The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU region as of the first quarter of 2019 and the growth rate from one year prior. Every single region's economy grew both over the past quarter and the past year.
Findings
- The difference between the region with the largest annualized quarterly growth rate, the Eastern EU, and the region with the smallest, the Northern EU, is 6.84 percentage points.
- The difference between the region with the largest year-over-year growth rate, the Eastern EU, and the region with the smallest, the Northern EU, is 4.17 percentage points.
- All four regions saw their GDP rise faster in the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the first quarter of 2019, the fourth quarter of 2018, and the first quarter of 2018.
- 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 Northern EU consists of Sweden, Denmark, and Finland.
- The Eastern EU consists of Poland, Czech Republic, Romania, Hungary, Slovakia, Bulgaria, Croatia, Slovenia, Lithuania, Latvia, and Estonia.
- The Western EU consists of Germany, United Kingdom, France, Netherlands, Belgium, Austria, Ireland, and Luxembourg.
- The Southern EU consists of Italy, Spain, Portugal, Greece, Cyprus, and Malta.
Details
The Northern EU had the smallest increase over the previous quarter with an annualized growth rate of 2.08%. The Eastern EU had the largest growth with an annualized gain of 8.92%.
Year over year, the Northern EU had the smallest growth with a 1.86% rise in GDP while the Eastern EU had the largest growth with a 6.03% rise in GDP.
The Northern EU saw the smallest increase in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 0.22 percentage points. The Eastern EU had the largest increase in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 2.89 percentage points.
The Northern EU had the smallest range in annualized quarterly growth rates with a low of 0.64% in Denmark to a high of 4.00% in Finland. Conversely, the Eastern EU had the greatest range in annualized quarterly growth rates with a low of 2.64% in Latvia to a high of 22.84% in Bulgaria. Year-over-year, the Western EU had the smallest range in growth rates with a low of 2.64% in France to a high of 5.28 in Ireland. The Southern EU on the other hand, had the greatest range of rates on a year-over-year basis with a low of 3.73% in Poland to a high of 10.60% in Bulgaria.
Sources
Eurostat. 2019. "GDP and Main Components." Accessed August 19, 2019. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-64A128D_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-406779S_ADJ,SCA;DS-406779NA_ITEM,B1GQ;&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.