The chart above shows the annualized nominal gross domestic product (GDP) growth rate in each EU region over the past five years as of the second quarter of 2021 and the growth rate over the past ten years. All four regions grew over both time periods.
Findings
- The difference between the region with the largest annualized five-year growth rate, the Eastern EU, and the region with the smallest, the Southern EU, is 5.27 percentage points.
- The difference between the region with the largest annualized ten-year growth rate, the Eastern EU, and the region with the smallest, the Southern EU, is 4.03 percentage points.
- Of the four regions, 2 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 2 grew slower over the past five years than they did over the past ten years.
Caveats
- Data is from the second 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.
- 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 Southern EU had the worst performance over the past five years with an annualized growth rate of 1.04%. The Eastern EU had the best performance with an annualized gain of 6.31%.
Over the past ten years, the Southern EU had the worst performance with an annualized growth rate of 0.69% while the Eastern EU had the best performance with a 4.72% rise in GDP.
The Western EU had the worst change in its growth rate between its annualized ten-year growth and its annualized five-year growth slowing its rate by 0.91 percentage points. The Eastern EU had the best change in its growth rate between its annualized ten-year growth and its annualized five-year growth raising its rate by 1.59 percentage points.
The Northern EU had the smallest range in annualized five-year growth rates with a low of 2.09% in Sweden to a high of 3.44% in Denmark. Conversely, the Western EU had the greatest range in annualized five-year growth rates with a low of 1.22% in the United Kingdom to a high of 12.50% in Ireland. Over the past ten years, the Northern EU had the smallest range in growth rates with a low of 2.58% in Finland to a high of 3.33% in Denmark. The Western EU on the other hand, had the greatest range of rates on a ten-year basis with a low of 1.92% in France to a high of 14.27% in Ireland.
Sources
Eurostat. 2021. "GDP and Main Components." Accessed December 1, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-29650BF8_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 December 2, 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 December 1, 2021. https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.