The chart above shows the annualized nominal gross domestic product (GDP) in each EU region as of the second quarter of 2020 in millions of euros, the change from five years ago, and the GDP ten years prior. Only the Eastern and Northern EU's economies grew both over the past five and ten years.
Findings
- The difference between the region with the largest GDP, the Western EU, and the region with the smallest, the Northern EU, is €8,252,650.40 million (down from €8,689,728.80 million last quarter and up from €7,116,382.40 million last year). The Western and Northern EU had the largest and smallest GDP respectively both five and ten years ago.
- The Western EU has 9.57 times the GDP that the Northern EU does. The ratio of largest GDP to smallest GDP was down from 10.26 five years ago and down from 9.94 ten years ago.
- Of the four regions, two regions had the GDP rise in current euros over the past five years while two had a decline.
- Of the four regions, three regions had the GDP rise in current euros over the past ten years while one had a decline.
Caveats
- Data is from the second quarters of 2020, 2015, and 2010.
- 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 Western EU had the worst performance over the past five years with a drop of €412,119.60 million. The Eastern EU had the best performance with a gain of €167,856.80 million. Over the past ten years, the Southern EU had the worst performance with a drop of €261,077.60 million while the Western EU had the best performance with a gain of €1,303,880.80 million.
In relative terms, the Southern EU had the worst performance over the past five years with a 8.29% drop in GDP while the Eastern EU had the best performance with a 14.42% rise in GDP. Over the past ten years, the Southern EU had the worst performance with a 8.40% rise in GDP while the Eastern EU had the best performance with a 35.14% rise in GDP.
There were zero regions with a GDP of over €8,000,000 million ten years ago, one region five years ago, and one region now. On the flip side, there were two regions with a GDP of less than €1,000,000 million ten years ago, one region five years ago, and one region now.
The Northern EU has a smaller GDP than the GDP of the Eastern EU five and ten years ago. The Northern and Eastern EU have a smaller GDP today than the Southern and Western EU did five and ten years ago. The Western EU's GDP grew by a larger amount over the past ten years than the entire GDP of the Northern EU.
Sources
Eurostat. 2020. "GDP and Main Components." Accessed November 20, 2020. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_56657E35_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.