The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU state as of the second quarter of 2021 and the growth rate from one year prior. Two states' economies contracted over the previous quarter.
Findings
- The difference between the state with the largest annualized quarterly growth rate, the United Kingdom, and the state with the smallest, Malta, is 9.85 percentage points.
- The difference between the state with the largest year-over-year growth rate, the United Kingdom, and the state with the smallest, Finland, is 16.18 percentage points.
- The median annualized quarterly growth rate in the 28 EU states is 2.78% and the mean 2.75%.
- The median year-over-year growth rate in the 28 EU states is 16.37% and the mean 16.32%.
- Of the 28 states, 0 grew faster over the previous quarter than they did over the same quarter last year, 0 grew at the same rate over both time periods, and 28 grew slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the second quarter of 2020, the first quarter of 2021, and the second 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.
Details
Malta had the worst performance over the previous quarter with an annualized rate of -1.85%. The United Kingdom had the best performance with an annualized rate of 8.00%.
Year over year, Finland had the worst performance with an annualized rate of 8.71% while the United Kingdom had the best performance with an annualized rate of 24.89%.
Croatia saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 20.97 percentage points. Finland had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 6.00 percentage points.
Austria (from 21st best growth rate over the same quarter last year to the 3rd best growth rate over the previous quarter) and Denmark (from 26th to 8th) rose 18 spots. Conversely, Croatia (from 3rd to 26th) fell 23 spots. Three states had growth rates in the top five both over the same quarter last year and over the previous quarter: the United Kingdom (1st highest year-over-year, 1st highest quarterly), Hungary (2nd highest year-over-year, 2nd highest quarterly), and Czechia (5th highest year-over-year, 4th highest quarterly). One state had growth rates in the bottom five both over the same quarter last year and over the previous quarter: Bulgaria (24th highest year-over-year, 27th highest quarterly).
Sources
Eurostat. 2021. "GDP and Main Components." Accessed October 26, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_319D4A03_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 October 27, 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 October 26, 2021. https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.