The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU and US region as of the first quarter of 2019 and the growth rate from one year prior. All negative growth rates in the EU are attributed to currency rate fluctuations.
- 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 Western US, and the region with the smallest, the Northern EU, is 11.11 percentage points.
- All EU regions saw a faster growth rate over the previous quarter than the same quarter the previous year. All US regions experienced slower growth over the previous quarter than the same quarter last year.
- All EU drops in growth rate are attributed to currency rate fluctuations.
- 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 dollars.
- Euros are converted to dollars at an average exchange rate of 1.14 for the first quarter of 2019, 1.14 for the fourth quarter of 2018, and 1.23 for the first quarter of 2018 according to historic rates listed at the Federal Reserve (see source link below).
- US data comes in an annualized format which the EU does not, thus EU data is annualized by multiplying the quarterly figure by four.
- US growth rates may differ from those provided by the Bureau of Economic Analysis as the BEA's growth rates are based on chained dollars in conjunction with the chain index or the quality index for real GDP. The growth rates listed here are based on nominal GDP.
- All figures are rounded to the nearest hundredth.
- The Southern US consists of Texas, Florida, Georgia, North Carolina, Virginia, Tennessee, Louisiana, South Carolina, Alabama, Kentucky, Oklahoma, Arkansas, Mississippi, and West Virginia.
- The Western US consists of California, Washington, Colorado, Arizona, Oregon, Utah, Nevada, New Mexico, Hawaii, Idaho, Alaska, Montana, and Wyoming.
- The Midwestern US consists of Illinois, Ohio, Michigan, Indiana, Minnesota, Wisconsin, Missouri, Iowa, Kansas, Nebraska, North Dakota, and South Dakota.
- The Northeastern US consists of New York, Pennsylvania, New Jersey, Massachusetts, Maryland, Connecticut, New Hampshire, Delaware, Maine, Rhode Island, and Vermont.
- 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.
The Northern EU had the smallest increase over the previous quarter with an annualized gain 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 largest decrease with a 5.59% drop in GDP while the Western US had the largest growth with a 5.52% rise in GDP.
The Southern US saw the largest decrease in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 2.23 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 10.64 percentage points.
The Northeastern US had the smallest range in annualized quarterly growth rates with a low of 2.84% in Delaware to a high of 4.56% in New York. Conversely, the Southern US had the greatest range in annualized quarterly growth rates with a low of -1.36% in Oklahoma to a high of 5.12% in Florida. Year-over-year, the Midwestern US had the smallest range in growth rates with a low of 3.58% in Indiana to a high of 5.47% in Minnesota. The Northern EU on the other hand, had the greatest range of rates on a year-over-year basis with a low of -7.06% in Sweden to a high of -4.24% in Finland.
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.
Federal Reserve. 2019. "Foreign Exchange Rates." Accessed August 20, 2019. https://www.federalreserve.gov/releases/g5/.
US Bureau of Economic Analysis. 2019. "GDP by State." Accessed August 18, 2019. https://www.bea.gov/data/gdp/gdp-state.