The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each EU region as of the third quarter of 2020 and the growth rate from one year prior. Every single region's economy grew over the previous quarter.
- The difference between the region with the largest annualized quarterly growth rate, the Southern EU, and the region with the smallest, the Northern EU, is 8.94 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 4.98 percentage points.
- Of the four regions, four grew faster over the previous quarter than they did over the same quarter last year, zero saw the same growth over both time periods, and zero grew slower over the previous quarter than they did over the same quarter last year.
- Data is from the third quarter of 2019, the second quarter of 2020, and the third 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.
The Northern EU had the worst performance over the previous quarter with an annualized rate of 5.81%. The Southern EU had the best performance with an annualized rate of 14.75%.
Year over year, the Southern EU had the worst performance with an annualized rate of -5.84% while the Northern EU had the best performance with an annualized rate of -0.86%.
The Northern EU saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 6.67 percentage points. The Southern EU had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 20.59 percentage points.
The Northern EU had the smallest range in annualized quarterly growth rates with a low of 2.71% in Finland to a high of 8.16% in Sweden. Conversely, the Southern EU had the greatest range in annualized quarterly growth rates with a low of 4.54% in Greece to a high of 16.91% in Spain. Year-over-year, the Northern EU had the smallest range in growth rates with a low of -2.92% in Denmark to a high of 0.96 in Sweden. The Eastern EU on the other hand, had the greatest range of rates on a year-over-year basis with a low of -12.01% in Croatia to a high of 0.05% in Bulgaria.
Eurostat. 2020. "GDP and Main Components." Accessed December 28, 2020. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-417A9D0D_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.