The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU region as of the second quarter of 2021 and the growth rate from one year prior. All four regions grew over the previous quarter.
Findings
- The difference between the region with the largest annualized quarterly growth rate, the Western EU, and the region with the smallest, the Northern EU, is 1.06 percentage points.
- The difference between the region with the largest year-over-year growth rate, the Southern EU, and the region with the smallest, the Northern EU, is 4.07 percentage points.
- Of the four regions, 0 grew faster over the previous quarter than they did over the same quarter last year, 0 saw the same growth over both time periods, and 4 grew slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the second quarter of 2020, the first quarter of 2021, and the second quarter of 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.
- 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
The Northern EU had the worst performance over the previous quarter with an annualized rate of 2.33%. The Western EU had the best performance with an annualized rate of 3.39%.
Year over year, the Northern EU had the worst performance with an annualized rate of 13.82% while the Southern EU had the best performance with an annualized rate of 17.89%.
The Southern EU saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 15.28 percentage points. The Northern EU had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 11.49 percentage points.
The Northern EU had the smallest range in annualized quarterly growth rates with a low of 1.35% in Sweden to a high of 3.63% in Denmark. Conversely, the Western EU had the greatest range in annualized quarterly growth rates with a low of 1.21% in France to a high of 8.00% in the United Kingdom. Year-over-year, the Southern EU had the smallest range in growth rates with a low of 15.04% in Portugal to a high of 18.80 in Spain. The Western EU on the other hand, had the greatest range of rates on a year-over-year basis with a low of 10.59% in Germany to a high of 24.89% in the United Kingdom.
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.