The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU and US region as of the fourth 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 Eastern EU, and the region with the smallest, the Southern EU, is 5.24 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 Northern EU, is 5.83 percentage points.
- Four regions (4 EU, 0 US) saw a faster growth rate over the previous quarter than over the same quarter the previous year. Four regions (0 EU, 4 US) 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 fourth quarter of 2019, the third quarter of 2019, and the fourth quarter of 2018.
- The data is seasonally adjusted in current dollars.
- Euros are converted to dollars at an average exchange rate of 1.11 for the fourth quarter of 2019, 1.11 for the third quarter of 2019, and 1.14 for the fourth 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 Southern EU had the smallest increase over the previous quarter with an annualized gain of 2.08%. The Eastern EU had the largest growth with an annualized gain of 7.32%.
Year over year, the Northern EU had the largest decrease with a 1.40% drop in GDP while the Western US had the largest growth with a 4.43% rise in GDP.
The Northeastern US saw the largest decrease in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 1.21 percentage points. The Western EU had the largest increase in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 5.73 percentage points.
The Midwestern US had the smallest range in annualized quarterly growth rates with a low of 2.04% in North Dakota to a high of 3.60% in Nebraska. Conversely, the Western EU had the greatest range in annualized quarterly growth rates with a low of 1.20% in France to a high of 19.68% in the United Kingdom. Year-over-year, the Northeastern US had the smallest range in growth rates with a low of 2.77% in Delaware to a high of 5.60% 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 -0.35% in Latvia to a high of 6.40% in Romania.
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.
Federal Reserve. 2020. "Foreign Exchange Rates." Accessed April 23, 2020. https://www.federalreserve.gov/releases/g5/.
US Bureau of Economic Analysis. 2020. "GDP by State." Accessed April 21, 2020. https://www.bea.gov/data/gdp/gdp-state.