The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate when the GDP is priced in US dollars in each EU and US 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, Delaware, is 17.57 percentage points.
- The difference between the state with the largest year-over-year growth rate, Ireland, and the state with the smallest, Wyoming, is 23.53 percentage points.
- The median annualized quarterly growth rate in the 28 EU states is 16.55% and the mean 16.58%. The median year-over-year growth rate in the 28 EU states is 2.06% and the mean 1.99%.
- The median annualized quarterly growth rate in the 50 US states is 8.68% and the mean 8.85%. The median year-over-year growth rate in the 50 US states is -1.50% and the mean -2.02%.
- The median annualized quarterly growth rate in the 78 EU and US states is 9.41% and the mean 11.62%. The median year-over-year growth rate in the 78 EU and US states is -0.70% and the mean -0.58%.
- Of the 28 states, 78 (28 from the EU, 50 from the US) grew faster over the previous quarter than they did over the same quarter last year, zero (0 EU, 0 US) saw the same growth over both time periods, and zero (0 EU, 0 US) grew slower over the previous quarter than they did over the same quarter last year.
- Some EU gains in GDP growth rate are attributed to currency rate fluctuations.
Caveats
- Data is from the third quarter of 2019, the second quarter of 2020, and the third quarter of 2020.
- The data is seasonally and calendar adjusted in current dollars except for Slovakia which is only seasonally adjusted in current dollars.
- Euros are converted to dollars at an average exchange rate of 1.11 for the third quarter of 2019, 1.10 for the second quarter of 2020, and 1.17 for the third 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.
Details
Delaware had the worst performance over the previous quarter with an annualized rate of 6.78%. Spain had the best performance with an annualized rate of 24.35%.
Year over year, Wyoming had the worst performance with an annualized rate of -11.11% while Ireland had the best performance with an annualized rate of 12.42%.
Ireland saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 4.81 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 27.12 percentage points.
Spain (from 63rd best growth rate over the same quarter last year to the 1st best growth rate over the previous quarter) and Malta (from 66th to 4th) rose 62 spots. Conversely, Maryland (from 29th to 77th) fell 48 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 (7th highest year-over-year, 10th highest quarterly). One state had growth rates in the bottom five both over the same quarter last year and over the previous quarter: Hawaii (74th highest year-over-year, 74th 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.
Federal Reserve. 2020. "Foreign Exchange Rates." Accessed December 29, 2020. https://www.federalreserve.gov/releases/g5/.
US Bureau of Economic Analysis. 2020. "GDP by State." Accessed December 24, 2020. https://www.bea.gov/data/gdp/gdp-state.