EU GDP by State, Fourth Quarter 2020

Mar 31, 2021
Gross Domestic Product in EU States

The chart above shows the annualized nominal gross domestic product (GDP) in each EU state as of the fourth quarter of 2020 in millions of euros, the change from the previous quarter, and the GDP one year prior.  Only four states grew over the same quarter last year.

Findings

  • The difference between the state with the largest GDP, Germany, and the state with the smallest, Malta, is €3,374,011.60 million (up from €3,342,376.00 million last quarter and down from €3,475,373.20 million last year).  Germany and Malta had the largest and smallest GDP respectively both last quarter and last year.
  • Germany has 254.83 times the GDP that Malta does.  The ratio of largest GDP to smallest GDP was down from 259.46 last quarter and up from 249.83 last year.
  • The median GDP in the 28 EU states is €223,683.20 million (up from €215,445.40 million last quarter and down from €228,268.40 last year) and the mean €572,746.63 million (up from €570,836.79 the previous quarter and down from €596,644.11 last year).
  • Of the 28 states, 22 saw a rise of GDP in current dollars from the previous quarter while six saw a contraction.
  • Of the 28 states, four saw a rise of GDP in current dollars from last year while 24 saw a contraction.

Caveats

  • Data is from the fourth quarter of 2019, the third quarter of 2020, and the fourth quarter of 2020.
  • The data is seasonally and calendar adjusted in current euros except for Slovakia which is only 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, France had the worst performance over the previous quarter with a drop of €21,748.00 million.  Germany had the best performance with a gain of €31,996.00 million.  Year over year, the United Kingdom had the worst performance with a drop of €186,779.60 million while Sweden had the best performance with a gain of €14,879.60 million.

In relative terms, Austria had the worst performance over the previous quarter with a 2.53% drop in GDP while Romania had the best performance with a 7.16% gain in GDP.  Year over year, Greece had the worst performance with a 8.63% drop in GDP while Luxembourg had the best performance with a 4.42% gain in GDP.

Germany accounted for over one-fifth of the economic output of the 28 states at 21.12%.  It, with the United Kingdom accounted for just over one-third of the economic output of the 28 states at 36.17%.  Adding in France amounts to just over half the economic output of the 28 states at 50.83%.

Romania (from 15th to 14th largest GDP) and Croatia (from 23rd to 22nd largest GDP) rose one spot over the previous quarter.  Czechia (from 14th to 15th) and Lithuania (from 22nd to 23rd) fell one spot.  Year over year, Sweden (from 9th to 8th) and Romania (from 15th to 14th) rose one spot while Belgium (from 8th to 9th) and Czechia (from 14th to 15th) fell one spot.

Data

StateFourth Quarter 2019Third Quarter 2019Fourth Quarter 2020
Austria398,067.6387,841.6378,033.6
Belgium482,964460,640463,648
Bulgaria62,605.660,270.462,424.8
Croatia54,635.248,485.250,394.8
Cyprus22,472.820,985.221,189.2
Czechia228,277.2216,269.2217,369.2
Denmark316,102.8311,420.8313,865.2
Estonia28,584.427,333.227,944.4
Finland241,184238,632238,928
France2,438,9602,373,9602,352,212
Germany3,489,3403,355,3083,387,304
Greece180,487.2162,998.4164,912.4
Hungary147,106.4135,706.4139,031.2
Ireland369,262.4380,276.8376,298.8
Italy1,790,103.21,717,961.61,698,744.8
Latvia30,579.629,623.230,137.2
Lithuania49,742.848,892.449,596.8
Luxembourg64,569.265,448.867,420.8
Malta13,966.812,93213,292.4
Netherlands822,776.8812,955.6813,022.4
Poland544,847.2533,444527,430.8
Portugal216,657.2206,368.8207,362
Romania228,259.6214,621.6229,997.2
Slovakia95,463.694,088.895,066.4
Slovenia49,427.647,19846,807.2
Spain1,263,3321,155,0161,160,112
Sweden476,817.6477,392.4491,697.2
United Kingdom2,599,442.42,387,359.62,412,662.8

Sources

Eurostat.  2021.  "GDP and Main Components."  Accessed March 31, 2021.  https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-2BC5CE0A_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 March 31, 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 March 31, 2021.  https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.

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