EU GDP Growth Rate by Region, Second Quarter 2020

Nov 5, 2020
Gross Domestic Product Growth Rate in EU Regions

The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU region 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 region with the largest annualized quarterly growth rate, the Northern EU, and the region with the smallest, the Southern EU, is 7.70 percentage points.
  • The difference between the region with the largest year-over-year growth rate, the Northern EU, and the region with the smallest, the Southern EU, is 11.81 percentage points.
  • Two regions saw their economies grow faster over the previous quarter than they did over the same quarter last year.  Two regions saw their economy 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.
  • 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 previous quarter with an annualized rate of -14.29%.  The Northern EU had the best performance with an annualized rate of -6.59%.

Year over year, the Southern EU had the worst performance with an annualized rate of -17.77% while the Northern EU had the best performance with an annualized rate of -5.96%.

The Eastern EU saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 0.83 percentage points.  The Southern EU had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth ramping up its rate by 3.48 percentage points.

The Northern EU had the smallest range in annualized quarterly growth rates with a low of -7.68% in Sweden to a high of -4.57% in Finland.  Conversely, the Western EU had the greatest range in annualized quarterly growth rates with a low of -16.88% in the United Kingdom to a high of -4.74% in Luxembourg.  Year-over-year, the Northern EU had the smallest range in growth rates with a low of -6.33% in Sweden to a high of -5.15 in Finland.  The Western EU on the other hand, had the greatest range of rates on a year-over-year basis with a low of -5.18% in France to a high of -1.61% in Ireland.

Sources

Eurostat.  2020.  "GDP and Main Components."  Accessed July 15, 2020.  https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-65D7EB62_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.

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