively both five and ten years ago.
- Germany has 254.50 times the GDP that Malta does. The ratio of largest GDP to smallest GDP was down from 301.61 five years ago and down from 387.12 ten years ago.
- The median GDP in the 28 EU states is €230,132.60 million (up from €179,924.00 million five years ago and up from €174,816.00 ten years ago) and the mean €601,052.00 million (up from €534,462.19 five years ago and up from €472,482.09 ten years ago).
- Of the 28 states, 27 states had the GDP rise over the past five years while 1 had the GDP decline.
- Of the 28 states, 27 states had the GDP rise over the past ten years while 1 had the GDP decline.
Caveats
- Data is from the first quarters of 2021, 2016, and 2011.
- 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.
Details
In absolute terms, Greece had the worst performance over the past five years with a drop of €3,034.40 million. The United Kingdom had the best performance with a gain of €450,054.80 million. Over the past ten years, Greece had the worst performance with a drop of €41,128.40 million while the United Kingdom had the best performance with a gain of €1,052,530.80 million.
In relative terms, the United Kingdom had the worst performance over the past five years with a 1.75% drop in GDP while Ireland had the best performance with a 56.34% rise in GDP. Over the past ten years, Greece had the worst performance with a 19.45% drop in GDP while Ireland had the best performance with a 138.46% rise in GDP.
There were 6 states with a GDP of over €500,000 million ten years ago, 6 states five years ago, and 8 states now. On the flip side, there were 9 states with a GDP of less than €50,000 million ten years ago, 8 states five years ago, and 5 states now.
Romania (from 17th to 14th) rose 3 spots in the five year period. Conversely, Portugal (from 14th to 16th) fell 2 spots in the five year period. Over the past ten years, Ireland (from 15th to 10th) rose 5 spots, while Greece (from 12th to 17th) fell 5 spots.
Data
| State | First Quarter 2011 | First Quarter 2016 | First Quarter 2021 |
|---|---|---|---|
| Austria | 307,201.2 | 355,837.2 | 378,570.4 |
| Belgium | 372,724 | 421,396 | 476,100 |
| Bulgaria | 41,792.8 | 47,692.4 | 65,108.8 |
| Croatia | 44,668 | 45,529.6 | 54,060 |
| Cyprus | 19,745.2 | 18,504.4 | 21,606.8 |
| Czechia | 164,662 | 175,870.4 | 225,642.4 |
| Denmark | 247,597.6 | 278,057.2 | 316,307.6 |
| Estonia | 16,182 | 21,711.2 | 29,252.4 |
| Finland | 195,952 | 215,576 | 240,292 |
| France | 2,044,532 | 2,231,052 | 2,412,940 |
| Germany | 2,660,724 | 3,097,424 | 3,426,952 |
| Greece | 211,503.2 | 173,409.2 | 170,374.8 |
| Hungary | 102,584.4 | 113,223.2 | 143,951.2 |
| Ireland | 170,859.2 | 260,606.8 | 407,423.6 |
| Italy | 1,647,370 | 1,686,978.4 | 1,701,171.2 |
| Latvia | 19,254.8 | 25,110.8 | 30,438.8 |
| Lithuania | 30,298.4 | 37,908.8 | 51,724 |
| Luxembourg | 42,903.2 | 53,713.2 | 68,865.2 |
| Malta | 6,873.2 | 10,269.6 | 13,465.6 |
| Netherlands | 648,743.2 | 698,987.2 | 815,435.6 |
| Poland | 386,294 | 418,912.4 | 538,694.4 |
| Portugal | 178,772.8 | 183,977.6 | 203,325.6 |
| Romania | 132,567.6 | 164,070.8 | 234,622.8 |
| Slovakia | 70,044.8 | 80,547.2 | 92,906 |
| Slovenia | 37,182.8 | 39,733.6 | 48,547.6 |
| Spain | 1,071,964 | 1,100,156 | 1,153,136 |
| Sweden | 415,940.4 | 465,648.4 | 515,448.8 |
| United Kingdom | 1,940,561.6 | 2,543,037.6 | 2,993,092.4 |
Sources
Eurostat. 2021. "GDP and Main Components." Accessed August 26, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-B4FCD9_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;UNIT,L,Z,0;S_ADJ,L,Z,1;NA_ITEM,L,Z,2;INDICATORS,C,Z,3;&zSelection=DS-406779UNIT,CP_MEUR;DS-406779INDICATORS,OBS_FLAG;DS-406779NA_ITEM,B1GQ;DS-406779S_ADJ,SCA;&rankName1=UNIT_1_2_-1_2&rankName2=INDICATORS_1_2_-1_2&rankName3=NA-ITEM_1_2_-1_2&rankName4=S-ADJ_1_2_-1_2&rankName5=TIME_1_0_0_0&rankName6=GEO_1_2_0_1&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=NONE&time_most_recent=false&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23.
Federal Reserve. 2021. "Foreign Exchange Rates." Accessed August 26, 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 August 26, 2021. https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.