Long-Term GDP by EU State, Second Quarter 2020

Nov 20, 2020
Long-Term Gross Domestic Product in EU States

The chart above shows the annualized nominal gross domestic product (GDP) in each EU state as of the second quarter of 2020 in millions of euros, the change from five years ago, and the GDP ten years prior.  Germany's economy grew more over the past five years than ten states' entire GDP.

Findings

  • The difference between the state with the largest GDP, Germany, and the state with the smallest, Malta, is €3,107,393.20 million (up from €3,005,326.40 million five years ago and up from €2,535,053.60 million ten years ago).  Germany and Malta had the largest and smallest GDP respectively both five and ten years ago.
  • Germany has 265.31 times the GDP that Malta does.  The ratio of largest GDP to smallest GDP was down from 303.30 five years ago and down from 379.23 ten years ago.
  • The median GDP in the 28 EU states is €199,487.20 million (up from €178,123.60 million five years ago and up from €172,914.80 ten years ago) and the mean €512,827.79 million (down from €529,860.61 five years ago and up from €457,233.14 ten years ago).
  • Of the 28 states, 20 states had the GDP rise over the past five years while eight had the GDP decline.
  • Of the 28 states, 24 states had the GDP rise over the past ten years while four had the GDP decline.

Caveats

  • Data is from the second quarters of 2020, 2015, and 2010.
  • 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

In absolute terms, the United Kingdom had the worst performance over the past five years with a drop of €524,618.80 million.  Germany had the best performance with a gain of €103,880.00 million.  Over the past ten years, Italy had the worst performance with a drop of €113,193.20 million while Germany had the best performance with a gain of €577,392.00 million.

In relative terms, the United Kingdom had the worst performance over the past five years with a 19.66% drop in GDP while Ireland had the best performance with a 34.74% rise in GDP.  Over the past ten years, Greece had the worst performance with a 31.87% drop in GDP while Ireland had the best performance with a 106.90% rise in GDP.

There were 17 states with a GDP of over €100,000 million ten years ago, 18 states five years ago, and 18 states now.  On the flip side, there were nine states with a GDP of less than €50,000 million ten years ago, eight states five years ago, and seven states now.

Romania (from 17th to 14th) overcame the most states in the five year period surpassing three.  Conversely, Portugal (from 14th to 16th) and Greece (from 15th to 17th) were each surpassed by two states in the five year period.  Over the past ten years, Ireland (from 15th to 10th) surpassed five states, while Greece (from 12th to 17th) was surpassed by five.

Data

StateSecond Quarter 2010Second Quarter 2015Second Quarter 2020
Austria293,690.8342,736.8343,413.6
Belgium362,704414,652409,352
Bulgaria37,461.245,97457,368.8
Croatia45,002.444,734.844,479.6
Cyprus19,31617,842.419,386.4
Czechia156,303.2168,226.4196,435.2
Denmark241,778272,223.6292,753.6
Estonia14,47420,72825,394
Finland187,876211,556229,188
France1,983,8602,190,0162,047,468
Germany2,541,7563,015,2683,119,148
Greece229,374.4177,083.6156,277.2
Hungary99,088.4112,266.4123,601.6
Ireland166,882256,262345,286.8
Italy1,605,646.41,649,189.21,492,453.2
Latvia17,620.424,589.227,495.6
Lithuania27,507.637,233.646,167.6
Luxembourg40,271.652,028.460,904.8
Malta6,702.49,941.611,754.8
Netherlands638,362.8689,071.2746,960.4
Poland357,693.6436,095.6481,734.4
Portugal178,947.6179,163.6184,989.6
Romania126,253.6155,976.8202,539.2
Slovakia67,690.479,409.283,594.4
Slovenia36,30038,53842,818.4
Spain1,069,4201,072,724983,468
Sweden366,018454,546.4441,343.2
United Kingdom1,884,527.22,668,020.42,143,401.6

Sources

Eurostat.  2020.  "GDP and Main Components."  Accessed August 20, 2020.  https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_56657E35_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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