The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU state as of the third quarter of 2020 and the growth rate from one year prior. Every single state's economy grew over the previous quarter.
Findings
- The difference between the state with the largest annualized quarterly growth rate, Spain, and the state with the smallest, Finland, is 14.20 percentage points.
- The difference between the state with the largest year-over-year growth rate, Ireland, and the state with the smallest, Croatia, is 18.66 percentage points.
- The median annualized quarterly growth rate in the 28 EU states is 9.57% and the mean 9.61%.
- The median year-over-year growth rate in the 28 EU states is -3.16% and the mean -3.24%.
- Of the 28 states, 28 grew faster over the previous quarter than they did over the same quarter last year, zero grew at the same rate over both time periods, and zero grew slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the third quarter of 2019, the second quarter of 2020, and the third quarter of 2020.
- 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
Finland had the worst performance over the previous quarter with an annualized rate of 2.71%. Spain had the best performance with an annualized rate of 16.91%.
Year over year, Croatia had the worst performance with an annualized rate of -12.01% while Ireland had the best performance with an annualized rate of 6.65%.
Ireland saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 3.57 percentage points. Spain had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 24.66 percentage points.
Spain (from 25th best growth rate over the same quarter last year to the 1st best growth rate over the previous quarter) rose 24 spots. Conversely, Bulgaria (from 4th to 25th) fell 21 spots. Two states had growth rates in the top ten (zero in the top five) both over the same quarter last year and over the previous quarter: Slovakia (6th highest year-over-year, 5th highest quarterly) and Poland (6th highest growth year-over year, 10th highest growth over the previous quarter). One state had growth rates in the bottom five both over the same quarter last year and over the previous quarter: Greece (27th highest year-over-year, 27th highest quarterly).
Sources
Eurostat. 2020. "GDP and Main Components." Accessed December 28, 2020. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-417A9D0D_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-406779NA_ITEM,B1GQ;DS-406779S_ADJ,SCA;&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.