The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU region as of the third quarter of 2019 and the growth rate from one year prior. The Western EU was the only region to contract over the previous quarter.
Findings
- The difference between the region with the largest annualized quarterly growth rate, the Eastern EU, and the region with the smallest, the Western EU, is 5.16 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 Southern EU, is 4.16 percentage points.
- One region's economy grew faster over the previous quarter than it did over the same quarter last year. Three regions saw their economies grow slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the third quarter of 2019, the second quarter of 2019, and the third 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 Eastern EU consists of Poland, Czech Republic, Romania, Hungary, Slovakia, Bulgaria, Croatia, Slovenia, Lithuania, Latvia, and Estonia.
- The Northern EU consists of Sweden, Denmark, and Finland.
- The Southern EU consists of Italy, Spain, Portugal, Greece, Cyprus, and Malta.
- The Western EU consists of Germany, United Kingdom, France, Netherlands, Belgium, Austria, Ireland, and Luxembourg.
Details
The Western EU had the largest decrease over the previous quarter with an annualized drop of 0.48%. The Eastern EU had the largest growth with an annualized gain of 4.68%.
Year over year, the Southern EU had the smallest growth with a 2.23% rise in GDP while the Eastern EU had the largest growth with a 6.39% rise in GDP.
The Western EU saw the largest decline in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 3.37 percentage points. The Northern EU had the largest increase in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 0.01 percentage points.
The Northern EU had the smallest range in annualized quarterly growth rates with a low of 0.08% in Sweden to a high of 5.00% in Finland. Conversely, the Eastern EU had the greatest range in annualized quarterly growth rates with a low of -5.48% in Bulgaria to a high of 11.00% in Romania. Year-over-year, the Northern EU had the smallest range in growth rates with a low of 1.80% in Sweden to a high of 3.98 in Finland. The Western EU on the other hand, had the greatest range of rates on a year-over-year basis with a low of 2.00% in the United Kingdom to a high of 6.63% in Ireland.
Sources
Eurostat. 2020. "GDP and Main Components." Accessed January 29, 2020. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-583B1285_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.