The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU state as of the second quarter of 2019 and the growth rate from one year prior. Sweden was the only state to see a contraction over the previous quarter.
Findings
- The difference between the states with the largest annualized quarterly growth rate, Ireland and Luxembourg, and the state with the smallest, Sweden, is 14.24 percentage points.
- The difference between the state with the largest year-over-year growth rate, Bulgaria, and the state with the smallest, Italy, is 10.25 percentage points.
- The median annualized quarterly growth rate in the 28 EU states is 4.18% and the mean 4.28%.
- The median year-over-year growth rate in the 28 EU states is 4.33% and the mean 4.90%.
- Twelve states' economies grew faster over the previous quarter than they did over the same quarter last year. The remaining 16 states saw their economies grow slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the second quarter of 2019, the first quarter of 2019, and the second 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.
Details
Luxembourg had the largest decrease over the previous quarter with an annualized drop of 4.88%. Ireland and Luxembourg had the largest growth with an annualized gain of 9.66%.
Year over year, Italy had the smallest growth with a 0.50% gain in GDP while Bulgaria had the largest growth with a 10.75% rise in GDP.
Sweden saw the largest decrease in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 6.08 percentage points. Cyprus had the largest increase in its growth rate between its year-over-year growth and its annualized quarterly growth ramping up its rate by 3.89 percentage points.
Poland went from having the 24th largest growth rate over the same quarter last year to the 7th largest growth rate over the previous quarter. Conversely, Malta went from having the 3rd highest growth rate over the same quarter last year to the 18th highest growth rate over the previous quarter. Only two states had growth rates in the top five both over the same quarter last year and over the previous quarter: Ireland (5th highest growth year-over year, highest growth over the previous quarter) and Bulgaria (highest year-over-year, 5th highest quarterly). Three states had growth rates in the bottom five both over the same quarter last year and over the previous quarter: Germany (25th highest year-over-year, 23rd highest quarterly), Italy (28th highest year-over-year, 27th highest quarterly), and Sweden (27th highest year-over-year, 28th highest quarterly).
Sources
Eurostat. 2019. "GDP and Main Components." Accessed November 15, 2019. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_1F30ECEB_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.