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 second quarter of 2021 and the growth rate from one year prior. Bulgaria and Malta were the only states to contract over the previous quarter.
Findings
- The difference between the state with the largest annualized quarterly growth rate, the United Kingdom, and the state with the smallest, Malta, is 9.85 percentage points.
- The difference between the state with the largest year-over-year growth rate, the United Kingdom, and the state with the smallest, Delaware, is 26.69 percentage points.
- The median annualized quarterly growth rate in the 28 EU states is 2.78% and the mean 2.75%. The median year-over-year growth rate in the 28 EU states is 28.01% and the mean 27.95%.
- The median annualized quarterly growth rate in the 50 US states is 3.17% and the mean 3.31%. The median year-over-year growth rate in the 50 US states is 16.95% and the mean 17.80%.
- The median annualized quarterly growth rate in the 78 EU and US states is 3.16% and the mean 3.11%. The median year-over-year growth rate in the 78 EU and US states is 19.56% and the mean 21.44%.
- Of the 28 states, 0 (0 from the EU, 0 from the US) grew faster over the previous quarter than they did over the same quarter last year, 0 (0 EU, 0 US) saw the same growth over both time periods, and 78 (28 EU, 50 US) grew slower over the previous quarter than they did over the same quarter last year.
- No EU gains in GDP growth rate are attributed to currency rate fluctuations.
Caveats
- Data is from the second quarter of 2020, the first quarter of 2021, and the second quarter of 2021.
- 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 1.10 for the second quarter of 2020, 1.21 for the first quarter of 2020, and 1.21 for the second quarter of 2021 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
Malta had the worst performance over the previous quarter with an annualized rate of -1.85%. The United Kingdom had the best performance with an annualized rate of 8.00%.
Year over year, Delaware had the worst performance with an annualized rate of 10.69% while the United Kingdom had the best performance with an annualized rate of 37.38%.
Croatia saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 32.23 percentage points. Delaware had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 8.64 percentage points.
Washington (from 57th best growth rate over the same quarter last year to the 19th best growth rate over the previous quarter) and Hawaii (from 61st to 23rd) rose 38 spots. Conversely, Croatia (from 3rd to 76th) fell 73 spots. Two states had growth rates in the top five both over the same quarter last year and over the previous quarter: the United Kingdom (1st highest year-over-year, 1st highest quarterly) and Hungary (2nd highest year-over-year, 2nd highest quarterly). One state had growth rates in the bottom ten (zero in the bottom five) both over the same quarter last year and over the previous quarter: Delaware (78th highest year-over-year, 68th highest quarterly).
Sources
Eurostat. 2021. "GDP and Main Components." Accessed October 26, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_319D4A03_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 October 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 October 26, 2021. https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.
US Bureau of Economic Analysis. 2021. "GDP by State." Accessed October 25, 2021. https://www.bea.gov/data/gdp/gdp-state.