The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU and US region as of the second quarter of 2019 and the growth rate from one year prior. All negative growth rates in the EU are attributed to currency rate fluctuations.
Findings
- The difference between the region with the largest annualized quarterly growth rate, the Western US, and the region with the smallest, the Northern EU, is 11.92 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 Southern EU, is 8.72 percentage points.
- All US regions saw a faster growth rate over the previous quarter than over the same quarter the previous year. All EU regions experienced slower growth over the previous quarter than over the same quarter last year.
- All EU drops in growth rate are attributed to currency rate fluctuations.
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 dollars.
- Euros are converted to dollars at an average exchange rate of 1.12 for the second quarter of 2019, 1.14 for the first quarter of 2019, and 1.19 for the second 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 Eastern EU consists of Poland, Czech Republic, Romania, Hungary, Slovakia, Bulgaria, Croatia, Slovenia, Lithuania, Latvia, and Estonia.
- 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 Southern EU consists of Italy, Spain, Portugal, Greece, Cyprus, and Malta.
- 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 EU consists of Germany, United Kingdom, France, Netherlands, Belgium, Austria, Ireland, and Luxembourg.
- The Western US consists of California, Washington, Colorado, Arizona, Oregon, Utah, Nevada, New Mexico, Hawaii, Idaho, Alaska, Montana, and Wyoming.
Details
The Northern EU had the largest decrease over the previous quarter with an annualized drop of 7.00%. The Western US had the largest growth with an annualized gain of 4.92%.
Year over year, the Southern EU had the largest decrease with a 4.02% drop in GDP while the Western US had the largest growth with a 4.70% rise in GDP.
The Northern EU saw the largest decrease in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 3.43 percentage points. The Midwestern US had the largest increase in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 0.96 percentage points.
The Northeastern US had the smallest range in annualized quarterly growth rates with a low of 3.28% in Maine to a high of 5.08% in Delaware. Conversely, the Northern EU had the greatest range in annualized quarterly growth rates with a low of -11.80% in Sweden to a high of -2.64% in Finland. Year-over-year, the Northeastern US had the smallest range in growth rates with a low of 3.00% in Delaware to a high of 4.60% in New Hampshire. The Eastern EU on the other hand, had the greatest range of rates on a year-over-year basis with a low of -2.48% in Croatia to a high of 4.24% in Bulgaria.
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.
Federal Reserve. 2019. "Foreign Exchange Rates." Accessed November 18, 2019. https://www.federalreserve.gov/releases/g5/.
US Bureau of Economic Analysis. 2019. "GDP by State." Accessed November 14, 2019. https://www.bea.gov/data/gdp/gdp-state.