The chart above shows the annualized nominal gross domestic product (GDP) in each EU region as of the fourth quarter of 2019 in millions of euros, the change from the previous quarter, and the GDP 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 GDP, the Western EU, and the region with the smallest, the Northern EU, is €9,596,118.00 million (up from €9,424,974.40 million last quarter and up from €9,224,025.20 million last year). The Western and Northern EU had the largest and smallest GDP respectively both last quarter and last year.
- The Western EU has 10.29 times the GDP that the Northern EU does. The ratio of largest GDP to smallest GDP was up from 10.17 last quarter and up from 10.04 last year.
- All four regions saw their GDP rise in current euros from the previous quarter.
- All four regions saw their GDP rise in current euros from last year.
Caveats
- Data is from the fourth quarter of 2019, the third quarter of 2019, and the fourth 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
In absolute terms, the Northern EU saw the smallest increase over the previous quarter with a gain of €5,790.00 million. The Western EU had the largest growth with a gain of €176,933.60 million. Year over year, the Northern EU had the smallest increase with a gain of €12,901.20 million while the Western EU had the greatest increase with a gain of €384,994.00 million.
In relative terms, the Western EU had the smallest increase over the previous quarter with a 0.52% rise in GDP while the Eastern EU had the greatest increase with a 1.83% rise in GDP. Year over year, the Northern EU had the smallest growth with a 1.26% rise in GDP while the Eastern EU had the largest growth with a 6.84% rise in GDP.
The Western EU accounted for nearly two-thirds of the economic output of the EU at 63.78%. The largest contributor to the Western EU's GDP, Germany, accounted for just under one-third of the region's GDP at 32.71%. Italy, the Southern EU's largest contributor, accounted for over half of the region's GDP at 51.34%. Poland, the Eastern EU's largest economy contributed over one-third at 35.70% of the region's GDP. The Northern EU's largest economy, Sweden, made up nearly half of the region's GDP at 46.19%.
No region overcame another region in the quarter or over the past year. Although the Southern EU had the second largest economy overall, its component states had the second smallest median GDP at €200,402.2 million. The Northern EU which had the smallest GDP overall, had the second largest median GDP of component states at €314,811.2 million. The Western EU which had the largest economy, consists of the states with the largest median GDP at €652,444.6 million. And the Eastern EU which ranks third in overall GDP ranks last in the median GDP of its component states with a median GDP of €61,718.0 million.
Sources
Eurostat. 2020. "GDP and Main Components." Accessed April 22, 2020. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_265259FB_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.