The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU state as of the second quarter of 2020 and the growth rate from one year prior. Every single state's economy contracted both over the previous quarter and the same quarter last year.
Findings
- The difference between the state with the largest annualized quarterly growth rate, Finland, and the state with the smallest, Croatia, is 13.61 percentage points.
- The difference between the state with the largest year-over-year growth rate, Ireland, and the state with the smallest, Spain, is 19.13 percentage points.
- The median annualized quarterly growth rate in the 28 EU states is -10.14% and the mean -10.60%.
- The median year-over-year growth rate in the 28 EU states is -10.80% and the mean -10.91%.
- Fifteen states' economies grew faster over the previous quarter than they did over the same quarter last year. The remaining 13 states saw their economies grow slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the second quarter of 2019, the first quarter of 2020, and the second quarter of 2020.
- 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
Croatia had the worst performance over the previous quarter with an annualized rate of -18.18%. Finland had the best performance with an annualized rate of -4.57%.
Year over year, Spain had the worst performance with an annualized rate of -20.74% while Ireland had the best performance with an annualized rate of -1.61%.
Ireland saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 5.06 percentage points. Italy had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth ramping up its rate by 4.14 percentage points.
France (from 23rd best growth rate over the same quarter last year to the 17th best growth rate over the previous quarter) surpassed six states. Conversely, Poland (from 11th to 18th) was bested by seven states. Five states had growth rates in the top five both over the same quarter last year and over the previous quarter: Finland (4th highest year-over-year, highest quarterly), Luxembourg (2nd highest year-over-year, 2nd highest quarterly), Denmark (5th highest year-over-year, 3rd highest quarterly), Lithuania (3rd highest growth year-over year, 4th highest growth over the previous quarter), and Ireland (highest growth year-over year, 5th highest growth over the previous quarter). Four states had growth rates in the bottom five both over the same quarter last year and over the previous quarter: Hungary (24th highest year-over-year, 24th highest quarterly), Greece (26th highest year-over-year, 25th highest quarterly), Spain (28th highest year-over-year, 27th highest quarterly), and Croatia (27th highest year-over-year, 28th highest quarterly).
Sources
Eurostat. 2020. "GDP and Main Components." Accessed October 15, 2020. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_75E42079_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-406779S_ADJ,SCA;DS-406779NA_ITEM,B1GQ;&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.