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 2020 and the growth rate from one year prior. Every single region's economy contracted both over the previous quarter and the same quarter last year.
Findings
- The difference between the region with the largest annualized quarterly growth rate, the Northern EU, and the region with the smallest, the Southern EU, is 7.70 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 12.18 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.
- No EU drops in growth rate are attributed to currency rate fluctuations.
Caveats
- Data is from the second quarter of 2019, the first quarter of 2020, and the second quarter of 2020.
- 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, 1.10 for the first quarter of 2020, and 1.10 for the second quarter of 2020 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 worst performance over the previous quarter with an annualized rate of -14.29%. The Northern EU had the best performance with an annualized rate of -6.59%.
Year over year, the Southern EU had the worst performance with an annualized rate of -19.24% while the Western US had the best performance with an annualized rate of -7.06%.
The Western US saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 2.03 percentage points. The Southern EU had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth ramping up its rate by 4.95 percentage points.
The Midwestern US had the smallest range in annualized quarterly growth rates with a low of -11.59% in North Dakota to a high of -8.71% in Illinois. Conversely, the Western EU had the greatest range in annualized quarterly growth rates with a low of -16.88% in the United Kingdom to a high of -4.74% in Luxembourg. Year-over-year, the Northern EU had the smallest range in growth rates with a low of -8.00% in Sweden to a high of -6.85% in Finland. The Western US on the other hand, had the greatest range of rates on a year-over-year basis with a low of -17.54% in Wyoming to a high of -3.79% in Utah.
Sources
Eurostat. 2020. "GDP and Main Components." Accessed October 15, 2020. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_75E42079_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 October 16, 2020. https://www.federalreserve.gov/releases/g5/.
US Bureau of Economic Analysis. 2020. "GDP by State." Accessed October 14, 2020. https://www.bea.gov/data/gdp/gdp-state.