The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU state as of the fourth quarter of 2019 and the growth rate from one year prior. Greece and Finland were the only states to see a contraction over the previous quarter and Sweden was the only state to see a contraction over the same quarter last year.
Findings
- The difference between the state with the largest annualized quarterly growth rate, the United Kingdom, and the state with the smallest, Greece, is 23.08 percentage points.
- The difference between the state with the largest year-over-year growth rate, Romania, and the state with the smallest, Sweden, is 9.39 percentage points.
- The median annualized quarterly growth rate in the 28 EU states is 3.44% and the mean 4.54%.
- The median year-over-year growth rate in the 28 EU states is 4.13% and the mean 4.42%.
- 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 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.
Details
Greece had the largest decrease over the previous quarter with an annualized drop of 3.40%. The United Kingdom had the largest growth with an annualized gain of 19.68%.
Year over year, Sweden had the largest decrease with a 0.12% drop in GDP while Romania had the largest growth with a 9.27% rise in GDP.
Luxembourg saw the largest decrease in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 4.49 percentage points. The United Kingdom had the largest increase in its growth rate between its year-over-year growth and its annualized quarterly growth ramping up its rate by 13.72 percentage points.
Sweden (from 28th largest growth rate over the same quarter last year to the 14th largest growth rate over the previous quarter) surpassed 14 states. Conversely, Luxembourg (from 7th to 21st) was bested by 14 states. Only three states had growth rates in the top five both over the same quarter last year and over the previous quarter: Romania (highest year-over-year, 2nd highest quarterly), Bulgaria (3rd highest growth year-over year, 3rd highest growth over the previous quarter), and Czechia (5th highest growth year-over year, 4th highest growth over the previous quarter). Five states had growth rates in the bottom five both over the same quarter last year and over the previous quarter: France (23rd highest year-over-year, 23rd highest quarterly), Italy (26th highest year-over-year, 25th highest quarterly), Latvia (24th highest year-over-year, 25th highest quarterly), Finland (25th highest year-over-year, 27th highest quarterly), and Greece (27th highest year-over-year, 28th highest quarterly).
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.