The chart above shows the annualized nominal gross domestic product (GDP) growth rate in each EU state over the past five years as of the first quarter of 2021 and the growth rate over the past ten years. One state experienced negative growth either in the past five years or in the past ten years.
Findings
- The difference between the state with the largest annualized five-year growth rate, Ireland, and the state with the smallest, Greece, is 11.62 percentage points.
- The difference between the state with the largest annualized ten-year growth rate, Ireland, and the state with the smallest, Greece, is 15.79 percentage points.
- The median annualized five-year growth rate in the 28 EU states is 3.45% and the mean 4.05%.
- The median annualized ten-year growth rate in the 28 EU states is 2.97% and the mean 3.95%.
- Of the 28 states, 14 grew faster over the past five years than they did over the past ten years, 0 had the same annualized growth rate over both periods, and 14 grew slower over the past five years than they did over the past ten years.
Caveats
- Data is from the first quarters of 2011, 2016, and 2021.
- 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
Greece had the worst performance over the past five years with an annualized growth rate of -0.35%. Ireland had the best performance with an annualized gain of 11.27%.
Over the past ten years, Greece had the worst performance with an annualized growth rate of -1.94% while Ireland had the best performance with an annualized growth rate of 13.85%.
Malta saw the worst change in its growth rate between its annualized ten-year growth and its annualized five-year growth slowing its rate by 3.37 percentage points. Cyprus had the best change in its growth rate between its annualized ten-year growth and its annualized five-year growth raising its rate by 2.41 percentage points.
Cyprus went from having the 25th largest growth rate over the past ten years to the 15th largest growth rate over the past five years. Conversely, Germany went from having the 15th highest growth rate over the past ten years to the 22nd highest growth rate over the past five years. Four states had annualized growth rates in the top five both over the past ten years and over the past five years: Ireland (1st highest ten-year growth rate, 1st highest five-year growth rate), Romania (4th highest ten-year, 2nd highest five-year), Lithuania (5th highest ten-year, 4th highest five-year), and Estonia (3rd highest ten-year, 5th highest five-year). Three states had growth rates in the bottom five both over both periods: Spain (26th ten-year, 26th five-year), Italy (27th ten-year, 27th five-year), and Greece (28th ten-year, 28th five year).
Sources
Eurostat. 2021. "GDP and Main Components." Accessed August 26, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-B4FCD9_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. 2021. "Foreign Exchange Rates." Accessed August 27, 2021. https://www.federalreserve.gov/releases/g5/.
Office for National Statistics. 2021. "Gross Domestic Product at market prices: Current price: Seasonally adjusted £m - Office for National Statistics." Accessed August 26, 2021. https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.